The financial market upheaval of the last several days may soon offer a silver lining to millions of U.S. households: Mortgage rates look set to fall further...
NEW YORK - The financial market upheaval of the last several days may soon offer a silver lining to millions of U.S. households: Mortgage rates look set to fall further, offering an opening for those eager to get a toehold in an expensive housing market and an opportunity for others who borrowed at high rates to refinance.
While more than 4 million mortgages feature interest rates of 6.5% or higher, according to Intercontinental Exchange's ICE Mortgage Monitor, a majority of outstanding loans sport rates below that, leaving some distance still for rates to fall before it becomes advantageous to foot the cost of refinancing in order to lock in a lower rate.
Amid poor home affordability - between rising mortgage costs and home prices lifted to record highs by a constrained supply of houses for sale - applications for loans to buy a home sank to the lowest in 30 years last October and remain near those levels today, according to data from the Mortgage Bankers Association.
While refinancing applications remain low by historical measures, they did recently creep up to a two-year high and MBA's weekly data show they now account for nearly 40% of overall application volumes, up from around 30% just a few months ago and around the highest of the Fed's tightening cycle. The filmmaker and musician has revealed that he has been diagnosed with emphysema and is unable to leave his home for fear of becoming ill. Lynch, 78, told Sight & Sound magazine in a recent interview, "I've gotten emphysema from smoking for so long and so I'm homebound whether I like it or not. It would be very bad for me to get sick, even with a cold.
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