Mortgage rates fell sharply after negative GDP report and Fed’s latest hike

Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower. The average rate on the popular 30-year fixed mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Mortgage News Daily. The rate fell even further Friday … Read more

5 markets where home sales are cooling fastest

Stockton, California DenisTangneyJr | iStock | Getty Images After the frenzy of bidding wars, the US housing market is starting to cool, particularly along the West Coast, as mortgage interest rates rise. That’s forcing some sellers to adjust. “Sellers have to be more realistic,” said Bill Kowalczuk, a real estate broker at Coldwell Banker Warburg. … Read more

Real estate firms Compass and Redfin announce layoffs as the housing market slows

Real estate firms Redfin and Compass are laying off workers, as mortgage rates rise sharply and home sales drop. In filings with the Securities and Exchange Commission, Compass announced a 10% cut to its workforce, and Redfin announced an 8% cut. Shares of both companies fell on Tuesday. Redfin’s stock touched a new 52-week low. … Read more