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Yahoo
8 hours ago
- Business
- Yahoo
Mortgage and refinance interest rates today, July 29, 2025: Rates remain steady ahead of this week's Fed meeting
Mortgage rates have essentially remained flat this week. According to Zillow, the 30-year and 15-year fixed mortgage rate both rose a single basis point to 6.69% and 5.92%, respectively. While President Donald Trump has put pressure on the Federal Reserve to cut interest rates, the Fed is expected to hold its target rate steady following this week's meeting. That means mortgage rates will likely not change much over the next couple of months. Dig deeper: What determines mortgage rates? Today's mortgage rates Here are the current mortgage rates, according to our latest Zillow data: 30-year fixed: 6.69% 20-year fixed: 6.37% 15-year fixed: 5.92% 5/1 ARM: 7.10% 7/1 ARM: 6.79% 30-year VA: 6.25% 15-year VA: 5.71% 5/1 VA: 6.26% Remember that these are the national averages and rounded to the nearest hundredth. Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Today's mortgage refinance rates These are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.70% 20-year fixed: 6.35% 15-year fixed: 5.90% 5/1 ARM: 7.52% 7/1 ARM: 6.97% 30-year VA: 6.20% 15-year VA: 5.87% 5/1 VA: 6.13% Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates. Refinance interest rates Als Nächstes Als Nächstes Yahoo Finance mortgage calculator A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments. Use this mortgage calculator to play around with different outcomes. The Yahoo Finance mortgage calculator also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest. 30-year vs. 15-year fixed mortgage rates As a general rule, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you're paying off the same loan amount in half the time. For example, with a $400,000 mortgage with a 30-year term and a 6.69% rate, you'll make a monthly payment of about $2,973 toward your mortgage principal and interest. As interest accumulates over decades, you'll end up paying $528,245 in interest. If you get a $400,000 15-year mortgage with a 5.92% rate, you'll pay about $3,753 monthly toward your principal and interest. However, you'll only pay $204,469 in interest over the years. If that 15-year mortgage monthly payment is too high, remember you can always make extra mortgage payments on your 30-year loan to pay off your mortgage faster and ultimately pay less interest. Fixed-rate vs. adjustable-rate mortgages With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage. An adjustable-rate mortgage keeps your rate the same for a set period of time. Then the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remainder of your term. Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so sometimes you don't get a rate break. Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose? When will mortgage rates finally drop? Economists don't expect drastic mortgage rate drops before the end of 2025. In 2024, mortgage rates trended downward from early August to the Sept. 18 Federal Reserve meeting, when the central bank announced a 50-basis-point slash to the federal funds rate. Since that announcement, mortgage rates have mostly increased or held steady. The Fed decreased its rate again at its November and December meetings (by 25 bps each time). The trajectory of future mortgage rates will largely depend on the Federal Reserve's decision on whether or not to cut the federal funds rate at its 2025 meetings. The Fed has not cut its rate at any of its 2025 meetings so far. According to the CME FedWatch tool, there's a 95% chance that the rate will remain unchanged at the Fed's meeting happening today and tomorrow. This means rates probably won't significantly drop in the next couple of months. A sudden financial setback could change that. Dig deeper: Understanding the Fed's rate decisions — Do we want high or low interest rates? Mortgage rates today: FAQs What is today's 30-year fixed rate? According to Zillow data, today's 30-year fixed rate is 6.69% for home purchases and 6.70% for refinances. These are the national averages, so keep in mind the average in your state or city could be different. Your rate will also vary depending on your personal finances. Are mortgage rates expected to drop? Mortgage rates may be slightly lower by the end of 2025, but they're unlikely to drop drastically anytime soon. Will mortgage rates go down in 2025? Mortgage rates may ease a bit lower before the end of 2025, though probably not as sharply as many expected a few months ago. Depending on the economy, inflation, and the Fed, any decreases may be relatively small.
Newsweek
a day ago
- Business
- Newsweek
Home Prices Are Predicted to Drop by 5 Percent or More in These Cities
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Home prices are anticipated to decline by 5 percent or more in 10 metro area housing markets, according to a new report from Zillow. The real estate marketplace predicted that home prices would drop between April 2025 and April 2026 in large cities such as New Orleans, San Francisco, and Austin. Why It Matters Home prices have remained high across the country, with a nationwide median home sales price of $410,800 as of the second quarter of 2025, according to the Motley Fool. Recent data from the National Association of Realtors showed that median home prices rose to $435,300 in June. That marks a record high for June and the 24th consecutive month of year-over-year increases. A for sale sign is displayed outside of a home in Los Angeles on August 16, 2024. A for sale sign is displayed outside of a home in Los Angeles on August 16, 2024. PATRICK T. FALLON/AFP via Getty Images What To Know Zillow predicted the weakest home appreciation in the following 10 metro areas: Houma, LA → -9.6 percent Lake Charles, LA → -9.5 percent Alexandria, LA → -8.0 percent New Orleans, LA → -7.2 percent Lafayette, LA → -7.0 percent Shreveport, LA → -6.9 percent Beaumont, TX → -6.5 percent San Francisco, CA → -6.1 percent Austin, TX → -5.1 percent Corpus Christi, TX → -5.0 percent The prominence of Louisiana cities on the list reveals the state's overall population decline, experts say. "Louisiana is one of just six states that shrunk in population from 2014 to 2024 (by about 1 percent), so if this trend continues, there will be limited demand for home purchases in the next few years across the state," Joel Berner, senior economist at told Newsweek. "Louisiana, like much of the rest of the South, is seeing an increase in the number of homes for sale, up 10 percent year over year this June. Weaker demand and expanding supply will yield low price growth." Kevin Thompson, the CEO of 9i Capital Group and host of the 9innings podcast, said the local economies within the state are likely to feel the fallout from the real estate trends as well. "My reaction is that Louisiana is about to get worse before it gets better. When housing prices fall, the economies typically slow," Thompson told Newsweek. Nationwide, Zillow said U.S. home prices would likely fall by 1 percent between June 2025 and June 2025. Zillow originally predicted home prices to grow by 2.6 percent heading into 2025, but many housing markets softened faster than anticipated. "The rise in [active] listings is fueling softer [home] price growth, as greater supply provides more options and more bargaining power for buyers," Zillow economists wrote in March. "Potential buyers are opting to remain renters for longer as affordability challenges suppress demand for home purchases." What People Are Saying Joel Berner, senior economist at told Newsweek: "In the end, it seems like all the places on this list are experiencing retractions in home demand, which in a place like Austin, where new construction is strong and a surge of existing homes are hitting the market certainly has the chance to drive prices down." "It's hard to say what to expect nationwide because of the wide divergence in market conditions from metro to metro and region to region. Buyers in the Northeast, where supply is constrained and demand remains strong, should not expect to see any retreat in prices. Buyers in the South may take note of the current price trends and decide that now is a good time to make a purchase." Kevin Thompson, the CEO of 9i Capital Group and host of the 9innings podcast, told Newsweek: "This should not have an impact nationally as certain cities may see a slowdown, as they should, but not an outright decline. Housing prices rose rapidly due to the amount of stimulus, migrations, and remote work, but now much of that money has been spent, while prices are starting to correct." Nationwide title and escrow expert Alan Chang told Newsweek: "The majority of the list is Louisiana property which makes me think this may largely be about the high cost and limited availability of homeowner's insurance. In recent years, there has been reduced availability of affordable insurance due to flooding and weather related damages putting some insurers out of business." What Happens Next If housing prices continue to fall, there could be long-term consequences for these real estate markets, Thompson said. "My main concern is what happens next if prices fall too much," Thompson said. "Will this incentivize those larger institutions to continue to buy up swaths of homes for long term leases and further deplete inventory for single homeowners?"
Yahoo
a day ago
- Business
- Yahoo
4 States Where Home Prices Are Expected To Crash in the Next 12 Months
For anyone following along, the housing market has seen some ups and downs in recent years. While it's impossible to predict the future, many experts expect the home prices to fall in several states over the next 12 months. Explore More: Find Out: This guide explores which states are expected to see dramatic drops in home sale prices based on these market predictions from Forbes. Florida Home prices are falling in some cities across Florida. Cape Coral, located in southwest Florida, stands out for some of the most dramatic drops. A recent report from The Wall Street Journal found that home prices in the Cape Coral-Fort Myers area have dropped by over 11% in the last few years. Homes in the area are sitting on the market for extended periods of time, which is pushing prices lower. Additionally, almost 8% of Cape Coral homeowners owe more than their homes are worth, all setting the stage for a potential housing crash in the area. Other cities in Florida seeing home prices fall quickly include North Port, Tampa, Jacksonville, Palm Bay and Deltona, according to Newsweek. Beyond individual cities in the Sunshine State, plummeting condo prices have rocked the real estate world in the coastal regions of the state, particularly in South Florida, per Tampa Bay Times. After the tragic Surfside condo collapse, the state increased safety regulation and inspection requirements, which added up to extra costs for condo owners. As the costs of ownership skyrocketed, many owners tried to sell out, essentially flooding the condo market and leading to falling condo prices across the state. Texas The Lone Star State is seeing home prices fall, which could represent the beginning stages of a crash. With home prices dropping in major Texan cities, including Austin and Dallas, rising inventory is contributing to falling prices, according to Zillow. California California home prices are slipping, but not by much. As of writing, the average home value in California is $786,107, which is down by 0.6% from last year, per Zillow. But with home sales in the state already down 37% from their pandemic peak, according to Newsweek, it's unclear how far California home sales can fall. North Carolina North Carolina has seen home values fall around the state, particularly in more populous cities, like Charlotte and Raleigh. Across the state, home values are down by 0.6% in the last year. But in Raleigh, the downside has been significantly larger, with average home values down by 2.2% in the last year. What This Means for You A potent combination of high interest rates and growing inventory in these once-hot markets is forcing a cool down. For sellers, this could mean getting less value out of their home. For buyers, it could represent an opportunity to move forward on a home purchase. As you consider a home purchase, keeping an eye on market factors can be helpful. But before purchasing a home, the most important thing is that your financial situation is in the right position for homeownership. If it's not, even a market downturn might not mean it's time for you to purchase a home. Instead, you might need to take time building up your financial situation before jumping into a home purchase. Takeaway Many factors contribute to falling home values across the country. As the housing market cools from a hot seller's market into a buyer's market, home values are also sliding. But not all housing markets across the country are being impacted equally. Specifically, housing markets in the South and West seem to be losing steam while those in the Northeast and Midwest seem to be ticking along with modestly rising property values. More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 7 Luxury SUVs That Will Become Affordable in 2025 I'm a Retired Boomer: 6 Bills I Canceled This Year That Were a Waste of Money This article originally appeared on 4 States Where Home Prices Are Expected To Crash in the Next 12 Months Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNET
a day ago
- Business
- CNET
How the Federal Reserve Actually Impacts Mortgage Rates
The Fed's interest rate decisions impact mortgages, but the relationship isn't straightforward. Tharon Green/CNET If you tracked the Federal Reserve's monetary policy decisions last year, you might have been puzzled: The Fed's three interest rate cuts didn't bring about lower mortgage rates. In fact, the average rate for a 30-year fixed home loan has hovered around 6.8% for the past several months. The Fed's interest rate decisions don't have a direct or immediate effect on home loan rates. Often, what the central bank says about its future plans can move the market more than its actual rate changes. On Wednesday, the Fed is expected to hold off on cutting interest rates for the fifth time this year. While mortgage rates might see some ups and downs, many economists think they'll stay pretty much the same -- between 6.5% and 7% -- until the economic outlook is clearer. "Prospective homebuyers should know markets are forward-looking, and changes in mortgage rates can happen well in advance if markets can anticipate it," said Kara Ng, senior economist at Zillow. "While a July cut is unlikely, markets are closely watching for signals about a possible September reduction," Ng said. All eyes will be on Fed Chair Jerome Powell's post-meeting remarks. If Powell signals concerns about lingering inflation or the chance of fewer cuts, bond yields and mortgage rates are likely to climb. If he expresses optimism about inflation being under control and hints at ongoing policy easing, mortgage rates could dip. Here's what you need to know about how the government's interest rate policy influences your home loan. What is the Federal Reserve's relationship to mortgage rates? The Fed sets and oversees US monetary policy under a dual mandate to maintain price stability and maximum employment. It does this largely by adjusting the federal funds rate, the rate at which banks borrow and lend their money. When the economy weakens and unemployment rises, the Fed lowers interest rates to encourage spending and propel growth, as it did during the COVID-19 pandemic. It does the opposite when inflation is high. For example, the Fed raised its benchmark interest rate by more than five percentage points between early 2022 and mid-2023, to slow price growth by curbing consumer borrowing and spending. Changes in the cost of borrowing set off a slow chain reaction that eventually affects mortgage rates and the housing market, as banks pass along the Fed's rate hikes or cuts to consumers through longer-term loans, including home loans. Yet, because mortgage rates respond to several economic factors, it's not uncommon for the federal funds rate and mortgage rates to move in different directions for some time. 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More 6 Ways to Reduce Your Mortgage Interest Rate by 1% or More Click to unmute Video Player is loading. Play Video Play Skip Backward Skip Forward Next playlist item Unmute Current Time 0:00 / Duration 2:31 Loaded : 23.60% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 2:31 Share Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. 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After making three interest rate cuts in 2024, the Fed has been in a holding pattern throughout 2025. President Trump's unpredictable tariff campaign, immigration policies and federal cutbacks threaten to drive up prices and drag on growth. Despite the president's repeated calls for policymakers to cut borrowing rates immediately, economists say the central bank has good reason to pause. "Cutting rates prematurely — especially in response to political pressure — could undermine its commitment to controlling inflation," said Ng. " Ironically, this could cause mortgage rates to rise, not fall, counteracting the intended stimulus." Lowering interest rates could allow inflation to surge, which is bad for mortgage rates. Keeping rates high, however, increases the risk of a job-loss recession that would cause widespread financial hardship. Recent data show inflation making slow but steady progress toward the Fed's annual target rate of 2%, but price growth is expected to tick back up in the coming months as companies pass on the cost of tariffs onto consumers. What is the forecast for Fed cuts and mortgage rates in 2025? While experts now predict an interest rate cut in the fall, Fed Chair Powell remains noncommittal on any specific timeframe. Inflation could prompt the central bank to forgo one (or both) of its projected rate cuts, which would keep mortgage rates high. On the flip side, if unemployment spikes -- a real possibility given the slowdown in hiring and the uptick in layoffs -- the Fed could be forced to implement interest rate cuts. In that case, mortgage rates should gradually ease, though not dramatically. Most housing market forecasts, which already factor in at least two 0.25% Fed cuts, call for 30-year mortgage rates to stay above 6% throughout 2025. What factors affect mortgage rates? Mortgage rates move around for many of the same reasons home prices do: supply, demand, inflation and even the employment rate. Personal factors, such as a homebuyer's credit score, down payment and home loan amount, also determine one's individual mortgage rate. Different loan types and terms also have varying interest rates. Policy changes: When the Fed adjusts the federal funds rate, it affects many aspects of the economy, including mortgage rates. The federal funds rate affects how much it costs banks to borrow money, which in turn affects what banks charge consumers to make a profit. Inflation: Generally, when inflation is high, mortgage rates tend to be high. Because inflation chips away at purchasing power, lenders set higher interest rates on loans to make up for that loss and ensure a profit. Supply and demand: When demand for mortgages is high, lenders tend to raise interest rates. This is because they have only so much capital to lend in the form of home loans. Conversely, when demand for mortgages is low, lenders tend to slash interest rates to attract borrowers. Bond market activity: Mortgage lenders peg fixed interest rates, like fixed-rate mortgages, to bond rates. Mortgage bonds, also called mortgage-backed securities, are bundles of mortgages sold to investors and are closely tied to the 10-year Treasury. When bond interest rates are high, the bond has less value on the market where investors buy and sell securities, causing mortgage interest rates to go up. Other key indicators: Employment patterns and other aspects of the economy that affect investor confidence and consumer spending and borrowing also influence mortgage rates. For instance, a strong jobs report and a robust economy could indicate greater demand for housing, which can put upward pressure on mortgage rates. When the economy slows and unemployment is high, mortgage rates tend to be lower. Read more: Fact Check: Trump Doesn't Have the Power to Force Lower Interest Rates Is now a good time to get a mortgage? Even though timing is everything in the mortgage market, you can't control what the Fed does. "Forecasting interest rates is nearly impossible in today's market," said Ali Wolf, Zonda and NewHomeSource chief economist. Regardless of the economy, the most important thing when shopping for a mortgage is to make sure you can comfortably afford your monthly payments. More homebuying advice
San Francisco Chronicle
a day ago
- Business
- San Francisco Chronicle
$200,000 homes in the Bay Area? Yes, but residents worry their affordable neighborhood is changing
Just $150,000 for a one-bedroom home. In the San Francisco metropolitan area, where the typical home goes for nearly $1.2 million, that price tag sounds like it comes from the history books. In some ways, it does. Built during World War II to house shipbuilders and their families, the Richmond neighborhood of Atchison Village has a typical home value of just $211,000, according to data from real estate brokerage Zillow. That price point is the lowest of any neighborhood in the Bay Area. Many of Atchison Village's 450 homes, which are typically between 500 and 1,000 square feet each, sit around shared courtyards, where neighbors host barbecues or wave down each other for a quick chat. Fruit trees and rose bushes dot the front lawns of each property. The neighborhood is small — it takes just 10 minutes to walk across — and it's common to see both children and older residents taking afternoon strolls by themselves to the city-run park in the middle of the Village, which includes a baseball field and a small playground. Tucked away between Interstate 580 and the Richmond BART Station, Atchison Village isn't just affordable, it's one of California's first housing cooperatives, founded in 1956 with the community sharing costs for maintenance and some utilities. This setup, fairly uncommon in California, keeps housing costs low and makes Atchison something of a haven for blue-collar workers wanting a piece of Bay Area real estate. Many of the residents are retirees, with the estimated median household income just $31,000, half of the county figure, according to data from the U.S. Census Bureau. Most banks and other lenders in California, not being familiar with the co-op model, won't provide a loan for a home in Atchison. Unless a buyer takes a personal loan from the neighborhood credit union, where the interest rate is a whopping 12%, they have to pay that $211,000 in cash. It's a sum that, in many cases, only existing homeowners have the assets to cover. Still, that's less than the usual down payment for a Bay Area home. And the monthly dues residents are charged — which cover insurance, property taxes and some utilities — are often much lower than the typical mortgage payment. But after years of putting off maintenance, fund-building and other costs, can the community cover its expenses without pricing out its own residents? Some residents are worried it's already happening. 'It feels like (moving here) was the golden ticket,' said Chris Dunaway, a 11-year resident of the Village. 'Maybe now it's a silver ticket.' Rising costs strain budgets The roughly 30 acres that make up Atchison Village have changed relatively little since the neighborhood was built in 1941, due to the strict rules on alterations. Many of the homes bear their original wood flooring and exterior paneling. 'I felt like I'd stepped back in time,' recalled Renee Garabedian, who moved to the Village in 1990. The community welcomed Garabedian immediately, she said, with her soon-to-be neighbors inviting her into their homes before she even joined the co-op. There are plenty of other examples: The group that cares for their neighbor with dementia, the cookouts in the shared courtyards, the extra set of hands on a fence project. The neighborhood largely feels safe, residents told the Chronicle, despite Richmond's reputation for crime. Of more concern for many community members is the neighborhood's proximity to the Chevron refinery, which has faced scrutiny over flaring at the facility. In other ways, the neighborhood has changed drastically. When the federal government owned Atchison, homes were only available to white workers. Now, Hispanic residents make up the largest share of the community, which has hosted an immigrant rights group in response to the Trump administration's mass deportation efforts. Not everyone gets along, of course. There's been the odd lawsuit and the occasional restraining order. Tara Ayres, one of the Village's 11 elected board members, said the community's leaders have to juggle balancing the budget with being 'camp counselors' when disputes arise. And few issues here are more contentious than housing costs. Atchison, like neighborhoods throughout the Bay Area, are up against rising insurance costs and other financial pressures. One board member, Casey Bastiaans, said her monthly dues have gone from about $400 to $700. Others pay closer to $900. They could get even higher. A fire gutted one of Atchison's fourplexes in May — the co-op's first major blaze — and board members are concerned the neighborhood's insurance premiums will spike. The co-op's rainy-day funds are also far below their recommended levels, putting the community at further financial risk until those are built up. The price of the homes themselves, or rather, of a homeowning share of the co-op, has also surged. Garabedian paid about $30,000 for a two-bedroom home in 1990. Now, the price for a similar home can be nearly nine times that amount, which also means a buyer has to pay much more in property tax through their dues. A sub-$1,000-a-month bill may not seem like much to the average Bay Area renter, but for some residents, it's more than they can take. 'Many people have moved out because of that, or are in the process of moving out,' Garabedian said. Still here, but different Atchison Village is about as old as the cooperative itself. After the city of Richmond declined to buy the property from the federal government, residents purchased their neighborhood in 1956 for just over $1.5 million, or nearly $19 million in today's dollars. Disagreements broke out almost immediately. Within the co-op's first year, a dispute over the elections process led to two boards of directors being formed, requiring a judge to untangle the results. Not long after, the community's veterans got into a feud with the board after the latter cut their property tax exemptions to pay for neighborhood improvements. And then there was the roofing fight. In 1962, the board decided to use the co-op's funds to pay for new roofs, a move that a large group of Atchison residents swiftly condemned as unnecessary and fiscally irresponsible. 'We don't need new roofing!' one picketer's sign read, according to a Richmond Independent article covering the protest. 'Are we under a dictatorship?' The board soon canceled the contract, but not before six of its members were recalled (three were reelected just weeks later). Nearly 70 years after Atchison Village's residents bought their neighborhood, housing issues still roil the community — and this time, it may not be able to avoid raising dues. A group of residents petitioned the board some months ago to soften a proposed dues increase, while other neighbors insisted it was necessary. A flooded bathtub led to an expensive lawsuit between the co-op and one of its members over allegations of negligence. The board voted earlier this year, over the opposition of some of its members, to temporarily increase dues by $24 a month to recoup an increase in insurance costs last year. 'I feel like we are paying for what didn't happen in the past,' Dunaway said. Bastiaans said she and the rest of the board are exploring a number of options to address the co-op's costs while keeping members' expenses manageable. Ideas include surveying members on how tight their budgets are, purchasing a stripped-down fire insurance plan from the state and spreading out costs more evenly between members. Whatever happens, Bastiaans is confident Atchison Village will find a way to move forward as it has in the past. But she worries that working-class families will no longer be drawn to the neighborhood as they once were. 'I think the Village will be here,' she said. 'It'll just be different.'
