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[Fox Business] Mortgage rates dropped this week, but mortgage applications also declined
Mortgage rates continued their slight decline this week, Freddie Mac reported. For 30-year fixed-rate mortgages, the average interest rate is 6.79%, down from last week’s average of 6.87%.
Last year at this time, mortgage rates for 30-year mortgages averaged closer to the bottom of the 6% range at 6.35%.
“Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers,” Sam Khater, Freddie Mac’s Chief Economist, said.
“We also are seeing encouraging data on existing home sales, which reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.”
For 15-year mortgages, rates have also dropped since last week and now average 6.11% for fixed-rate mortgages. This is higher than last year’s average of 5.56%.
If you’re looking to purchase a home in today’s market, you can explore your mortgage options by visiting Credible where you can compare rates and lenders with a click of a button.
BIDEN WANTS TO GIVE HOMEBUYERS $400 PER MONTH: STATE OF THE UNION
While rates are dropping, buyers aren’t yet fully committed to buying. Mortgage applications decreased 0.7% from a week earlier, according to the Mortgage Bankers Association’s (MBA) weekly survey.
Compared to a year ago, MBA’s unadjusted Purchase Index was 16% lower, signaling a struggle to keep buyers in the market.
“Mortgage application activity was muted last week despite slightly lower mortgage rates. The 30-year fixed rate edged lower…but that was not enough to stimulate borrower demand,” Joel Kan, the MBA’s vice president and deputy chief economist, said.
“Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market.”
Earlier in the year, it was predicted that rates would finally drop below 6%, which is now unlikely at this point.
“Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually… Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances,” Kan said.
Looking to get a mortgage? Credible can help you compare multiple mortgage lenders at once.
HOMEBUYERS GAINED THOUSANDS OF DOLLARS AS MORTGAGE INTEREST RATES FALL: REDFIN
It’s officially become cheaper to rent than to buy in many of the country’s major metro areas. A recent report from Realtor.com revealed that a starter home is more affordable than buying one in the 50 largest metros.
In February 2024, the average monthly cost of buying a starter home was $1,027, which is 60.1% higher than the average cost of renting.
Although the rental market appears hot, the U.S. median rent declined year-over-year, according to Realtor.com. For studio to two-bedroom units, rent declined 0.4% within the top 50 metros. This is the seventh month in a row that rent has declined.
One of the top markets where it’s more affordable to rent is in Austin, Texas. The cost of buying a home in Austin averaged $3,695 per month, 141.5% more than the average monthly rent. Renting in Austin costs $1,530 per month, on average.
Seattle is another area where buying is more expensive than renting. The average cost to buy is $4,422 while the average renter pays $2,000 per month.
If you think you’re ready to shop around for a home loan, consider using Credible to help you easily compare interest rates from multiple lenders and get a pre-approval letter in minutes.
HIGH HOMEOWNERS INSURANCE RATES SCARING AWAY FLORIDA HOMEBUYERS, OTHER STATES FACE THE SAME ISSUE
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
[Fox Business] Alleged Tennessee shoplifter sues Walgreens after employee shoots her 7 times
A Tennessee woman is suing Walgreens after an employee of the retail giant suspected her of shoplifting and shot her seven times in the store parking lot, leaving her in critical condition.
Last April, the East Nashville Walgreens employee, Mitarius Boyd, suspected a seven-months pregnant Travonsha Ferguson or her friend “was attempting to shoplift Walgreens merchandise from the store,” according to court paperwork filed Wednesday and obtained by FOX Business.
According to the Metropolitan Nashville Police Department, Boyd had been notified by another employee that two women were stealing items from the store located at 2500 Gallatin Avenue.
Boyd said he saw the women placing items into a store cart and into a large over-the-shoulder bag and began recording the women with his cell phone. He proceeded to follow them as they left the store without paying, according to police.
Boyd told police that he made his way over to the women as they put the items in their trunk.
Ferguson claimed in the lawsuit that Boyd “never identified himself as an employee, and aggressively confronted” them about the alleged merchandise “while cursing and screaming.”
Ferguson claimed in the suit that she sprayed Boyd with mace “in fear of imminent bodily harm to baby Ferguson and herself,” the court documents stated.
BUSINESSES TAKE DRASTIC ACTION TO PROTECT AGAINST RAMPANT SHOPLIFTING, ORGANIZED CRIME THEFTS
Boyd then shot Ferguson “up to seven times, which resulted in serious bodily harm” to her and her baby, the documents stated.
Boyd admitted to police that he pulled out his semi-automatic pistol and began shooting. He also said that he didn’t know if they were armed, according to the police report.
After the women fled the scene, Boyd went back into the store and called 911.
Meanwhile, Ferguson was rushed to the hospital where she was in “critical but stable condition” and underwent an emergency C-Section, according to police.
She “sustained internal and/or intestinal injuries and, as a medical necessity, must now wear a colostomy bag to survive,” according to the suit.
Her baby “fought for his life for weeks in the neonatal intensive care unit” and “is at an increased risk of long-term intellectual and developmental disabilities,” the suit continued.
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Ferguson’s lawyer, L. Chris Stewart, told FOX Business in a statement that she now has “long-term health issues that she is forced to deal with every day.”
Additionally, Stewart argued that her baby, which was delivered prematurely, “suffered a life-altering heart defect that will also require ongoing care.”
Police said Boyd cooperated with detectives, his gun was seized, and he handed over his cell phone as evidence. Boyd was fired as a result of the which violated Walgreens policies, according to court documents.
“We intend to hold Walgreens accountable for the egregious actions of their employee who was a team leader at that location,” Stewart said. “Following someone to the parking lot and shooting them seven times for allegedly shoplifting is outrageous conduct that cannot be tolerated by corporations around the country.”
Walgreens declined comment due to pending litigation.