Finance - Real Estate, Updates, News & Tips

Mortgage Rates Near 7%

Nearly 5.5 million more households are priced out of the housing market today than a year ago, NAR data shows.The 30-year fixed-rate mortgage rose again this week, averaging 6.79% and forcing more home buyers to recalculate their budget. Mortgage applications for home purchases are falling—down 31% year over year, according to the Mortgage Bankers Association. But economists say mortgage rates are likely to drop in upcoming weeks, which could h

Read More

Mortgage Rates Hit New 2023 High on Debt Ceiling, Inflation Worries

For bond market investors who provide the funding for most U.S. mortgages, the debt ceiling crisis won't be over until Congress actually votes to approve the deal negotiated over the weekend Worries that the U.S. may default on its debt could keep mortgage rates climbing this week even after negotiators reached a deal over the weekend to raise the debt ceiling.For bond market investors who provide the funding for most U.S. mortgages, th

Read More

Second Month of Home Price Gains Signals End to Year of Declines

US home prices rose 0.7% in March, notching a second-straight month of upticks while suggesting declines that began in 2022 may be winding down, according to data from CoreLogic and the FHFA U.S. home prices rose 0.7 percent in March from a year earlier, notching a second-consecutive month of annual increases while signaling a possible end to a year of price stagnation, according to data released Tuesday from CoreLogic.Despite the razor-thin

Read More

US Existing-Homes Sales Plunge in April as Inventory Climbs Above 1M

Economic headwinds and booming interest rates pushed sales down by 3.4% in April as inventory soared 7.2% above March, according to National Association of Realtors data released Thursday Existing-home sales declined on a monthly and annual basis in April, according to the National Association of Realtors’ latest market report published on Thursday.Sales for the segment slid 3.4 percent month over month from a seasonally adjusted annu

Read More

Spring Home Sales Hounded by ‘Push-Pull Demand’

Existing-home sales are up and down—falling most recently in April, according to NAR data—as tight inventory and mortgage rates create uncertainty. Existing-home sales fell last month as the spring real estate market remains fluid and sensitive to the ongoing inventory shortage and changing mortgage rates. Existing-home sales, which include completed transactions for single-family homes, townhomes, condos and co-ops, dropped 3.4% month over m

Read More

Single-Family Rent Growth Slows for 11th Straight Month in March

Annual single-family rent growth decelerated to a rate of 4.3% during March, according to CoreLogic. Despite the slowing trend, rental prices are still largely going up on a monthly basis Prices for single-family rentals (SFRs) marked nearly a year of decelerating growth during March, a new analysis found.Annual single-family rent growth decelerated to a rate of 4.3 percent during March, according to the latest CoreLogic Single-Fam

Read More

Consumer Debt Passes $17 Trillion for the First Time Despite Slide in Mortgage Demand

Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing.The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period, the New York Federal Reserve reported Monday. That took total indebtedness up about $2.9 trillion from the pre-Covid period ended in 2019.That increase came even

Read More

Mortgage Rates are Steadily Edging Downward

“A recent sideways trend in mortgage rates is a welcome departure from the record increases of last year,” says Freddie Mac’s chief economist. The average for the 30-year fixed-rate mortgage fell slightly to 6.35% this week, Freddie Mac reported Thursday, helping buyers save more on borrowing costs. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last y

Read More

Mortgage Applications Surged Last Week but Rates are Climbing Again

Homebuyer applications for purchase mortgages rose 5% last week, but a strong jobs report and ongoing bank instability are pushing mortgage rates back up Homebuyer demand for purchase loans jumped last week as mortgage rates eased on hopes that the Federal Reserve is done raising rates.But mortgage rates have been climbing again this week after a strong April jobs report cast doubts on expectations that the Federal Reserve could begin r

Read More

The Seller's Market is Roaring Back as Buyers Vie for Limited Inventory

A 'drought' of new listings is driving up prices, reversing the sluggishness of late 2022, and forcing buyers to compete fiercely for homes, according to a new analysis from Zillow A year after mortgage rates began their precipitous climb and slowed the housing market way down, a “drought” of new listings is now driving prices back up and has ultimately brought back a seller’s market.That’s according to a new report fr

Read More

This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.