The 30-year fixed-rate mortgage rose to a 6.81% average, Freddie Mac’s latest national mortgage market data shows. The latest increase in mortgage rates translates into a $2,172 monthly payment on a typical single-family home and $1,888 for a typical condo, says Jessica Lautz, deputy chief economist at the National Association of REALTORS®.“Interest rates near 7% are not only a consideration for housing consumers’ budgets,” but she adds
‘July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation’ The S&P flash U.S. services-sector index fell to 52.4 from 54.4 in the prior month. That’s the lowest reading since February.Most Americans are employed on the service side of the economy, in areas such as technology, healthcare, finance and hospitality.The S&P U.S. manufacturing-sector index, m
A decrease in applications for FHA loans popular with first-time homebuyers helped push the average purchase loan application to $432,700, according to the latest MBA lender survey Homebuyer demand for purchase mortgages waned last week as mortgage rates plateaued near 2023 highs set earlier this month, according to a weekly survey of lenders by the Mortgage Bankers Association (MBA).The MBA’s Weekly Mortgage Applications Survey showed requests
Prices rose 0.7% from April to May after adjusting for increases typically experienced in spring, according to estimates released Tuesday by CoreLogic and the Federal Housing Finance Agency A drought of new listings continued to push up home prices in May despite an ongoing low-transaction environment, according to two widely tracked measures released Tuesday.Prices rose 0.7 percent from April to May after adjusting for the typical incr
Government investment in affordable housing will bring down the rising rate of homelessness, experts say Although mental-health conditions, disability and drug use have long been seen as the primary causes of homelessness, rising rents are in fact the driving force behind recent increases in the number of homeless people, advocates say — and rental-assistance programs are the solution.More than half a million people in the U.S. were homeless in
As home prices continue to surge, buyers may welcome even a slight dip in borrowing costs as they face affordability constraints.The 30-year fixed-rate mortgage averaged 6.78% this week, backing away from its near-7% mark last week. “That relief is welcome at a time when the St. Louis Fed is reporting there are tighter lending standards now for consumers seeking mortgages,” says Jessica Lautz, deputy chief economist and vice president of rese
Existing-home sales slowed again last month, but aspiring home buyers continue to face competition for limited inventory. Read more from NAR’s latest housing report.Existing-home sales continued to retreat in June as the housing market faces a crushing inventory shortage. But high buyer demand is still evident as home shoppers bid up prices.The median sale price for an existing home in June was $410,200, the second-highest recorded in the last
Mortgage interest rates pulled back last week after jumping sharply to start July. That lit a fire under refinance demand but did little to help potential homebuyers. Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.This comes as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balance
Undeterred by high mortgage rates, buyers battling over scant inventory pushed June's median sale price to the second-highest level in history, according to new data released Monday by RedfinDangerously-low inventory levels propelled June’s median sale price to the second-highest level ever, according to a monthly market report published Monday by Redfin.The majority of inventory indicators dipped to record lows during the month, with the
The 30-year fixed-rate mortgage is a stone’s throw away from reaching a 7% average. Monthly mortgage payments have jumped nearly $300 in the last year.Mortgage rates were back on the rise this week, averaging 6.96%, Freddie Mac reports. For home buyers, the rate jump is translating to an average monthly payment of $2,126 for the typical single-family home. Higher rates have pushed the typical monthly mortgage payment up more than $280, says Jes
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