The Massachusetts senator's alarm-sounding on consumer debt neglects to measure it against the growth in the economy and the ability to pay.Economyread more
Equifax will give consumers a range of options for monitoring their credit or making claims of fraud or data misuse, part of a $425 million restitution fund.Technologyread more
Secretary of Education Betsy DeVos and her family have seen their investments skyrocket since President Donald Trump started enacting pro-business policies. Meanwhile, DeVos...Politicsread more
The construction industry is heavily dependent on Hispanic and Latino workers, a workforce that diminished during the last housing crisis and has not come close to full...Real Estateread more
A group of gold miners stocks, "BAANG," are better plays than mega-cap FAANG names, according to John Roque, technical analyst at Wolfe Research.Marketsread more
T-Mobile is choosing to move ahead with a merger with Sprint even though it will prop up Dish Network as a new, possibly disruptive fourth U.S. wireless competitor.Technologyread more
Danger is lurking in the stock market: An abrupt sell-off could be around the corner if the Federal Reserve doesn't deliver the rate cut the market expects next week, the firm...Marketsread more
Shares of Beyond Meat jumped nearly 10% Monday, nearing its all-time high, on investor optimism ahead of its earnings.Food & Beverageread more
Carl Icahn thinks Occidental Petroleum's CEO got played by the Oracle of Omaha himself in the company's effort to buy Anadarko Petroleum.Investingread more
The U.S. Food and Drug Administration has approved the first generic copies of a popular, pricey pill for nerve pain. The agency on Monday said it approved nine generic...Biotech and Pharmaceuticalsread more
Starbucks is licensing its mobile and loyalty program technology in a deal that will give global franchisees the chance to offer the Starbucks mobile app to customers.Restaurantsread more
The average rate on the 30-year fixed mortgage is falling again today, as investors rush into the bond market. Mortgage rates loosely follow the yield on the 10-year Treasury.
The average lender is offering a rate between 4.125 and 4.25 percent, with more aggressive lenders going to 3.875 percent for borrowers with pristine applications, according to Mortgage News Daily. The average rate was at 4.40 percent before the Federal Reserve's announcement Wednesday that it would not raise interest rates this year and that it would start buying bonds again.
"This is happening due to big picture reassessments of global economic growth, or lack thereof," said Matthew Graham, chief operating officer at Mortgage News Daily. "If the fears are validated, today's rates will be near the top of the range for quite a while--months at least, but possibly years."
The average rate jumped over 5 percent last November, but then fell off in December. That caused a nearly 12 percent monthly spike in sales of existing homes in February, deals that were likely signed in December and January.
Mortgage rates were lower in 2016 and 2017, which may have caused the huge surge in home values during those years. Buyers could afford to pay more with interest rates in the 3.5 percent range. The supply of homes for sale was also incredibly low, prompting more bidding wars.
With economic growth here in the U.S. in question and global growth clearly shrinking, interest rates could move even lower than they are now. Or not.
"Although our forecast still calls for mortgage rates to tick up higher later in the year to an average of 4.6 percent, the recent drop is great for prospective buyers on the search for a home this spring," said Mike Fratantoni, chief economist for the Mortgage Bankers Association. "The combination of lower rates – especially compared to last spring – and moderating home-price growth improves buyers' purchasing power and will hopefully translate to a somewhat faster pace of home sales than previously expected."