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Yahoo
09-07-2025
- Business
- Yahoo
Mortgage and refinance interest rates today, July 9, 2025: Higher on longer-term loans, unchanged on shorter
Mortgage interest rates are mixed today, with a bump higher on longer-term rates and no change on the shorter. According to Zillow, the average 30-year fixed rate rose nine basis points to 6.71%. The 15-year mortgage remained steady at 5.83%. Following last week's positive jobs report, bond traders have been readjusting their bearish positions. That has moved yields higher, including on the 10-year Treasury, a benchmark for mortgage rates. However, mixed sentiment is the enemy of momentum, and Wall Street is scrambling to decode the various signals between possible future interest rate cuts — and Trump tariffs. As a result, the bond market and mortgage rates are likely to be choppy this week. Read more: Housing costs are still the stickiest part of an otherwise cool inflation report Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.71% 20-year fixed: 6.31% 15-year fixed: 5.83% 5/1 ARM: 7.68% 7/1 ARM: 7.45% 30-year VA: 6.21% 15-year VA: 5.61% 5/1 VA: 6.38% Remember, these are the national averages and rounded to the nearest hundredth. Learn more: Here's how mortgage rates are determined These are today's mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.78% 20-year fixed: 6.37% 15-year fixed: 5.98% 5/1 ARM: 7.72% 7/1 ARM: 7.58% 30-year VA: 6.22% 15-year VA: 5.94% 5/1 VA: 6.33% Again, the numbers provided are national averages rounded to the nearest hundredth. Mortgage refinance rates are often higher than rates when you buy a house, although that's not always the case. Use the mortgage calculator below to see how various interest rates and loan amounts will affect your monthly payments. It also shows how the term length plays into things. To dive deeper, use the Yahoo Finance mortgage calculator, which includes homeowners insurance and property taxes in your monthly payment estimate. You even have the option to enter costs for private mortgage insurance (PMI) and homeowners' association dues if those apply to you. These details result in a more accurate monthly payment estimate than if you simply calculated your mortgage principal and interest. There are two main advantages to a 30-year fixed mortgage: Your payments are lower, and your monthly payments are predictable. A 30-year fixed-rate mortgage has relatively low monthly payments because you're spreading your repayment out over a longer period of time than with, say, a 15-year mortgage. Your payments are predictable because, unlike with an adjustable-rate mortgage (ARM), your rate isn't going to change from year to year. Most years, the only things that might affect your monthly payment are any changes to your homeowners insurance or property taxes. The main disadvantage to 30-year fixed mortgage rates is mortgage interest — both in the short and long term. A 30-year fixed term comes with a higher rate than a shorter fixed term, and it's higher than the intro rate to a 30-year ARM. The higher your rate, the higher your monthly payment. You'll also pay much more in interest over the life of your loan due to both the higher rate and the longer term. The pros and cons of 15-year fixed mortgage rates are basically swapped from the 30-year rates. Yes, your monthly payments will still be predictable, but another advantage is that shorter terms come with lower interest rates. Not to mention, you'll pay off your mortgage 15 years sooner. So you'll save potentially hundreds of thousands of dollars in interest over the course of your loan. However, because you're paying off the same amount in half the time, your monthly payments will be higher than if you choose a 30-year term. Dig deeper: 15-year vs. 30-year mortgages Adjustable-rate mortgages lock in your rate for a predetermined amount of time, then change it periodically. For example, with a 5/1 ARM, your rate stays the same for the first five years and then goes up or down once per year for the remaining 25 years. The main advantage is that the introductory rate is usually lower than what you'll get with a 30-year fixed rate, so your monthly payments will be lower. (Current average rates don't reflect this, though — fixed rates are actually lower. Talk to your lender before deciding between a fixed or adjustable rate.) With an ARM, you have no idea what mortgage rates will be like once the intro-rate period ends, so you risk your rate increasing later. This could ultimately end up costing more, and your monthly payments are unpredictable from year to year. But if you plan to move before the intro-rate period is over, you could reap the benefits of a low rate without risking a rate increase down the road. Learn more: Adjustable-rate vs. fixed-rate mortgage The national average 30-year mortgage rate is 6.71% right now, according to Zillow. But keep in mind that averages can vary depending on where you live. For example, if you're buying in a city with a high cost of living, rates could be even higher. Mortgage rates will likely remain in a tight range over the next few months. There are many questions regarding the economy, inflation, and the job market. Don't look for big moves in interest rates unless bad economic news develops. Not significantly. Mortgage rates continue to be about where they were one year ago. In many ways, securing a low mortgage refinance rate is similar to when you bought your home. Try to improve your credit score and lower your debt-to-income ratio (DTI). Refinancing into a shorter term will also land you a lower rate, though your monthly mortgage payments will be higher.
Yahoo
05-07-2025
- Business
- Yahoo
The jobs report has dashed hopes of a rate cut this summer
Chances of a Fed rate cut this month cratered after the strong June jobs report. The economy added 147,000 jobs in June, way more than economists expected. The Trump administration continued to criticize the Fed chair this week for not lowering rates. Say goodbye to the prospect of a rate cut this summer. Investors have slashed the odds of an interest rate cut from the Federal Reserve this month after data released Thursday indicated the job market was unexpectedly strong in June. The robust jobs report gives the central bank room to keep interest rates elevated, with employment strong and inflation remaining above its 2% target. The report indicated that employers added 147,000 jobs to the economy last month, handily beating expectations of 110,000. In another sign of strength, payrolls for May were revised upward to 144,000, and the overall unemployment rate unexpectedly ticked down to 4.1% from 4.2%. This embedded content is not available in your region. According to the CME FedWatch tool, the perceived chances of the Fed cutting rates by 25 basis points plunged Thursday morning, dropping from a 23.8% chance Wednesday to 6.7% after the release of the jobs report. Markets still see a September rate cut as likely, with odds of about 71% after the jobs report. Stocks moved slightly higher as traders cheered the strong data, but dimmer rate-cut views kept a lid on more pronounced gains. Still, the S&P 500 managed to rise to a fresh intraday record of 6,271. The bigger reaction to the jobs data was in the bond market. This embedded content is not available in your region. Yields jumped on the prospects for the Fed to keep rates higher for longer. The 10-year US Treasury yield jumped 4 basis points to about 4.34%. The yield on the 2-year Treasury, which is the most sensitive to Fed policy, spiked 9 basis points to 3.88%. "The firm June unemployment rate waves the Federal Reserve off the possibility of a July rate cut, which shifts the spotlight to September," Mark Hamrick, a senior economic analyst at Bankrate, wrote in a note. "If businesses keep expanding payrolls like they've done so far this year, the Fed can comfortably sit in 'wait and see' mode at the upcoming policy meeting. Uncertainty around tariffs and trade have apparently not spooked businesses into shedding workers," said Jeffrey Roach, the chief economist at LPL Financial. The report is unlikely to lead to rate cuts this month, which means the Trump administration's withering criticism of Fed Chair Jerome Powell could intensify. Powell has signaled the central bank is comfortable holding interest rates steady while the central bank monitors the path of inflation and any impact from tariffs. This week, Powell said the Fed would have cut rates already were it not for Trump's trade war. Trump, who has harangued Powell to cut rates for years, posted on Truth Social on Wednesday suggesting the Fed chief leave his position. "'Too Late' should resign immediately!!!" Trump wrote, referring to the nickname he has frequently called Powell to express his annoyance at not cutting interest rates earlier. Trump's post also linked to an article detailing a post on X from William Pulte, the FHFA director, who suggested that Congress should investigate Powell. Pulte has criticized Powell for hurting the housing market by keeping rates high. "Like this tweet if you think it's time for Jerome Powell to resign," Pulte said in a separate post Wednesday evening. According to the latest Freddie Mac survey, the 30-year US fixed mortgage rate hovered at about 6.77% last week. Still, Powell looks likely to stand pat on interest rates, even amid escalating political pressure, Bankrate's Hamrick said. "He is determined to serve out the remainder of his term not being swayed by political pressure or blunt criticism from the president," he added. "Indeed, the president's pressure could have the opposite of the intended impact." Others have speculated that Trump's criticism only makes it less likely that Powell will bend and lower rates. Observers say Powell may now be more focused on his legacy of protecting Fed independence. Read the original article on Business Insider 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
Yahoo
04-07-2025
- Business
- Yahoo
Trimmed Fed rate cut wagers pull rupee, forward premiums off one-month peak
By Jaspreet Kalra MUMBAI (Reuters) - The Indian rupee and dollar-rupee forward premiums retreated from one-month peaks on Friday after a stronger than expected U.S. jobs report dented wagers on Federal Reserve rate cuts, with traders also keeping an eye on a looming U.S. tariff deadline. The rupee dipped to near 85.50 in early trading, coming off a one-month peak hit on Thursday, before paring losses to quote little changed at 85.33. A dip in the dollar index, following a rise in the previous session, aided the rupee while Asian currencies were mostly rangebound. Meanwhile, the 1-year dollar-rupee implied yield fell 5 basis points to 2.02%, with traders pointing out that near forward premiums could also witness downward pressure after the central bank did not raise the quantum of liquidity it aims to withdraw from the banking system. This surprised many market participants, who had expected a rise in the quantum due to a heightened surplus. The U.S. jobs data prompted traders to nearly wipe out wagers on a Fed rate cut in July, while the odds of a September cut dipped to below 75% from near 94% before the data. "The market is now waiting for news on tariffs," a trader at a Mumbai-based bank said, referring to the looming July 9 deadline for countries to strike trade deals with the U.S. About a 100 countries are likely to see a reciprocal tariff rate of 10%, U.S. Treasury Secretary Scott Bessent told Bloomberg Television, predicting a "flurry" of trade deals announced before the deadline. Taking cues from deals struck with other countries, there is scope for a reduction in the umbrella tariff rate on India to the baseline 10%, DBS said in a note. U.S. President Donald Trump had threatened a 26% duty on Indian goods as part of his April 2 "Liberation Day" reciprocal tariffs, which were temporarily lowered to 10% to buy time for negotiations. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
04-07-2025
- Business
- Yahoo
Asian stocks wobble, dollar edges down with tariff deadline in focus
By Kevin Buckland TOKYO (Reuters) -Most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as U.S. President Donald Trump's deadline for trade deals loomed next week. The dollar retraced some of Thursday's gains with U.S. markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law. Japan's Nikkei rose 0.3% as of 0152 GMT after flipping between gains and losses in early trading. Hong Kong's Hang Seng slumped 1.3%, while mainland Chinese blue chips edged slightly lower. Taiwan's equity benchmark shed early gains to decline 0.2%. South Korea's KOSPI sank more than 1%. U.S. S&P 500 futures edged down 0.2%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed Friday for Independence Day. Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main U.S. equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $3.4 trillion to the nation's $36.2 trillion debt, according to the nonpartisan Congressional Budget Office. Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline. The U.S. President said he expected "a couple" more agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. U.S. Treasury Secretary Scott Bessent said earlier this week that a deal with India is close. However agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. "It is now just waiting for July 9," said Tony Sycamore, an analyst at IG, with the market's lack of optimism for deals responsible for some of the equity weakness around the region, particularly Japan and South Korea. At the same time, Thursday's jobs data shows "the U.S. economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. The jobs data saw traders take any expectations for a Federal Reserve interest rate cut this month off the table. The U.S. dollar rallied, taking it up as much as 0.7% versus a basket of major peers on Thursday before it pared its advance to end the session with a 0.4% rise. Early on Friday, the U.S. currency gave back a little of those gains, slipping 0.2% to 144.62 yen and edging down 0.1% to 0.7942 Swiss franc. The euro added 0.1% to $1.1766, while sterling traded flat at $1.3650. The U.S. Treasury bond market is closed Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34% while the 2-year yield jumped 9.3 bps to 3.882%. Gold inched up 0.1% to $3,329.54 per ounce. Brent crude futures rose 1 cent to $68.81 a barrel, while U.S. West Texas Intermediate crude firmed 3 cents to $67.03.
Zawya
04-07-2025
- Business
- Zawya
Asian stocks wobble, dollar edges down with tariff deadline in focus
TOKYO: Most Asian equity markets struggled on Friday, despite record highs for Wall Street overnight, as U.S. President Donald Trump's deadline for trade deals loomed next week. The dollar retraced some of Thursday's gains with U.S. markets already shut for the week, as traders considered the impact of the sweeping spending bill Trump is about to sign into law. Japan's Nikkei rose 0.3% as of 0152 GMT after flipping between gains and losses in early trading. Hong Kong's Hang Seng slumped 1.3%, while mainland Chinese blue chips edged slightly lower. Taiwan's equity benchmark shed early gains to decline 0.2%. South Korea's KOSPI sank more than 1%. U.S. S&P 500 futures edged down 0.2%, following a 0.8% overnight advance for the cash index to a fresh all-time closing peak. Wall Street is closed Friday for Independence Day. Investors cheered a surprisingly robust jobs report on Thursday in sending all three of the main U.S. equity indexes climbing in a shortened session. Following the close, the House narrowly approved Trump's signature, 869-page bill, which would add $3.4 trillion to the nation's $36.2 trillion debt, according to the nonpartisan Congressional Budget Office. Trump also said he would start sending out letters to trade partners with their tariff rates, as deals remained elusive ahead of the July 9 deadline. The U.S. President said he expected "a couple" more agreements after announcing a deal with Vietnam on Wednesday to add to framework agreements with China and Britain as the only successes so far. U.S. Treasury Secretary Scott Bessent said earlier this week that a deal with India is close. However agreements with Japan and South Korea, once touted by the White House as likely to be among the earliest to be announced, appear to have broken down. "It is now just waiting for July 9," said Tony Sycamore, an analyst at IG, with the market's lack of optimism for deals responsible for some of the equity weakness around the region, particularly Japan and South Korea. At the same time, Thursday's jobs data shows "the U.S. economy is holding together better than most people expected, which suggests to me that markets can easily continue to do better" from here, Sycamore said. The jobs data saw traders take any expectations for a Federal Reserve interest rate cut this month off the table. The U.S. dollar rallied, taking it up as much as 0.7% versus a basket of major peers on Thursday before it pared its advance to end the session with a 0.4% rise. Early on Friday, the U.S. currency gave back a little of those gains, slipping 0.2% to 144.62 yen and edging down 0.1% to 0.7942 Swiss franc. The euro added 0.1% to $1.1766, while sterling traded flat at $1.3650. The U.S. Treasury bond market is closed Friday for the holiday, but 10-year yields rose 4.7 basis points (bps) to 4.34% while the 2-year yield jumped 9.3 bps to 3.882%. Gold inched up 0.1% to $3,329.54 per ounce. Brent crude futures rose 1 cent to $68.81 a barrel, while U.S. West Texas Intermediate crude firmed 3 cents to $67.03. (Reporting by Kevin Buckland; Editing by Stephen Coates)
