Mortgage rates keep falling after Powell tries to deflate expectations for the spring rate, as 3 new reports released this week suggest the economy is, in fact, losing steam Mortgage rates continue to retreat from 2023 highs, but homebuyer demand for purchase loans remained flat last week, as for-sale inventories are still tight in many markets and prices remain out of reach of some would-be buyers.Demand for purchase mortgages was down 0.3 perce
Local housing markets sing when the “Anti-Hero” crooner comes to town, a new study finds.There’s no bad blood between Taylor Swift and real estate. Her sold-out stadium concerts are proving to be good karma for local housing markets.Architectural Digest explores in a new study(link is external) the possible housing impact of Taylor Swift’s record-breaking Eras Tour, which has grossed $1 billion to date. And look at what you made
Borrowing costs have dropped for the fifth-straight week and are expected to go lower through the end of the year.Falling mortgage rates are bringing holiday cheer to home buyers. The 30-year fixed-rate mortgage, which has been backing away from its near-8% high in October, dropped to 7.22% this week, marking the fifth consecutive week of declines, Freddie Mac reports.“Market sentiment has significantly shifted over the last month, leading to a
Inflation as measured by personal spending increased in line with expectations in October, possibly giving the Federal Reserve more incentive to hold rates steady and perhaps start cutting in 2024, according to a data release Thursday.The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Both numbers aligned with the D
A turnaround may be insight as mortgage rates retreat from their peak—but another issue is coming into focus for home buyers.As mortgage rates rose to their highest averages in October—nearing 8%—many home buyers backed away from the housing market. As a result, contract signings for existing homes dipped to their lowest number in more than 20 years, the National Association of REALTORS® reported Thursday.NAR’s Pending Home Sales&nb
In line with rising home prices, federally-backed loans will adjust for borrowers in the new year.Conforming loan limits are rising in the new year to keep up with escalating home prices, both the Federal Housing Administration and Federal Housing Finance Agency announced Tuesday.The new conforming loan limit set by the FHFA for 2024 is $766,550 (a hike of $40,350 compared to 2023’s baseline amount of $726,200). FHFA is the regulator of Fannie
Higher mortgage rates appear to be doing very little to cool home prices.Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. This occurred as the average rate on the 30-year fixed mortgage climbed toward 8%.Of the 20 metropolitan markets highlighted in the report, Detroit saw the biggest annual increase
Requests for purchase loans were up 4% last week compared to the week before, but down 20% from the same time a year ago, Mortgage Bankers Association's weekly survey of lenders finds Applications for purchase mortgages surged last week as mortgage rates hit their lowest levels in two months, with rates continuing to trend down this week as bond market investors digest data that shows inflation cooling.Requests for purchase loans were up by a sea
Consumer credit preferences shift as households anticipate reduced demand for credit cards, mortgages, and auto loans in the coming year.The Federal Reserve Bank of New York's Center for Microeconomic Data revealed Monday that rejection rates for new mortgage applications declined over the past four months. That comes amidst an increase in mortgage credit availability last month.The Survey of Consumer Expectations found that there was a
For the third consecutive week, mortgage rates fell, possibly a sign they’ve now moved past their recent peak. Find out where rates could be heading.Mortgage rates dropped again this week after reaching 20-year highs recently, and economists predict they are likely to continue to decline through the spring homebuying season. The 30-year fixed-rate mortgage averaged 7.44% this week, backing further away from its near-8% high, Freddie Mac reports
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