Posted in home

Mortgage rates dip slightly as Americans rush to refinance their home loans

Mortgage rates are flirting with another record low — and that means the boom in refinancing has not yet finished.



a car parked in front of a house: Americans are rushing to refinance, but homeowners shouldn’t necessarily expect mortgage rates to continue hitting record lows.


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Americans are rushing to refinance, but homeowners shouldn’t necessarily expect mortgage rates to continue hitting record lows.

The 30-year fixed-rate mortgage averaged 2.87% for the week ending Oct. 8, down one basis point from the week prior, Freddie Mac (FMCC)reported Thursday. A few weeks ago, the average rate for the 30-year loan fell to an all-time low of 2.86%.

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The 15-year fixed-rate mortgage rose by a basis point to an average of 2.37%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage dropped one basis point to 2.89% on average.

Mortgage rates usually roughly follow the direction of the 10-year Treasury note’s yield (BX:TMUBMUSD10Y) which trended upward this week. That’s not what happened this week, though.

“Typically, Treasury yields and mortgage rates have a close relationship, with

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Posted in home

New-home construction pulls back slightly, as builders shift attention away from the multifamily sector

ECONOMIC REPORT



a tall building in a city: The pace of construction for new multifamily housing units slowed significantly between July and August.


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The pace of construction for new multifamily housing units slowed significantly between July and August.

The numbers: U.S. home builders started construction on homes at a seasonally-adjusted annual rate of 1.42 million in August, representing a 5% decrease from the previous month but a 3% uptick from a year ago, the U.S. Census Bureau reported Thursday.

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Permitting activity occurred at a seasonally-adjusted annual rate of 1.47 million, down 1% from July but roughly even with the pace from August 2019.

Economists polled by MarketWatch had expected housing starts to occur at a pace of 1.52 million and building permits to come in at a pace of 1.55 million.

What happened: The dip in housing starts and building permits was driven by declines in multifamily construction activity. Multifamily starts fell 25% between July and August, while the number of new permits issued for multifamily

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Continue Reading New-home construction pulls back slightly, as builders shift attention away from the multifamily sector