{"id":44807,"date":"2016-02-11T09:54:37","date_gmt":"2016-02-11T17:54:37","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=44807"},"modified":"2020-10-06T17:08:20","modified_gmt":"2020-10-07T00:08:20","slug":"mortgage-rates-theyre-down-again-but-heres-the-bad-news","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/mortgage-rates-theyre-down-again-but-heres-the-bad-news\/","title":{"rendered":"Mortgage Rates: They\u2019re Down Again, but Here\u2019s the Bad News"},"content":{"rendered":"

The swooning stock market helped push mortgage rates down again this week, with the cost of a 30-year, fixed-rate home loan falling to 3.65 percent from 3.72 percent.
\nRates on home loans are at their lowest since last April, according to Freddie Mac<\/a>, and chances are good they\u2019ll fall again before we get out of this mess<\/a>.<\/span><\/p>\n

<\/figure>\n
<\/figure>\n
\n
\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>
\n<\/figure>\n

What’s the bad news?<\/span><\/h3>\n

Rates are falling because investors are looking for safe havens as global stock markets and oil prices<\/a> nosedive. Money is pouring into Treasury bonds and other safe investments, which helps drive down mortgage rates.<\/span>
\n<\/span>
\nWhile cheap borrowing is great for homeowners, it\u2019s crushing banks, which have to work a lot harder to turn a profit. In addition to low rates, lenders are coping with an avalanche of costly new regulation imposed after the financial collapse. Most banks reported unimpressive earnings for the end of 2015 and their stocks are some of the <\/span>biggest losers<\/span><\/a> this week.<\/span>
\nIn the big picture, that stress on financial companies makes mortgages harder to get, even for people with decent credit, because banks have become overly cautious. And it could pose risks to the broader U.S. economy, Federal Reserve Chair Janet Yellen told Congress this week.<\/p>\n

Should I be worried?<\/h3>\n

Not yet. A lot of pundits are throwing around the R word (as in recession). But the U.S. economy, while slow, is still growing and showing signs of strength. People are getting raises and buying cars and houses. Employers have been growing payrolls for <\/span>70 months<\/span><\/a>, a record run of gains, and more workers are quitting<\/a> their jobs to trade up.<\/span>
\n\u201cWe\u2019re not forecasting a recession,\u201d JPMorgan Chase & Co. CEO Jamie Dimon <\/span>told investors<\/span><\/a> last month. \u201cWe think that the U.S. economy looks pretty good at this point.\u201d<\/span>
\nThe odds of a Fed rate hike next month are <\/span>slim<\/span><\/a> and mortgage rates will stay low for a while. Speaking to the <\/span>Senate Banking Committee<\/span><\/a> today, Yellen was asked about the housing market and gave it good marks.<\/span>
\n<\/span>
\n<\/span>\u201cWe\u2019re seeing a recovery in housing,\u201d she said. \u201cIt\u2019s very, very gradual. House prices are recovering. They\u2019ve increased quite a bit and I think that\u2019s helping the financial situation of many households.\u201d<\/span>
\n<\/span><\/p>\n

\n
\"mortgage
Source: Freddie Mac<\/figcaption><\/figure>
\n<\/figure>\n

That growth should continue, she said.<\/span>
\n\u201cIt seems to me there\u2019s quite a significant way for housing to go before we say it\u2019s at levels consistent with demographic trends,\u201d Yellen said. \u201cI think it will continue to improve.\u201d<\/span>
\n<\/span>
\n<\/span>Translation: Our population is growing and millennials are moving out of basements. We all need a place to live. Homebuilders eventually will step up<\/a> to meet that demand. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Rates on home loans are at their lowest since last April and chances are good they\u2019ll fall again before we get out of this mess.<\/p>\n","protected":false},"author":13355,"featured_media":44808,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74,19],"coauthors":[],"class_list":["post-44807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips","tag-politics"],"acf":[],"yoast_head":"\nMortgage Rates: They\u2019re Down Again, but Here\u2019s the Bad News - 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/44807","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=44807"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/44807\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/44808"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=44807"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=44807"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=44807"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=44807"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}