Mortgage rates broke out of their recent holding pattern, rising sharply last week and triggering a noticeable slowdown in application volume. Total mortgage applications fell 5.1%, per the Mortgage Bankers Association’s latest seasonally adjusted data. The average 30-year fixed mortgage rate for loans under $806,500 climbed to 6.92%, up from 6.86% the week prior. Borrowers […]
One of the greatest challenges facing home buyers in recent years is that there simply haven’t been enough properties available on the market. Low inventory drives competition and increases home prices, which pinches buyers already strained by high mortgage rates. The welcome news is that home inventory is showing signs of a rebound. Housing Wire […]
About four in five people in the United States believe owning a home is a benchmark of achieving the “American dream,” according to Bankrate’s recent Home Affordability report. But is it the right move in a difficult housing market? The median price of a home in the U.S. is about $420,000. Rates for a 30-year […]
Entering 2024, many prospective home buyers were optimistic about the possibility of mortgage rates declining enough for them to broaden their options when house shopping. But entering the typically busy spring market, the Federal Reserve still hasn’t moved to slash the benchmark interest rate that tends to pull down mortgage rates with it. There’s still […]
The total value of the U.S. housing market climbed 5.3% last year to $47.5 trillion, rising by $2.4 trillion amid an ongoing shortage of homes, according to new data. Redfin reported that a major factor in the nation’s increasing home values is the reluctance of homeowners to list their properties for sale. The so-called “lock […]
The end of 2023 has brought the first hints of a softening of the housing market that could awaken buyer demand and entice more home owners to list their properties for sale. The average rate for the 30-year fixed mortgage fell again this week to 6.61%, now down more than a full point from 7.79% […]
People interested in buying homes in the U.S. continue to see affordability erode in a market that has made ownership prohibitively expensive for the average American. The median U.S. home price stood at $420,000 in November, down a bit from $425,0000 in October but up about 1% from last November. The real challenge for buyers […]
The home affordability challenges facing a generation of Millennials are reminiscent of certain circumstances their Baby Boomer parents encountered in the 1980’s, according to some economists observing the current market. With 30-year fixed mortgage rates up around 8% and home prices kept high by tight supply, sales activity has hit a wall during the second […]
The total value of the U.S. housing market has grown by an astonishing 49% since before the COVID-19 pandemic. This has been led by a surge in new home construction alongside already tight home supply and increased competition that has increased the value of the average U.S. home. But not all of this growth in […]
For many aspiring home buyers, 2023 has been a game of wait-and-see. Soaring home prices, high interest rates and extremely tight home supply have made the search for homes both ultra-competitive and financially prohibitive in large parts of the U.S. The theme of the year has been the Federal Reserve’s aggressive activity to bring down […]
