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Tag: mortgage rates

  • Mortgage and refinance interest rates today, November 23, 2025: Fractional moves

    Mortgage rates have made fractional moves up and down for weeks without much change. According to Zillow data, the current 30-year fixed mortgage rate is 6.11%. The 15-year fixed rate is 5.62%.

    Here are the current mortgage rates, according to the latest Zillow data:

    • 30-year fixed: 6.11%

    • 20-year fixed: 5.94%

    • 15-year fixed: 5.62%

    • 5/1 ARM: 6.17%

    • 7/1 ARM: 6.08%

    • 30-year VA: 5.58%

    • 15-year VA: 5.33%

    • 5/1 VA: 5.32%

    Remember, these are the national averages and rounded to the nearest hundredth.

    These are today’s mortgage refinance rates, according to the latest Zillow data:

    • 30-year fixed: 6.28%

    • 20-year fixed: 6.19%

    • 15-year fixed: 5.73%

    • 5/1 ARM: 6.40%

    • 7/1 ARM: 6.43%

    • 30-year VA: 5.64%

    • 15-year VA: 5.30%

    • 5/1 VA: 5.35%

    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.

    Learn whether now is a good time to refinance your mortgage.

    Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments.

    You can bookmark the Yahoo Finance mortgage payment calculator and keep it handy for future use. It also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest.

    The average 30-year mortgage rate today is 6.11%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.

    The average 15-year mortgage rate is 5.62% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals.

    A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time.

    Let’s say you get a $300,000 mortgage. With a 30-year term and a 6.11% rate, your monthly payment toward the principal and interest would be about $1,820, and you’d pay $355,172 in interest over the life of your loan — on top of that original $300,000.

    If you get that same $300,000 mortgage with a 15-year term and a 5.62% rate, your monthly payment would jump to $2,470. But you’d only pay $144,671 in interest over the years.

    With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though.

    An adjustable-rate mortgage keeps your rate the same for a predetermined 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 remaining 23 years of your term.

    Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it’s possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other.

    Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes.

    Waiting for rates to drop probably isn’t the best method to get the lowest mortgage rate right now. If you’re ready to buy, focusing on your personal finances is probably the best way to lower your rate.

    To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score.

    When choosing a lender, don’t just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders.

    According to Zillow, the national average 30-year mortgage rate for purchasing a home is 6.11%, and the average 15-year mortgage rate is 5.62%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas.

    The average 30-year fixed mortgage rate is 6.11% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI).

    Mortgage rates have been inching down recently, but they aren’t expected to drop drastically in the near future.

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  • HELOC rates today, November 23, 2025: Lowest 2025 rates in time for holiday cash needs

    Nationally, the average home equity line of credit interest rate remains under 8%, according to the analytics company Curinos. With the holidays looming, a HELOC can be an excellent source of cash when you need it most.

    According to Curinos data, the average weekly HELOC rate is 7.64%, its lowest point so far in 2025. This rate is based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of 70%.

    Homeowners have a huge amount of value tied up in their houses — nearly $36 trillion at the end of the quarter of 2025, according to the Federal Reserve. That’s the largest amount of home equity on record.

    With mortgage rates lingering above 6%, homeowners are not likely to let go of their primary mortgage anytime soon, so selling a house or getting a cash-out refinance may not be an option. Why give up your 5%, 4% — or even 3% mortgage?

    Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative.

    HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which has fallen recently to 7.00%. If a lender added 0.75% as a margin, the HELOC would have a rate of 7.75%.

    Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan, so it pays to shop around. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home.

    And average national HELOC rates can include “introductory” rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate.

    You don’t have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit.

    The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat.

    Meanwhile, you’re paying down your low-interest-rate primary mortgage like the wealth-building machine you are.

    Today, LendingTree is offering a HELOC APR as low as 6.38% on a credit line of up to $150,000. However, remember that HELOCs typically come with variable interest rates, meaning your rate will fluctuate periodically. Make sure you can afford monthly payments if your rate rises.

    And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity.

    The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don’t pay interest on what you don’t borrow.

    Rates vary so much from one lender to the next that it’s hard to pin down a magic number. You may see rates from just below 6% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are.

    For homeowners with low primary mortgage rates and a chunk of equity in their house, it’s probably one of the best times to get a HELOC. You don’t give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt.

    If you withdraw the full $50,000 from a line of credit on your home and pay a 7.50% interest rate, your monthly payment during the 10-year draw period would be about $313. That sounds good, but remember that the rate is usually variable, so it changes periodically, and your payments will increase during the 20-year repayment period. A HELOC essentially becomes a 30-year loan. HELOCs are best if you borrow and repay the balance within a much shorter period.

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  • Long Island home sales rise as prices ease, inventory falls | Long Island Business News

    THE BLUEPRINT:

    • Long Island logged 2,218 home sales in October, up from September and last year.

    • Inventory fell to 5,783 listings, nearly 10% lower year over year.

    • Median home prices dipped in both Nassau and Suffolk counties.

    • Mortgage rates are trending lower, with forecasts pointing to further easing next year.

     

    The number of Long Island home sales rose last month, as inventory fell and prices pulled back. 

    There were 2,218 closed home sales in Nassau and Suffolk counties in October, 204 more than the previous month and 109 more than in Oct. 2024, according to numbers from OneKey MLS. 

    Inventory decreased last month as compared with the previous month and also dropped year over year. 

    There were 5,783 Long Island homes listed for sale at the end of October—2,473 in Nassau and 3,310 in Suffolk. That’s 312 fewer homes than were listed for sale the previous month, and nearly 10 percent fewer than the 6,421 homes that were listed for sale at the end of Oct. 2024. 

    The numbers for listings and sales include single-family homes, condominiums, and co-ops. The Suffolk numbers don’t reflect all sales on the East End. 

    Home prices retreated last month, falling in both Nassau and Suffolk. 

    The median price of closed single-family home sales in Nassau last month was $837,000. That’s $12,000 less than the September median price of $849,000, but still 6.1 percent higher than the $789,000 median price recorded in Oct. 2024. 

    In Suffolk, the median price of closed single-family home sales last month was $701,000, which is $19,000 more than the September median price of $720,000 and 4.6 percent higher than the $670,000 median price of Oct. 2024. 

    Mortgage rates continue to trend lower. The average rate for a 30-year fixed mortgage loan in New York was 6.19 percent as of Monday, according to bankrate.com. That’s down a bit from September, and below the 2024 average rate of 6.7 percent. 

    Mortgage rates are projected to decline modestly, averaging around 6 percent next year, according to Lawrence Yun, chief economist for the National Association of Realtors. He said that while rates are influenced by more than Federal Reserve decisions alone, broader economic factors are contributing to gradually lower borrowing costs. 

    “As we go into next year, the mortgage rate will be a little bit better,” Yun said in a NAR statement. “It’s not going to be a big decline, but it will be a modest decline that will improve affordability.” 

    Nationally, existing home sales are projected to rise by around 14 percent in 2026, according to Yun, though prices are expected to stay firm. He said the expected rebound reflects the easing mortgage rates and improving market stability after several challenging years. Home prices are forecast to increase by 4 percent next year, supported by steady demand and persistent supply shortages.  

    “Next year is really the year that we will see a measurable increase in sales,” Yun said. “Home prices nationwide are in no danger of declining.” 


    David Winzelberg

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  • HELOC rates today, November 17, 2025: Less likely to fall more this year if the Fed delays

    The current national average HELOC rate hasn’t been this low all year, according to the analytics company Curinos. Home equity line of credit rates may not decrease significantly before the end of the year, as the Federal Reserve hints that another rate cut might not occur until 2026.

    According to Curinos data, the average weekly HELOC rate is 7.64%. This rate is based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of 70%.

    Homeowners have a huge amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That’s the third-largest amount of home equity on record.

    With mortgage rates lingering just over 6%, homeowners may not want to let go of their primary mortgage anytime soon, so selling the house may not be an option. Why give up your 5%, 4% — or even 3% mortgage?

    Accessing some of the value locked into your house with a use-it-as-you-need-it HELOC can be an excellent alternative.

    HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which has moved down to 7.00%. If a lender added 0.75% as a margin, the HELOC would have a rate of 7.75%.

    Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan, so it pays to shop around. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home.

    And average national HELOC rates can include “introductory” rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate.

    You don’t have to give up your low-rate mortgage to access your home’s equity. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit.

    The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat.

    Meanwhile, you’re paying down your low-interest-rate primary mortgage like the wealth-building machine you are.

    Today, FourLeaf Credit Union is offering a HELOC rate of 5.99% for 12 months on lines up to $500,000. That’s an introductory rate that will convert to a variable rate later. When shopping for lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity.

    The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don’t pay interest on what you don’t borrow.

    Rates vary so much from one lender to the next that it’s hard to pin down a magic number. You may see rates from nearly 6% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are.

    For homeowners with low primary mortgage rates and a chunk of equity in their house, it’s probably one of the best times to get a HELOC. You don’t give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt.

    If you withdraw the full $50,000 from a home equity line of credit and pay a 7.50% interest rate, your monthly payment during the 10-year draw period would be about $313. That sounds good, but remember that the rate is usually variable, so it changes periodically, and your payments will increase during the 20-year repayment period. A HELOC essentially becomes a 30-year loan. HELOCs are best if you borrow and repay the balance within a much shorter period.

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  • What the Trump administration’s 50-year mortgage plan could mean for homebuyers

    Would a 50-year mortgage make homeownership more affordable? 

    The Trump administration is working on a plan for a mortgage term that spans five decades, Federal Housing Finance Agency Director Bill Pulte confirmed this weekend, calling it “a complete game changer” and a “potential weapon in a WIDE arsenal of solutions that we are developing right now.”

    Details are still sparse, but a 50-year loan could meaningfully reshape a housing market where 30 years is the norm. Experts say homebuyers who opt for the longer loan would see lower monthly payments but a dramatic increase in the total cost of the loan.

    “Borrowers might be able to pay less monthly principal and interest, since the loan would be spread out over half a century,” said NerdWallet lending expert Kate Wood in an email. “But the total interest paid over the life of the loan would be staggering, since even with a low rate, you’re looking at 50 years’ worth of interest.”

    Take a homeowner who wants to buy a $400,000 home with a 10% down payment, requiring a $360,000 loan. Even if both 30- and 50-year loans carried the same 6.25% rate — which experts say is unlikely — borrowers choosing the longer term would save only about $250 a month, Joel Berner, senior economist at Realtor.com, told CBS News.

    In reality, rates on 50-year mortgages would probably run higher than 30-year loans, meaning those monthly savings could shrink even further, he added.

    Yet total interest on that same 50-year loan would accrue to about $816,000, almost double the $438,000 in interest paid over a 30-year term, he calculated.

    At the same time, buyers with a 50-year mortgage would build equity far more slowly than those with shorter loans, Wood noted. That’s because a larger share of early payments goes toward interest, leaving less to chip away at the principal.

    “Paying down the loan over so much time could also mean building equity at an incredibly slow pace,” she said. 

    Addressing the affordability crisis

    The 50-year mortgage proposal aims to spur housing demand at a time when many Americans are priced out of the market by high mortgage rates and soaring home values, Berner noted.

    The typical homeowner now spends 39% of their income on housing, well above the 30% affordability threshold recommended by financial experts, according to Redfin.

    Mortgage rates have eased this year but remain above 6%, more than double the pandemic-era lows. Meanwhile, home prices, though slightly down from their peak, averaged $410,800 in the second quarter, about 25% higher than in early 2020, according to data from the Federal Reserve Bank of St. Louis.

    While 15-year mortgages are also available, most homebuyers opt for 30-year loans because the terms allow them to spread out payments over a longer timeframe, lowering monthly costs, according to the personal finance website Bankrate.

    The Federal Housing Finance Agency said it is “evaluating all options to address housing affordability,” including making mortgages assumable or portable. A White House official added that “President Trump is always exploring new ways to improve housing affordability for everyday Americans.”

    What about the interest rate on a 50-year loan? 

    A half-century mortgage would give Americans an even longer window to pay back their loan, but experts say the monthly savings would be relatively modest because interest rates for 50-year loans would likely be higher than for 30-year terms. 

    That’s because lenders view longer time frames as carrying higher risks of default, notes NerdWallet’s Wood. Likewise, rates for 15-year mortgages are generally lower than for 30-year loans because lenders view the shorter timeframe as less risky.

    The typical 15-year loan today has an interest rate of about 5.6%, according to Bankrate, versus about 6.25% for the 30-year loan.

    Extending loan terms could lift buyer demand, but that might push home prices even higher unless more housing is built, Berner added — erasing any benefit from lower monthly payments.

    “This is not the best way to solve housing affordability,” Berner said.

    Mr. Trump defended the 50-year mortgage in a Fox News interview on Monday after host Laura Ingraham questioned the president over criticisms of the plan. Ingraham noted that some in his MAGA base argue the proposal would benefit banks while making it take longer for Americans to fully own their homes.

    “It’s not even a big deal,” Mr. Trump said in response. “You go from 40 to 50 years, and what it means is you pay something less.” 

    Edited by

    Aimee Picchi

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  • Robinhood enters the mortgage space with discounted rates and money toward closing costs

    The brand that brought stock trading to the masses is now providing mortgage loans at a deep discount. Following a beta test this summer, the new home loan offering is now rolling out to Robinhood Gold subscribers.

    Robinhood is not entering the mortgage market quietly. Teaming with Sage Home Loans, Robinhood users can access Sage mortgage rates “at least 0.75% below the national average,” according to a press release from Robinhood. On top of that, Sage borrowers can qualify for a $500 credit toward closing costs for purchase or refinance loans.

    Sage is a leading home loan lender, underwriting over $750 million in mortgages in 2024, according to government data.

    “This work reflects Sage’s commitment to leading the future of home lending,” Mike Malloy, CEO of Sage Home Loans, said in the release. “We’ve built a mortgage experience that’s simple, digital, and transparent — and collaborating with Robinhood shows what’s possible when technology meets accessibility.”

    Disclaimer: Sage Home Loans is owned by Red Ventures, which supplies affiliate links to Yahoo Finance.

    Robinhood (HOOD) was founded in 2013 and reportedly garnered a waitlist of 1 million potential users before launching a mobile app, offering commission-free stock and ETF transactions. Since then, it has expanded its menu to include cryptocurrency trading.

    In 2019, it launched fractional share trading, allowing users to buy slices of expensive stocks, such as Amazon and Google, for as little as $1.

    Now, the company is expanding into mortgage lending with its Sage Home Loans partnership.

    “Robinhood’s mission is to democratize finance for all, and this new benefit for annual Gold subscribers underscores that commitment,” said Sakhi Gandhi, director of partnerships at Robinhood, in a statement.

    Sage features a mobile-friendly website as well as an online mortgage application, and promises a “four-minute” mortgage preapproval letter, allowing you to begin house hunting and serious shopping sooner.

    According to Yahoo Finance analysis of Home Mortgage Disclosure Act data, Sage charged median loan costs of $4,642 and below-median interest rates near 6.245% to borrowers in 2024.

    The mortgage offering is available to Robinhood Gold members who pay a $5 monthly fee or a $50 annual subscription. Free 30-day trials are available; however, you must have an annual Gold subscription to qualify for the discounts offered through Sage.

    Laura Grace Tarpley edited this article.

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  • HELOC rates today, November 7, 2025: Lenders are dropping their HELOC rates by 0.25% or more

    According to analytics company Curinos, the current national average HELOC rate is 7.64%. Yahoo Finance is seeing home equity line of credit interest rates dropping by 0.25% or more at national lenders. Shop more than one HELOC lender to find your best offer.

    According to Curinos data, the average weekly HELOC rate is 7.64%, down 40 basis points since January. This rate is based on applicants with a minimum credit score of 780 and a maximum combined loan-to-value ratio (CLTV) of 70%.

    Homeowners have an impressive amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That’s the third-largest amount of home equity on record.

    With mortgage rates remaining in the low-6% range, homeowners are unlikely to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why give up your 5%, 4% — or even 3% mortgage?

    Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative.

    HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which has fallen to 7.00% in the past week. If a lender added 1% as a margin, the HELOC would have a rate of 8.00%.

    Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home. Shop two or three lenders for the best terms.

    National HELOC rates can include “introductory” offers that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate.

    You don’t have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit.

    The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat.

    Meanwhile, you’re paying down your low-interest-rate primary mortgage like the wealth-building machine you are.

    Today, FourLeaf Credit Union is offering a HELOC APR of 5.99% for 12 months on lines up to $500,000. That’s an introductory rate that will convert to a variable rate later. When shopping for lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity.

    The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don’t pay interest on what you don’t borrow.

    Rates vary significantly from one lender to the next. You may see rates from 6% to as much as 18%. It really depends on your creditworthiness and how diligent you are as a shopper.

    For homeowners with low primary mortgage rates and a significant amount of equity in their house, it’s likely one of the best times to take out a HELOC. You don’t give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is probably not worth taking on long-term debt.

    If you withdraw the full $50,000 from a line of credit on your home and pay a 7.50% interest rate, your monthly payment during the 10-year draw period would be about $313. That sounds good, but remember that the rate is usually variable, so it changes periodically, and your payments will increase during the 20-year repayment period. A HELOC essentially becomes a 30-year loan. HELOCs are best if you borrow and repay the balance within a much shorter period of time.

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  • LendingTree founder and CEO Doug Lebda dies in ATV accident

    Doug Lebda, the founder and CEO of LendingTree, died Sunday in an ATV accident, the online loan marketplace company announced.

    “Doug was a visionary leader whose relentless drive, innovation and passion transformed the financial services landscape, touching the lives of millions of consumers,” LendingTree’s board of directors said in a statement on Monday. 

    Lebda founded LendingTree in 1996 in a move to simplify the process of shopping and applying for loans. The business launched in 1998 and went public in 2000, two years after it launched. The site helps users find and compare mortgages, credit cards, insurance and other financial products. 

     LendingTree was later acquired by internet conglomerate IAC/InterActiveCorp, before spinning off on its own again in 2008.

    Scott Peyree, LendingTree’s chief operating officer and president, will take over as president and CEO. Steve Ozonian, the lead independent director on the company’s board, will serve as chairman of the board. Both leadership transitions are effective immediately, according to LendingTree.

    Lebda, who previously worked as an auditor and consultant for PriceWaterhouseCoopers, in 2010 also co-founded a financial services platform for children and families called Tykoon.

    “All of my ideas come from my own experiences and problems,” Lebda told the Wall Street Journal in a 2012 interview.

    —This is a developing story and will be updated

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  • Mortgage and refinance interest rates today, October 12, 2025: Best week of the year to buy a house

    Mortgage rates are down today. According to Zillow, the national average 30-year fixed rate is down two basis points to 6.28%, and the 15-year fixed mortgage rate has inched down by two basis points to 5.56%.

    According to new data from Realtor.com, today marks the start of the best week of the year to buy a house. Mortgage rates shouldn’t plummet anytime soon, so if you’re otherwise ready to buy a home, now could be a great time.

    Here are the current mortgage rates, according to the latest Zillow data:

    • 30-year fixed: 6.28%

    • 20-year fixed: 5.90%

    • 15-year fixed: 5.56%

    • 5/1 ARM: 6.52%

    • 7/1 ARM: 6.63%

    • 30-year VA: 5.88%

    • 15-year VA: 5.39%

    • 5/1 VA: 5.76%

    Remember, these are the national averages and rounded to the nearest hundredth.

    These are today’s mortgage refinance rates, according to the latest Zillow data:

    • 30-year fixed: 6.38%

    • 20-year fixed: 5.97%

    • 15-year fixed: 5.76%

    • 5/1 ARM: 6.83%

    • 7/1 ARM: 6.75%

    • 30-year VA: 5.96%

    • 15-year VA: 5.96%

    • 5/1 VA: 5.61%

    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.

    Learn whether now is a good time to refinance your mortgage.

    Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments.

    Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest.

    The average 30-year mortgage rate today is 6.28%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.

    The average 15-year mortgage rate is 5.56% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals.

    A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time.

    Let’s say you get a $300,000 mortgage. With a 30-year term and a 6.28% rate, your monthly payment toward the principal and interest would be about 1,853, and you’d pay $367,083 in interest over the life of your loan — on top of that original $300,000.

    If you get that same $300,000 mortgage with a 15-year term and a 5.56% rate, your monthly payment would jump to $2,461. But you’d only pay $142,946 in interest over the years.

    With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though.

    An adjustable-rate mortgage keeps your rate the same for a predetermined 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 remaining 23 years of your term.

    Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it’s possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other.

    Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes.

    Waiting for rates to drop probably isn’t the best method to get the lowest mortgage rate right now. If you’re ready to buy, focusing on your personal finances is probably the best way to lower your rate.

    To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score.

    When choosing a lender, don’t just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders.

    Learn 6 tips for choosing a mortgage lender.

    According to Zillow, the national average 30-year mortgage rate for purchasing a home is 6.28%, and the average 15-year mortgage rate is 5.56%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas.

    The average 30-year fixed mortgage rate is 6.28% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI).

    Mortgage rates aren’t expected to drop drastically in the near future, though they might inch down here and there.

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  • Foreclosures are surging as U.S. homeowners grapple with rising costs

    Kimberly Draxler was in shock when she called her mortgage lender in April and was told her four-bedroom home in Hillview, Kentucky, would be sold out from under her in a matter of days. 

    Though she had been alerted that something might be wrong by a letter in the mail from an attorney offering assistance in warding off foreclosure, she said her lender never informed her that she was about to lose her home. 

    “They never called me and told me they were just going to rip my house right underneath me,” Draxler told CBS News. 

    Draxler’s lender said it notifies all borrowers of a possible foreclosure by mail and by phone throughout the process, in compliance with federal debt collection rules. 

    Before learning that her home was entering foreclosure, Draxler, who is 57 and on disability, said she stayed afloat financially by relying on her son, who contributed $600 a month to help take care of household expenses. But after he moved out in 2024, her bills began to pile up, she told CBS News. Draxler soon fell behind on her mortgage.

    The financial pressures bearing down on Draxler highlight the struggles of homeowners still grappling with the rising cost of everything from housing and groceries to energy bills and insurance coverage. With many households stretched thin, unexpected events such as job loss, unplanned medical expense or even simple car problems can cause people to fall behind on their mortgages.

    “I just couldn’t do it anymore”

    Although foreclosures — which include default notices, scheduled auctions or bank repossessions — remain well below their pre-pandemic levels, they are on the rise.

    As of August, foreclosure filings had risen six straights months year-over-year and were up 18% from the same period in 2025, according to property data firm ATTOM. Through June, roughly 188,000 properties had foreclosure filings, putting the U.S. on track to surpass the roughly 322,000 U.S. properties that went into foreclosure in 2024.

    “Paying for the house, the car, the necessity bills — I just couldn’t do it anymore,” said Draxler, who had come close to losing her home in foreclosure on three previous occasions over the last decade. 

    Roughly 94% of mortgage defaults occur after a homeowner loses income to extenuating circumstances, according to The Urban Institute, citing data from the National Bureau of Economic Research.

    Rising homeownership costs

    A key factor behind the rise in foreclosure rates is the growing cost home insurance, utilities, property taxes, repairs and other homeownership expenses. For example, single-family homeowners with a mortgage today pay an average of $2,370 a year for property coverage — up nearly 70% from five years ago, according to data from ICE Mortgage Technology. 

    In addition to rising homeowners insurance costs, many households are also contending with exorbitant property taxes as well as elevated interest rates. 

    “All of these rising costs associated with holding a home, you have increasing pressure on existing homeowners to continue to be able to afford and pay for their mortgages,” Geoff Smith, executive director of the Institute for Housing Studies at DePaul University, told CBS News.

    Todd Teta, chief product and technology officer at ATTOM, also cited the recent slowdown in hiring as a factor behind rising mortgage delinquencies, noting that job loss often drives foreclosures.

    A high interest rate environment can be particularly challenging for homeowners with variable-rate loans, which reset at certain intervals in part based on market conditions. That means a homeowner might see a major jump in their monthly mortgage payment if their reset occurs when interest rates are elevated. 

    A narrow escape

    More such loans are now hitting their reset periods, Teta noted, a trend he expects to continue. “While there has been a small dip in interest rates, they remain significantly higher than just a few years ago, so borrowers with upcoming resets are still likely to see sizable payment increases.”

    As for Draxler, she managed to keep her home by filing for Chapter 13 bankruptcy, which allows debtors to hold onto their property and pay off debt over time, usually within three to five years. But coming so close to losing her home of more than 30 years continues to weigh on her.

    “I did not want to lose my house,” Draxler said. “I wouldn’t have no place to go.”

    Mary Cunningham

    Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.

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  • How would a government shutdown affect people applying for mortgages?

    Americans worried that a looming U.S. government shutdown could derail their plans to take out a mortgage or refinance their home loan can breathe easy — mostly. Housing experts says lenders will continue processing mortgages as usual even if federal agencies close shop, while noting that a shutdown could lead to hitches for borrowers applying for government-backed loans. 

    “If you’re expecting to close in a week or a month, there could be some slight delay,” said Jeff Ostrowski, a housing analyst at Bankrate. “But I think for most people, it’s probably going to be a blip more than a real deal killer.”

    The bulk of the mortgage market consists of loans originated by private lenders. But some government agencies have a hand in the process, such as the Federal Housing Administration (FHA) insuring private loans or Federal Emergency Management Agency (FEMA) managing flood insurance policies.

    Impact on government-backed loans

    Borrowers applying for a conventional mortgage issued by a bank, credit union or other private lender are unlikely to encounter problems if the government closes shop. However, those applying for government-backed loans from agencies like the FHA, Department of Veteran Affairs an Department of Agriculture (USDA) could face minor delays lining up their mortgages, Holden Lewis, a senior writer at NerdWallet, told CBS MoneyWatch in an email.

    The National Association of Realtors (NAR) notes in an online explainer that the FHA will continue to approve most single-family mortgage loans in the event of a shutdown. The VA will also continue to guarantee home loans, but worker furloughs at the agency could lead to processing delays, the group said. 

    “It creates a little bit of extra stress and uncertainty, but I haven’t seen a shutdown in either of those programs” when politics led the government to shut it doors in the past, Ostrowski said.

    The VA and FHA account for up to a quarter of all mortgage applications, according to Redfin. NAR advises U.S. veterans applying for or refinancing a government-backed loan to check with their lender on how long it will take to complete the process if the government shuts down. 

    Another segment of the housing market that could feel the impact of a shutdown are people applying for mortgages through the USDA, which issues loans to buyers in eligible towns and rural areas. NAR said the USDA will halt issuance of new direct and guaranteed home loans during a shutdown. Pre-scheduled direct‑loan closings will also be postponed.

    The USDA did not respond to a request for comment. The VA referred CBS News to its shutdown contingency plan, which says the agency will continue issuing “housing benefits.”

    Fannie Mae and Freddie Mac, the government-sponsored entities that support roughly 70% of the mortgage market, don’t rely on federal funding and have continued to operate during past shutdowns. However, they could face bottlenecks if federal agencies close down this week, said Anthony Smith, an applied economist at Realtor.com.

    “They rely on other federal processes like the IRS for tax transcript verifications,” he said. “So if the IRS shuts down or significantly cuts back on its transcript services, then Fannie and Freddie might be able to approve a loan, but they can’t get the final verification piece.”

    Possible flood insurance delays

    People purchasing a house in a flood zone could also face delays during a government shutdown, experts told CBS News. That’s because homebuyers applying for a federally backed mortgage in high-risk flood areas are required to get flood insurance. A shutdown could hamper the FEMA-administered National Flood Insurance Program, which underwrites more than 4 million flood insurance policies in the U.S.

    “The government shutdown could complicate your closing because it might be harder to just secure flood insurance,” Ostrowski told CBS News.

    FEMA did not respond to a request for comment. 

    According to the White House, the flood insurance program cannot sell new or renewal insurance policies during a government shutdown.”A potential lapse of the NFIP authorization would negatively impact many thousands of Americans who would be left unable to renew/transfer their coverage or to buy the required coverage for their homes,” a White House official said in an email. 

    Mary Cunningham

    Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.

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  • Mortgage and refinance interest rates today, September 28, 2025: Adjustable rates are falling

    Today’s mortgage rates have shifted in different directions, depending on their term. According to Zillow, the 30-year fixed mortgage rate is up slightly to 6.47%, and the 15-year fixed rate has ticked down to 5.66%.

    However, the rate on the 5/1 adjustable-rate mortgage (ARM) has decreased for the third day in a row. It could be a good time to get an ARM because they usually start out with lower rates than what you’ll get with a fixed-rate mortgage. If you plan to sell your house before the intro-rate period ends, you can enjoy lower rates until then. And who knows — by the time your rate changes in a few years, market rates could be lower.

    Dig deeper: The best mortgage lenders for first-time home buyers

    Here are the current mortgage rates, according to the latest Zillow data:

    • 30-year fixed: 6.47%

    • 20-year fixed: 6.10%

    • 15-year fixed: 5.66%

    • 5/1 ARM: 6.66%

    • 7/1 ARM: 6.88%

    • 30-year VA: 5.89%

    • 15-year VA: 5.59%

    • 5/1 VA: 5.32%

    Remember, these are the national averages and rounded to the nearest hundredth.

    Learn more: 8 strategies for getting the lowest mortgage rates

    These are today’s mortgage refinance rates, according to the latest Zillow data:

    • 30-year fixed: 6.55%

    • 20-year fixed: 6.25%

    • 15-year fixed: 5.83%

    • 5/1 ARM: 6.91%

    • 7/1 ARM: 7.54%

    • 30-year VA: 6.16%

    • 15-year VA: 6.05%

    • 5/1 VA: 5.82%

    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.

    Read more: Is now a good time to refinance your mortgage?

    Use the mortgage calculator below to see how various mortgage terms and interest rates will impact your monthly payments.

    Our free mortgage calculator also considers factors like property taxes and homeowners insurance when determining your estimated monthly mortgage payment. This gives you a more realistic idea of your total monthly payment than if you just looked at mortgage principal and interest.

    The average 30-year mortgage rate today is 6.47%. A 30-year term is the most popular type of mortgage because by spreading out your payments over 360 months, your monthly payment is lower than with a shorter-term loan.

    The average 15-year mortgage rate is 5.66% today. When deciding between a 15-year and a 30-year mortgage, consider your short-term versus long-term goals.

    A 15-year mortgage comes with a lower interest rate than a 30-year term. This is great in the long run because you’ll pay off your loan 15 years sooner, and that’s 15 fewer years for interest to accumulate. But the trade-off is that your monthly payment will be higher as you pay off the same amount in half the time.

    Let’s say you get a $300,000 mortgage. With a 30-year term and a 6.47% rate, your monthly payment toward the principal and interest would be about $1,890, and you’d pay $380,504 in interest over the life of your loan — on top of that original $300,000.

    If you get that same $300,000 mortgage with a 15-year term and a 5.66% rate, your monthly payment would jump to $2,477. But you’d only pay $145,823 in interest over the years.

    With a fixed-rate mortgage, your rate is locked in for the entire life of your loan. You will get a new rate if you refinance your mortgage, though.

    An adjustable-rate mortgage keeps your rate the same for a predetermined 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 remaining 23 years of your term.

    Adjustable rates typically start lower than fixed rates, but once the initial rate-lock period ends, it’s possible your rate will go up. Lately, though, some fixed rates have been starting lower than adjustable rates. Talk to your lender about its rates before choosing one or the other.

    Dig deeper: Fixed-rate vs. adjustable-rate mortgages

    Mortgage lenders typically give the lowest mortgage rates to people with higher down payments, great or excellent credit scores, and low debt-to-income ratios. So, if you want a lower rate, try saving more, improving your credit score, or paying down some debt before you start shopping for homes.

    Waiting for rates to drop probably isn’t the best method to get the lowest mortgage rate right now. If you’re ready to buy, focusing on your personal finances is probably the best way to lower your rate.

    To find the best mortgage lender for your situation, apply for mortgage preapproval with three or four companies. Just be sure to apply to all of them within a short time frame — doing so will give you the most accurate comparisons and have less of an impact on your credit score.

    When choosing a lender, don’t just compare interest rates. Look at the mortgage annual percentage rate (APR) — this factors in the interest rate, any discount points, and fees. The APR, which is also expressed as a percentage, reflects the true annual cost of borrowing money. This is probably the most important number to look at when comparing mortgage lenders.

    Learn more: 6 tips for choosing a mortgage lender

    According to Zillow, the national average 30-year mortgage rate for purchasing a home is 6.47%, and the average 15-year mortgage rate is 5.66%. But these are national averages, so the average in your area could be different. Averages are typically higher in expensive parts of the U.S. and lower in less expensive areas.

    The average 30-year fixed mortgage rate is 6.47% right now, according to Zillow. However, you might get an even better rate with an excellent credit score, sizable down payment, and low debt-to-income ratio (DTI).

    Mortgage rates aren’t expected to drop drastically in the near future, though they might inch down here and there.

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  • Ken Griffin has a warning for Trump and the GOP: ‘I would not underestimate how grating a 3% inflation rate could be’ on Americans | Fortune

    For Citadel CEO Ken Griffin, the political implications of still-elevated inflation are not lost on him.

    Inflation has come down a lot from 9% in 2022 to 2.9% in the government’s latest CPI report. Core PCE prices, the Fed’s favorite gauge of inflation, rose 2.9% in August, matching July’s climb. 

    But inflation has been sticky as tariffs take hold, and Griffin predicted inflation will continue to be in the mid-2% to 3% range next year, still above the Fed’s 2% target.

    “The American voters have been exhausted of inflation,” he told CNBC on Thursday.

    In 2024, the high cost of living was a focal point in Trump’s reelection campaign, and Biden-era inflation hurt Democrats. They lost the White House and Congress, while Trump won all seven swing states.

    Many voters blamed Democratic policies—including stimulus spending—for sustained, high costs, exit polls found.

    “There’s no doubt that the president and the Republicans came to power on the back of frustration with inflation,” Griffin said. “I would not underestimate how grating a 3% inflation rate could be to tens of millions of American households.”

    Inflation could feature heavily in midterm elections next year, as the Republican Party looks to defend narrow majorities in the House and Senate. And voters are souring on Trump’s economy.

    A recent Reuters/Ipsos poll showed only 28% of respondents approved of Trump’s handling of their cost of living. A YouGov/Economist poll put Trump’s approval rating on the economy at an all-time low of 35%.

    One indicator of affordability has been a thorn in Trump’s side: high mortgage rates. Yet as Trump looks to the Fed for homeowner relief, many worry about political influence over the independent body.

    Trump has been criticized lately for pressuring the Federal Reserve and threatening its independence. Critics argue that his efforts to appoint loyalists to the Fed, public calls to lower interest rates, and attempts to remove a sitting governor represent a clear move to sway monetary policy for political purposes. 

    Griffin advised that continued Fed independence would be in Trump’s interest.

    “If I were the president, I would let the Fed do their job,” he said. “I would let the Fed have as much perceived and real independence as possible, because the Fed often has to make choices that are pretty painful to make.”

    The Federal Open Market Committee cut interest rates by a fourth of a percent earlier this month to buoy a slowing labor market. The move comes after months of continued pressure from the Trump administration on Fed Chair Jerome Powell and other committee members to cut rates.

    Still, President Donald Trump has been vocal about cutting rates further, even though the move likely will risk further price increases. 

    Griffin warned that erosion of Fed independence could lead to Americans conflating the White House and central bank.

    “If the president’s perceived as being in control of the Fed, then what happens when those painful choices have to be made?”

    Fortune Global Forum returns Oct. 26–27, 2025 in Riyadh. CEOs and global leaders will gather for a dynamic, invitation-only event shaping the future of business. Apply for an invitation.

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  • Bank of Canada cuts interest rates to combat slowing economy – MoneySense

    Governor Tiff Macklem said the risks have shifted since the bank’s last interest rate decision in July. Cracks in the labour market and a sharp drop in exports are threatening growth, he said, while earlier signs of underlying inflation pressure are fading. “With a weaker economy and less upside risk to inflation, governing council judged that a reduction in the policy rate was appropriate to better balance the risks,” he told reporters after the rate decision Wednesday.

    The Bank of Canada signalled it will keep looking over a shorter horizon than usual as it tries to set monetary policy in a constantly shifting environment. Macklem said the bank is ready to adjust its policy rate again if warranted. “We’ve demonstrated today, if the risks tilt, if the risks shift, we’re prepared to take action,” he said. “And if the risks tilt further, we are prepared to take more action. But we’re going to take it one meeting at a time.”

    Macklem forecasts modest growth despite rising unemployment and shrinking economy

    Macklem said some of the stickiness in underlying inflation that was worrying the Bank of Canada earlier this year now appears to be diminishing. The federal government’s decision to drop most retaliatory tariffs against the United States at the start of this month will also take some fuel out of price growth, he said. Counter-tariff impacts were most noticeable in food in recent months, Macklem said, but with the removal of those measures, prices should fall back in affected areas going forward.

    Canada’s jobless rate has meanwhile moved up to 7.1% and the economy shrank in the second quarter as U.S. tariffs took full effect. Macklem reiterated that the central bank does not currently have a recession baked into its outlook, calling instead for modest growth of roughly 1% in the second half of the year. “It’s not going to feel good. It is growth, but it’s slow growth,” he said.

    You’re 2 minutes away from getting the best mortgage rates.

    Answer a few quick questions to get a personalized quote, whether you’re buying, renewing or refinancing.

    RBC economist questions rate cut, citing strong consumer spending

    While the decision to lower the policy rate was widely expected by economists—and came from a consensus of the central bank’s governing council—not all forecasters were in favour of the cut. Nathan Janzen, assistant chief economist at RBC, said Wednesday’s decision was going to be a “close call” but he’s not convinced the economy needed rate-cut stimulus. Consumer spending is holding up and could push inflation higher going forward, he argued.

    Meanwhile, economic weakness is still largely concentrated in trade-exposed sectors—an arena for governments to support, not the central bank. “There’s probably a better policy response than changes in interest rates,” Janzen said.

    Macklem acknowledged that he believes fiscal policy is better suited to handle the sector-specific impacts of U.S. tariffs, while the Bank of Canada’s interest rate can smooth the broader hit from the ensuing shifts in the economy. “Monetary policy can’t undo the effects of tariffs. The most it can do is try to help the economy adjust at a macro level while keeping inflation well controlled,” he said.

    Next rate decision comes ahead of federal fall budget

    The Bank of Canada’s next rate decision will come before the federal government’s long-awaited fall budget, which Finance Minister François-Philippe Champagne announced Tuesday would come on Nov. 4.

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    Macklem largely dismissed reporter questions Wednesday about whether the lack of fiscal clarity was affecting the Bank of Canada’s decisions. He said government spending plans were just one input into the central bank’s forecasts, and monetary policymakers would adjust their models after the budget is tabled.

    Janzen said that while RBC wasn’t calling for a rate cut this month, at 2.5% the policy rate is only slightly below the middle of the central bank’s estimated “neutral range”—where it’s neither boosting nor restricting economic growth. “It’s not aggressively stimulating the economy. It’s still akin to easing your foot off the brakes rather than stepping on the gas from a monetary policy perspective,” he said.

    While there are still a lot of unknowns tied to U.S. tariffs and the global trade disruption, Macklem said “near-term uncertainty may have come down a little.” If the tariff situation with the United States remains steady, he said the central bank will likely return to publishing a single, central forecast for the economy at its next monetary policy decision on Oct. 29.

    Economists expect more rate cuts, but future moves depend on incoming data

    CIBC senior economist Katherine Judge said in a note to clients Wednesday that the economy is “losing resilience” and inflation should remain well contained moving forward. She argued that will set the central bank up for another cut at its October decision.

    Financial markets were placing odds of another quarter-point cut next month at just over 40% as of Wednesday afternoon, according to LSEG Data & Analytics.

    Janzen said it would be rare for a central bank to either cut or hike its policy rate just once, and RBC is now also expecting additional rate cuts to follow. But he cautioned that the Bank of Canada is still “ultra-focused” on near-term indicators, so incoming data on inflation, the labour market and international trade could sway the central bank back to a hold in the coming weeks. Monetary policymakers will be looking at how export activity evolves and whether costs from the trade disruption are passed on to consumers as it gauges where to take the policy rate next.

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  • Federal Reserve Cuts Interest Rates a Quarter Point | Entrepreneur

    The Federal Reserve, which last cut interest rates in December 2024, lowered interest rates .25% on Wednesday.

    Officials implied that there would be two more cuts to follow later this year. The committee meets in two months, on October 28 and 29. “In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook,” the committee wrote in a press release.

    Related: The Labor Market Has Changed From the ‘Great Resignation’ to the ‘Great Stay’ Because ‘Workers Aren’t Going Anywhere’

    EY-Parthenon Chief Economist Gregory Daco told Entrepreneur in a statement that, although inflation is picking back up, “economic activity and employment are simultaneously slowing,” causing the balance to tilt toward more rate cuts. He also predicted that there would be two more rate cuts to follow this year.

    Here’s how the interest rate cut could impact your wallet.

    U.S. Federal Reserve Chair Jerome Powell speaks at a news conference at the Federal Reserve headquarters, following the Federal Open Market Committee (FOMC) meeting in Washington, DC, on September 17, 2025. JIM WATSON/AFP via Getty Images

    Why did the Fed cut rates by a quarter percentage point?

    Economists and industry experts predicted a 94% chance of a quarter percentage point (0.25%) cut, following data released earlier this month that showed that hiring was slowing, and inflation was 2.9% in August, an increase from July’s 2.7% and higher than the Fed’s preferred 2% target.

    The central bank’s rate-setting committee, the Federal Open Market Committee (FOMC), has kept interest rates within the 4.25% to 4.5% range for the past nine months as its members analyzed economic activity. The FOMC decides on rate cuts based on two broad goals: minimizing inflation and maximizing economic activity in the labor market. Wednesday’s rate cut now lowers the range to 4% to 4.25%.

    Related: Here’s What a Federal Rate Cut Means for Small Businesses, According to Analysts

    When is the next Fed meeting, and what is expected?

    The Fed meets eight times a year in regularly scheduled meetings to set U.S. monetary policy. The FOMC sets the target range for the federal funds rate, the interest rate banks use to lend to each other, which influences broader rates that affect consumers, like credit card interest rates.

    The committee meets two more times in 2025: October 28-29 and December 9-10, according to the official calendar.

    Officials indicated two more possible rate cuts this year.

    How does the Fed affect mortgage rates?

    The Federal Reserve’s decision does not directly affect mortgage rates because mortgage rates are tied to 10-year Treasury bonds. So, a lower federal funds rate does not necessarily mean lower mortgage rates, Melissa Cohn, Regional Vice President of William Raveis Mortgage, told Entrepreneur.

    “The Fed cut will not cause mortgage rates to change,” Cohn said in an emailed statement.

    Instead, “how the bond market reacts to the Fed cut will determine the direction of mortgage rates,” and what Powell says during the press conference will “be key to market reactions,” she wrote.

    When faced with market uncertainty, investors buy Treasury bonds, driving mortgage rates down.

    However, the bond market has already recently responded to news of a possible rate cut, with mortgage rates dropping to a three-year low on Tuesday ahead of the Fed meeting. As of Wednesday morning, the average interest rate for a 30-year fixed-rate mortgage was 6.24%, one of its lowest levels since early October of last year.

    Related: Barbara Corcoran Says This Is the Interest Rate Magic Number That Will Make the Market ‘Go Ballistic’

    How does a rate cut affect credit cards?

    Credit card interest rates tend to move in alignment with the federal funds rate, per Bankrate. So the 0.25% cut could have an impact on credit cardholders with a reduction of 0.25% to their interest rates.

    Other market conditions, like inflation and the demand and supply of credit, affect the basis for most credit card interest rates. That’s why interest rates for credit cards as a whole have been increasing, from 15% in 2021 to more than 21% in 2025, despite rate cuts last year.

    Credit card companies are charging higher interest rates than four years ago, per Bankrate.

    Sherin Shibu

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  • HELOC rates today, September 14, 2025: Don’t wait on the Fed for a lower interest rate

    The HELOC interest rate today remains under 9%. However, you don’t have to wait for a Fed rate cut to find a lower home equity line of credit interest rate. Shop lenders offering introductory rates. You may find rates as low as 3.99% to 5.99% that will last for six months to one year.

    Dig deeper: Is it a good idea to get a HELOC? Here are the pros and cons.

    According to Bank of America, the largest HELOC lender in the country, today’s average APR on a 10-year draw HELOC remains 8.72%. That is a variable rate that kicks in after a six-month introductory APR of 6.49% in most U.S. states.

    Homeowners have a huge amount of value tied up in their houses — more than $34 trillion at the end of 2024, according to the Federal Reserve. That’s the third-largest amount of home equity on record.

    With mortgage rates lingering above 6%, homeowners are not likely to let go of their primary mortgage anytime soon, so selling a house may not be an option. Why give up your 5%, 4% — or even 3% mortgage?

    Accessing some of that value with a use-it-as-you-need-it HELOC can be an excellent alternative.

    HELOC interest rates are different from primary mortgage rates. Second mortgage rates are based on an index rate plus a margin. That index is often the prime rate, which today is 7.50%. If a lender added 1% as a margin, the HELOC would have a rate of 8.50%.

    Lenders have flexibility with pricing on a second mortgage product, such as a HELOC or home equity loan, so it pays to shop around. Your rate will depend on your credit score, the amount of debt you carry, and the amount of your credit line compared to the value of your home.

    And average national HELOC rates can include “introductory” rates that may only last for six months or one year. After that, your interest rate will become adjustable, likely beginning at a substantially higher rate.

    You don’t have to give up your low-rate mortgage to access the equity in your home. Keep your primary mortgage and consider a second mortgage, such as a home equity line of credit.

    The best HELOC lenders offer low fees, a fixed-rate option, and generous credit lines. A HELOC allows you to easily use your home equity in any way and in any amount you choose, up to your credit line limit. Pull some out; pay it back. Repeat.

    Meanwhile, you’re paying down your low-interest-rate primary mortgage like the wealth-building machine you are.

    Today, LendingTree is offering a HELOC rate as low as 6.75% for a credit line of $150,000. That’s likely an introductory rate that will convert to a variable rate later. When shopping lenders, be aware of both rates. And as always, compare fees, repayment terms, and the minimum draw amount. The draw is the amount of money a lender requires you to initially take from your equity.

    The power of a HELOC is tapping only what you need and leaving some of your line of credit available for future needs. You don’t pay interest on what you don’t borrow.

    Rates vary so much from one lender to the next that it’s hard to pin down a magic number. You may see rates from nearly 7% to as much as 18%. It really depends on your creditworthiness and how diligent a shopper you are.

    For homeowners with low primary mortgage rates and a chunk of equity in their house, it’s probably one of the best times to get a HELOC. You don’t give up that great mortgage rate, and you can use the cash drawn from your equity for things like home improvements, repairs, and upgrades. Of course, you can use a HELOC for fun things too, like a vacation — if you have the discipline to pay it off promptly. A vacation is likely not worth taking on long-term debt.

    If you take out the full $50,000 from a line of credit on a $400,000 home, your payment may be around $395 per month with a variable interest rate beginning at 8.75%. That’s for a HELOC with a 10-year draw period and a 20-year repayment period. That sounds good, but remember, it winds up being a 30-year loan. HELOCs are best if you borrow and pay back the balance in a much shorter period of time.

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  • New home inventory is at its highest level since just before the housing market collapse that led to the Great Recession, but that doesn’t mean it’s the same market

    The U.S. housing market’s inventory is growing, putting pressure on prices and slowing new construction, according to fresh research from the Bank of America Institute. As of June, existing-home supply reached 4.7 months, the highest level since July 2016. New-home supply surged even further to 9.8 months—its highest point since 2022—highlighting how quickly inventory is building across the housing market.

    The influx of available homes reflects sluggish demand, with builders citing weak buyer urgency, affordability challenges, and lingering job instability. The Institute noted new-home inventory is now at its highest level since 2007, the year before the housing market collapse that led to the Great Financial Crisis.

    ResiClub co-founder Lance Lambert told Fortune that the rising inventory tells us that “homebuyers are gaining leverage” as slack in the housing market is increasing. “The Pandemic Housing Boom saw too much housing demand all at once, home prices overheated too fast in many markets, and underlying fundamentals got too stretched.”

    Lambert characterized the last few years as a “recalibration period” where the housing market is smoothing out that excess. Mounting inventory sucks out appreciation in more markets—and even causes outright corrections in some markets’ home prices. He said he expects the underlying fundamentals to slowly improve as that happens and incomes keep rising. “It takes time.” This period is different from 2007, he said, because that window saw a far greater weakening of the housing market and upswing in resale inventory, along with unsold, completed newbuild homes.

    BofA Research

    One striking shift: The median price of a new home has actually fallen below that of an existing home—a reversal of the usual market dynamic. BofA said this pricing inversion underscores how builders are being forced to discount amid rising supply and softer demand. “Builders are starting to pull back on new home starts in many markets,” Bank of America wrote. While the slowdown is broad-based, conditions vary regionally, with some areas such as the Midwest proving more resilient than others.

    “Since the Pandemic Housing Boom fizzled out in 2022, and the affordability squeeze was fully felt,” Lambert told Fortune, “the national power dynamic has slowly been shifting from sellers to buyers as homes have a harder time selling and active inventory for sale builds.”

    Still, Lambert noted the inventory picture varies significantly across the country. For instance, it remains most limited across notable sections of the Midwest and the Northeast, although still growing, he said. On the other hand, active inventory has neared or surpassed pre-pandemic 2019 levels in many parts of the Sun Belt and Mountain West, and he said that is where homebuyers have gained the most leverage.

    The trend comes as the Federal Reserve has begun trimming interest rates in an effort to support both broader economic growth and housing affordability. Whether those cuts will be enough to reignite demand remains an open question.

    For now, the data signals a market in transition: high inventory, moderating prices, and builders caught between a cautious consumer and the need to manage supply.

    For this story, Fortune used generative AI to help with an initial draft. An editor verified the accuracy of the information before publishing. 

    Introducing the 2025 Fortune Global 500, the definitive ranking of the biggest companies in the world. Explore this year’s list.

    Nick Lichtenberg

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  • More sellers are pulling their homes off the market. Here’s why.

    In a sign of sellers’ frustration with steadily increasing listing times more property owners are opting to pull their homes off the market rather than lower the asking price. 

    That’s according to the July 2025 monthly housing report from Realtor.com, which shows that delistings, or homes removed from the market without having been sold, were up 38% in June, since the start of the year, and 48% from a year ago. 

    “Fewer and fewer sellers are deciding to enter the market, and increasingly more are deciding to jump out” Jake Krimmel, senior economist at Realtor.com told CBS MoneyWatch. 

    Delistings for June appear in the July report as a one-month lag for delisting data is needed to determine that a delisted home is truly delisted and hasn’t been sold, Realtor.com notes. 

    Signs of deadlock

    Unable to find buyers willing to pay the original listing price, a growing number of sellers are pulling their homes off the market, rather than compromise on the amount, according the real estate listings website. 

    One indicator that more sellers exiting the housing market is the ratio between the number of delistings and listings. For every 100 new homes listed nationally in June, 21 homes were taken off the market, the report found. That’s up from 13 delisted homes per 100 new listings in May. 

    The consequence? A rise in delistings could push buyers and sellers further apart, creating a deadlock in the housing market, according to Krimmel.

    “The thing that’s going to prevent buyers and sellers from getting closer together is if all the sellers who maybe could or should be lowering their prices to meet the demand where it is, are instead taking their homes off the market altogether,” he said. “So it’s kind of like keeping us in this holding pattern.” 

    The trend comes as the supply of homes for sale begins to grow in certain U.S. regions, causing prices in those areas to drop. The number of homes for sale in July rose 24.8% year over year, according to the report, a post-pandemic high. 

    Despite the rise in housing inventory, sales remain relatively stagnant, with steep prices and stubbornly high mortgage rates continuing to deter many would-be homebuyers, experts told CBS MoneyWatch. That jibes with data from the Realtor.com report which shows that pending home sales, or listings under contract, fell 3% in July compared with last year, nearly double the 1.6% year-over-year drop in June. 

    Homeowners in no hurry to sell

    When sellers are in a pinch, they typically opt to lower the price of their home so they can offload it quicker. However, those who are not up against the same type of time constraints may be willing to wait it out longer — especially if they’re benefiting from a favorable mortgage rate.

    “Maybe you’re locked into payments that are relatively affordable for you,” said Krimmel. “You would prefer to sell, but not at a price that you’re not comfortable with.”

    Another factor experts say is playing into the delisting trend the surge in housing prices during the COVID-19 pandemic, when the housing market was red hot. As newly remote workers flocked to previously untapped locations like Austin, Texas, home prices rose at record levels, giving sellers a chance to cash in. While the market has since cooled substantially, seller’s pricing expectations have been slower to catch up, experts say. 

    “Maybe we’ve gotten a bit spoiled by very high home prices over the last many years and but we are seeing some softness in the market right now,” Nancy Vanden Houten, lead U.S. economist at Oxford Economics, told CBS MoneyWatch.

    That may not be true in all markets, however. Miami is one of the places where sellers have been most unwilling to budge on price. According to Realtor.com’s analysis of June delisting data, 59 homes were delisted for ever 100 new homes listed in the southern Florida city— the highest ratio among the cities Realtor.com tracked. Meanwhile, less than 18% of listed homes in Miami came with a price reduction in July, according to Realtor.com. 

    “If sellers are choosing to take properties off the market rather than lower prices, it may signal renewed confidence in Miami’s future, and a growing belief that this is a market worth holding for the long haul,” Ana Bozovic, a Miami-based real estate agent and founder of Analytics Miami, told Realtor.com.

    Mary Cunningham

    Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.

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  • How some Nevada voters see the affordable housing crisis

    How some Nevada voters see the affordable housing crisis

    Las Vegas — For nearly a year now, 32-year-old renter Mason Cunha and his realtor have been struggling to find the right home in Las Vegas at the right price.

    What’s keeping Cunha from purchasing a home?

    “It just doesn’t really make sense right now to buy a home with the interest rates where they are, and with the inventory what it is,” Cunha said.

    Vice President Kamala Harris has said that if she wins the general election in November, she plans to work with the private sector to build three million new homes and rental units.

    Cunha, a Harris supporter, is in favor of the proposal.

    “I think it’s going to definitely help, if you were to double or triple or quadruple the inventory,” Cunha said.

    Harris is also proposing outlawing price fixing by corporate landlords and giving first-time homebuyers who have paid their rent on time for two years with up to $25,000 in down payment assistance.

    “I would want to review what the qualifications are for that,” said 32-year-old Andrew Lum of Las Vegas, a wedding DJ and married father. “Where is that $25,000 coming from?”

    Lum sold his home when his family expanded. He now rents a bigger house but he can’t afford to buy. Lum says his life was better when former President Donald Trump was in office.

    “In 2020 we were able to buy a home,” Lum said. “We were able to buy it at an interest rate that was possible. We were able to buy it with, you know, minimal down payments.”

    Trump’s plan involves reducing mortgage rates by slashing inflation. Trump has also said he would open limited portions of federal lands to allow for new home construction, a plan the Biden administration is already enacting. As an example, one such 20-acre plot in Las Vegas was recently transferred from the federal government to Clark County, and now it has been designated for affordable housing.

    According to the Congressional Research Service, 80.1% of the land in Nevada is owned by the federal government.

    Trump has also said that that his promised mass deportations will make more housing available. It is an argument that both Lum and Cunha don’t seem to agree with.

    “It just seems a little farfetched to me that all the houses are being purchased by immigrants,” Lum said.
     
    “I think everything that Trump says has to be taken with a really aggressive grain of salt because he is known to inflate the truth,” Cunha said.  

    Carter Evans


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    Carter Evans has served as a Los Angeles-based correspondent for CBS News since February 2013, reporting across all of the network’s platforms. He joined CBS News with nearly 20 years of journalism experience, covering major national and international stories.

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  • Housing market is very confusing for the consumer, says HousingWire’s Logan Mohtashami

    Housing market is very confusing for the consumer, says HousingWire’s Logan Mohtashami

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    Logan Mohtashami, HousingWire analyst, joins ‘Squawk on the Street’ to discuss what the rise in mortgage rates mean for the consumer, what recent rate moves mean for housing activity, and much more.

    03:22

    Fri, Oct 18 202411:18 AM EDT

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