As we move into the spring of 2025, the Boston housing market is facing some economic uncertainties that are shaking consumer confidence. But don’t expect mortgage rates to budge too much in April and May.
Fed Chair Jerome Powell’s focus on the potential for more inflation suggests that the central bank will likely keep its benchmark interest rate unchanged at about 4.3 percent in the coming months.
The average long-term U.S. mortgage rate ticked up again this week, starting the first full week of 2025 off at its highest level since July.
The president-elect campaigned on a promise to make homeownership more affordable by lowering mortgage rates, but his policies could do the opposite, some analysts say.
Mortgage rates have been climbing in recent weeks following a spate of encouraging reports on the U.S. economy, including a hotter-than-expected September jobs report and a snapshot of consumer prices.
As mortgage rates fall, prospective homebuyers have been locking in rates when looking for a home while current homeowners have been scouting out refinances at the highest rate in nearly two years.
The average rate on a 30-year mortgage fell this week to its lowest level in more than a year, a welcome affordability boost for prospective home shoppers and homeowners looking to refinance their home loan to a lower rate.
The average rate on a 30-year mortgage dipped this week to just below 7 percent for the first time since mid April, a modest boost for home shoppers navigating a housing market dampened by rising prices and relatively few available properties.
Led by lower food and auto prices, inflation in the United States cooled slightly last month after three elevated readings, likely offering a tentative sigh of relief for officials at the Federal Reserve and some borrowers.
Consumer inflation remained persistently high last month, boosted by gas, rents, auto insurance and other items, the government said Wednesday in a report that will likely give pause to the Federal Reserve as it weighs when and by how much to cut interest rates this year
One of Greater Boston’s largest apartment landlords said high mortgage rates are keeping tenants out of the home ownership market longer and driving recent rent increases.
Surging interest rates are intensifying the challenges for the U.S. economy and threatening to derail the Federal Reserve’s drive to tame inflation without causing a deep recession.
The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale.
The continued strength of the U.S. economy could require further interest rate increases, Federal Reserve Chair Jerome Powell said Friday in a closely watched speech that also highlighted the uncertain nature of the economic outlook.
The average long-term mortgage rate climbed further above 7 percent this week to its highest level since 2001, another blow to would-be homebuyers.
Rates are far from all-time highs, but it’s important to remember that as inflation cools, so might mortgage rates despite the Federal Reserve’s most recent interest rate decision.
The idea that 5 percent is the magic average mortgage interest rate for unlocking the housing market just got some more data behind it.
Nonetheless, mortgage applications actually increased slightly from the prior week, driven by a rise in FHA and VA purchase applications.
A nationwide analysis by researchers at brokerage and listings portal Redfin has found that 4 in 5 residential mortgage borrowers have an interest rate below 5 percent, and even more have a rate below 6 percent.
A new analysis by economists at listings portal Zillow has calculated that the monthly mortgage payment for the median-priced home would rise 22 percent by September if Republicans in Congress refuse to raise the debt ceiling within the next few weeks.
