Mortgage rates are holding mostly steady for yet another week. According to Zillow, the average 30-year fixed rate is up one basis point to 6.09%. The 15-year fixed home loan rate is down six basis points to 5.52%. The stability of mortgage rates over the past several weeks is welcomed by borrowers looking to lock in a rate. Today's mortgage rates Here are the current mortgage rates, according to the latest Zillow data: 30-year fixed: 6.09% 20-year fixed: 6.01% 15-year fixed: 5.52% 5/1 ARM: 6.19% ...

Core Viewpoint - AMREP Corporation (AXR) has experienced significant declines in both net income and revenue for the second quarter of fiscal 2026, primarily due to a sharp drop in land sale revenues, while home sale revenues showed improvement [2][4][8]. Financial Performance - For Q2 fiscal 2026, AMREP reported a net income of $1.2 million, or $0.22 per diluted share, a 70.3% decrease from $4 million, or $0.75 per diluted share, in the same quarter last year [2]. - Revenue for the quarter fell 21.1% year over year to $9.4 million from $11.9 million [2]. - For the first six months of fiscal 2026, net income totaled $5.9 million, or $1.09 per diluted share, down 27.3% from $8.1 million, or $1.51 per diluted share, in the prior-year period, while revenue declined 12.1% to $27.3 million from $30.9 million [3]. Segment Performance - Land sale revenues plummeted 85.9% in Q2 and 45.3% for the six-month period, attributed to fewer land transactions [4]. - Home sale revenues increased by 44.8% in Q2 and 20.7% for the six months, driven by a higher number of homes sold [4]. - Other revenues, including landscaping and rental-related income, rose 18.6% in Q2 and 11.6% for the six-month period [4]. Profitability Metrics - Land sale gross margins improved to 80% in Q2 and 70% for the six-month period, compared to 60% and 52% respectively a year earlier [5]. - Home sale gross margins also improved to 25% from 20% in both comparable periods, despite higher input costs [5]. - Operating income declined 64.4% to $1.1 million in Q2 from $3.1 million a year earlier, reflecting lower land sale activity and higher cost pressures [6]. Management Insights - Management cited ongoing challenges such as municipal entitlement delays and infrastructure issues affecting land development and homebuilding activities [7]. - The company has adjusted its operating strategy by offering sales incentives, reducing certain home prices, slowing housing starts, and leasing completed homes to address demand softness [7]. Market Influences - The decline in earnings was mainly due to a significant reduction in land sale revenues, while homebuilding activity improved but faced pressure from higher construction costs [8]. - Interest income, although a positive contributor, declined 20.3% on a quarterly basis [8]. Future Outlook - AMREP did not provide formal earnings or revenue guidance but indicated that revenues and margins may continue to fluctuate due to market uncertainty and affordability constraints [9]. - The company expects reduced land sale revenues in fiscal 2026 compared to fiscal 2025, given a scaled-back development pipeline [9]. Strategic Developments - AMREP amended its revolving line of credit, extending the maturity to August 2028 and increasing the borrowing capacity to $6.5 million [10]. - The company expanded its portfolio of leased homes, ending the quarter with 28 homes rented to residential tenants, up from 21 at the end of the prior fiscal year [10].

Core Insights - Mortgage rates have stabilized since mid-October, with the average 30-year rate at 6.08% and the 15-year rate at 5.58% [1][15] - The current mortgage refinance rates are generally higher than purchase rates, with the 30-year refinance rate at 6.12% [6][15] Mortgage Rates Overview - Current national average mortgage rates include: - 30-year fixed: 6.08% - 20-year fixed: 5.98% - 15-year fixed: 5.58% - 5/1 ARM: 6.28% - 7/1 ARM: 6.22% - 30-year VA: 5.63% - 15-year VA: 5.16% - 5/1 VA: 5.45% [5] Refinance Rates - Current national average refinance rates include: - 30-year fixed: 6.12% - 20-year fixed: 6.05% - 15-year fixed: 5.57% - 5/1 ARM: 6.26% - 7/1 ARM: 6.41% - 30-year VA: 5.74% - 15-year VA: 5.39% - 5/1 VA: 5.44% [6] Long-term Rate Predictions - Economists do not expect significant drops in mortgage rates before the end of 2026, with the MBA forecasting a 30-year mortgage rate near 6.4% through 2026 [14][16] - Fannie Mae predicts a slight decrease to 5.9% in Q4 2026, while the MBA expects rates to average 6.3% in 2027 [16][18] Comparison of Mortgage Types - A 30-year mortgage at 6.08% results in a monthly payment of approximately $2,419, leading to $470,773 in interest over the term [9] - A 15-year mortgage at 5.58% has a higher monthly payment of about $3,285 but results in significantly lower total interest of $191,361 [9] Fixed vs. Adjustable Rates - Fixed-rate mortgages lock in the interest rate from the start, while adjustable-rate mortgages (ARMs) have a fixed rate for an initial period before adjusting based on market conditions [11][12] - ARMs may start with lower rates but carry the risk of increases after the initial period [13]

Joining us this morning with a reaction is Zelman, executive vice president Ivy Zelman. Talk about some housing for 26. Ivy, it's good to see you again.Thanks for being with us. >> Thank you. >> Thanks for having me.>> How would you characterize the backdrop right now. >> Very challenging. I think that the first-time buyer is really struggling and builders while rates have come down some, that might be giving them some optimism for the spring selling season.I'd say it's really tough out there. Um, we've bee ...

Core Insights - Mortgage rates are stable, with the 30-year fixed rate at 6.13% and the 15-year fixed rate at 5.53% despite a recent interest rate cut by the Federal Reserve [1][17][19] Current Mortgage Rates - The national average for the 30-year fixed mortgage rate is 6.13% [1][17] - The 15-year fixed mortgage rate stands at 5.53% [1][17] - Adjustable-rate mortgages (ARMs) such as the 5/1 ARM are currently at 6.24% [1][17] Refinance Rates - Refinance rates are generally higher than purchase rates, with the current 30-year fixed refinance rate at 6.13% and the 15-year fixed refinance rate at 5.53% [4][3] Monthly Payments - For a $300,000 mortgage at a 30-year term with a 6.13% rate, the monthly payment would be approximately $1,824, resulting in $356,569 in interest over the loan's life [7] - A $300,000 mortgage at a 15-year term with a 5.53% rate would have a monthly payment of $2,456, with total interest paid amounting to $142,085 [9] Adjustable-Rate Mortgages - ARMs, such as the 5/1 ARM, have lower initial rates but can increase after the introductory period [10][11] - Current ARM rates are sometimes comparable to fixed rates, necessitating careful comparison when selecting a mortgage type [12] Factors Influencing Mortgage Rates - Lenders typically offer lower rates to borrowers with higher down payments, excellent credit scores, and low debt-to-income ratios [13] - Options for reducing interest rates include paying for discount points at closing or utilizing temporary buydowns [14][15] Future Rate Predictions - The Mortgage Bankers Association (MBA) forecasts the 30-year mortgage rate to remain around 6.4% through 2026, while Fannie Mae predicts rates above 6% into next year, potentially dropping to 5.9% by Q4 2026 [19]

Let's talk about all of it now with John Lavalo. He's home builders and building product analysts at UBS. Appreciate you being here, John.And a much different and much harder story for the builders than a few years ago when they were trading. Let's not forget at like four times earnings. So, what happens now.Did the changing shifting dynamics in the market to a buyer market help them on the margin at all or they just is it just going to be tough into next year. >> No, look, actually, we think 2026 is going ...

Core Viewpoint - The Federal Reserve's recent interest rate cut does not directly lead to a decrease in mortgage rates, which are more closely aligned with the long-term 10-year Treasury yield rather than the federal funds rate [1]. Group 1: Federal Reserve Actions - The Federal Reserve's third consecutive rate cut in 2025 has lowered the target range for the federal funds rate to 3.5%-3.75%, primarily due to a weakening jobs market [2]. - The Fed has indicated that further rate cuts are on hold, projecting only one quarter-percentage-point cut in 2026 as it aims to control inflation and maximize employment [2]. Group 2: Mortgage Rate Trends - Following the Fed's rate cut, the national average for a 30-year fixed mortgage rate decreased to 6.3% on Wednesday, down from 6.35% on Tuesday, and further fell to 6.26% on Thursday [3]. - Despite the Fed's rate cuts, current mortgage rates have increased from 6.13% in late October [3]. Group 3: Economic Context - The Trump administration's trade war and tariffs are expected to slow economic growth and maintain elevated inflation levels, with tariffs resulting in an average tax increase of $1,100 per household in 2025 and $1,400 in 2026 [5]. - Experts caution that lowering the federal funds rate could lead to negative economic consequences, such as higher unemployment and job losses, which may deter consumers from committing to large financial decisions like mortgages [6]. Group 4: Factors Influencing Mortgage Rates - Mortgage rates are influenced by various economic factors, including the jobs market, inflation, geopolitical events, lender capacity, and borrower demand, rather than solely by the Fed's control over short-term interest rates [7].

Core Insights - The Federal Reserve's recent interest rate cut has led to a muted reaction in mortgage rates, with the average 30-year fixed mortgage rate remaining flat at 6.43% and slightly dipping to 6.39% [2][10] - The current mortgage rates are near their lowest levels since October 2024, having recently hit a 14-month low of 6.34% [3][10] - Mortgage rates do not always move in tandem with the Fed's actions, as they are influenced by a broader set of factors including inflation expectations, housing demand, and the overall economic outlook [5][10] Mortgage Rate Dynamics - The bond market, particularly the 10-year Treasury yield, is the primary driver of 30-year mortgage rates, which can lead to independent movements from the Fed's rate changes [6][7] - Historical examples show that mortgage rates can rise even when the Fed cuts rates, as seen in late 2024 when rates surged despite a full percentage point cut by the Fed [7][10] Implications for Homebuyers and Homeowners - Homebuyers are advised to proceed with purchases when financially ready, as timing the mortgage market is nearly impossible and waiting for ideal conditions may result in missed opportunities [11][12] - The outlook for mortgage rates suggests stability, with projections indicating rates will hover in the low-6% range through 2026, reducing the likelihood of significant declines [12] - Existing homeowners considering refinancing should evaluate whether the new rate sufficiently offsets refinancing costs, particularly if their current mortgage rates are in the high-7% or 8% range [13][14]

Mortgage rates increased slightly, adding to cost pressures for buyers https://t.co/0ibi5IgSPD ...

Core Insights - The average 30-year fixed-rate mortgage (FRM) is currently at 6.22%, which is lower than the year-to-date average of 6.62%, indicating a potential stabilization in the housing market [1][4] - The 15-year FRM has also increased to 5.54%, up from 5.44% the previous week, while a year ago it was at 5.84% [4] Summary by Category Mortgage Rates - The 30-year FRM averaged 6.22% as of December 11, 2025, an increase from 6.19% the previous week and down from 6.60% a year ago [4] - The 15-year FRM averaged 5.54%, up from 5.44% last week and down from 5.84% a year ago [4] Freddie Mac's Role - Freddie Mac's mission is to enhance liquidity, stability, and affordability in the housing market, helping millions of families since 1970 [3]