Mortgage rates in U.S. fall again, hit 6.09%
Mortgage rates in
Mortgage rates in the
The average for a 30-year, fixed loan was 6.09%, down from 6.13% last week,
Mortgage costs have come down almost a full percentage point from their recent high, giving hope to some would-be homebuyers looking for a way into a deal. The bidding wars that marked the pandemic housing rally have cooled, and prices are expected to moderate further in the coming months. Still, with listings in short supply, affordability hurdles remain.
The decline in rates, after peaking in November at 7.08%, “can allow as many as 3 million more mortgage-ready consumers to qualify and afford a
The
The bankers group sees mortgage rates falling modestly in 2023, ending the year around 5%.
Markets pile on more big gains as tech stocks rise
Wall Street’s bang to start the year got even bigger Thursday, as tech stocks and a surge for Facebook’s parent company led the market higher.
The S&P 500 rallied 1.5% a day after hitting its best level since August. The Nasdaq composite soared 3.3%, while the Dow Jones Industrial Average lagged because it has less of an emphasis on tech. It slipped 39 points, or 0.1%.
Meta helped lead the way with a 23.3% leap after it reported better revenue for the latest quarter than analysts expected and said it expects to spend less this year than earlier forecast. While its latest profit fell short of expectations, Facebook’s parent also announced a program to buy back
Stocks had already been on the upswing through the start of the year on hopes that the
On
Each tumbled back in afterhours trading, though, after releasing results seen as disappointing by investors. Because these stocks are among the biggest by value, their movements carry more sway on the S&P 500 and other indexes.
Big tech companies have announced high-profile layoffs recently, but a report on Thursday suggested job cuts are not that widespread. Fewer workers applied for unemployment benefits last week than expected, and the number dropped to its lowest level since April.
Compiled from
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