“The economy continued to show resilience as strong business activity and growth in employment drove the 30-year fixed mortgage rate to a seven-year high of 4.94% – up 11 basis points from last week,”.
Wells Fargo cements DeVito’s role as head of home lending SAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) announced today that Michael DeVito has been named head of Wells Fargo Home Lending, a role he has held on an interim basis since November 2017. DeVito will report to Mary Mack, head of Community Banking and Consumer Lending.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year, fixed-rate mortgages ticked up to an average 4.86 percent this week from 4.85 percent last week. A year ago, it stood at 3.94 percent. The average rate on 15-year, fixed-rate loans rose to 4.29 percent this week from 4.26 percent last week.
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Freddie Mac affects the U.S. economy by lowering interest rates. That makes more loans available to more new homeowners. That makes more loans available to more new homeowners. For example, reducing the rate from 8.5 percent to 8 percent allowed 791,000 moderate-income families to buy homes.
Sam Khater, Freddie Mac’s chief economist, says the 30-year fixed-rate mortgage drifted up for the second consecutive week to 4.60 percent. "The higher rate environment, coupled with the ongoing lack of affordable inventory, has led to a drag on existing-home sales in the last few months," he said.
Freddie Mac’s Economic Research Group says in its January forecast that much of the volatility in the mortgage market since the end of the year has arisen out of speculation about the Federal.
Mortgage Rates Edge Lower; 30-Year Rate at 4.71 Percent – Costs for would-be homebuyers have been climbing, and the key 30-year rate has been running at its highest levels in more than seven years. Mortgage buyer Freddie Mac said Thursday. hike before.
As of February 2, the average interest rate on a 30-year fixed-rate mortgage was 6.23 percent, while the initial rate on a 1-year ARM was 5.33 percent, Freddie Mac said.
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Home sales increase, Anticipation of stronger US economy – New U.S. single-family home sales rose more than forecast, likely as expectations of higher mortgage rates drew buyers into the market. Other data on Friday showed consumer sentiment holding at near a 13-year high this month as Americans anticipated that a stronger economy would create more jobs.
Sam Khater, Freddie Mac’s chief economist, says mortgage rates have mostly drifted sideways this summer. "This stability is much needed for home sales, which have crested because of the multi-year run up in prices, tight affordable inventory and this year’s higher rates," he said.