Could slowly climbing borrowing costs hamper the upcoming spring homebuying season?Strong economic data and stubbornly high inflation pushed mortgage rates up for the fourth consecutive week, giving buyers whiplash after weeks of declines prior. The 30-year fixed-rate loan averaged 6.65% this week, according to Freddie Mac. “Higher mortgage rates have a direct impact on borrowing costs, hurting affordability,” says Nadia Evangelou, senior eco
Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up.Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low.This as the average contract interest rate
In an effort to combat the housing crisis, South San Francisco received a state funded grant of $28.8 million for 158 affordable new homes proposed as part of an upcoming 800-unit community in the Sunshine Gardens district.The city partnered with BRIDGE Housing, a nonprofit affordable housing developer, on plans to transform 5.9 acres of vacant land at 1051 Mission Road into a new community that will offer child care for more than 70 children, 90
A jump in pending home sales in January indicates consumers are wading back into the market as rates settle in the 6% range.For the second consecutive month, contract signings increased in January, registering their largest month-to-month gain since June 2020, the National Association of REALTORS® reported Monday. NAR’s Pending Home Sales Index jumped 8.1% from December to January, showing that buyers are rushing to take advantage of
As borrowing costs increase, rate dispersion among lenders is growing. Your clients could save up to $1,200 annually by shopping around, experts say.Mortgage rates are inching up, with the 30-year fixed-rate loan increasing to a 6.5% average this week, Freddie Mac reports. Homeownership remains attainable for Americans who can afford a 20% down payment and a monthly mortgage payment of $1,880 on a median-priced home, says Nadia Evangelou, senior
Demand for purchase loans down 18% week over week and 41% from a year ago as mortgage rates rise for the second week in a row to hit new 2023 highs, MBA survey showsRebounding mortgage rates have cooled homebuyer demand for mortgages to the lowest level since 1995, according to a weekly survey of lenders by the Mortgage Bankers Association.The MBA’s Weekly Mortgage Applications Survey shows demand for purchase mortgages was down a sea
Spring is around the corner, and the signs are pointing to a pick-up in sales on the horizon. Read more from NAR’s latest housing report. Existing-home sales continued to ease in January, marking a yearlong stretch of declines coming off pandemic-fueled highs. But median home prices still are rising.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos and co-ops—decreased 0.7% in January compa
Borrowing costs may see temporary increases in the coming weeks but are expected to stabilize. Mortgage rates jumped this week, driven up by a record number of jobs and higher-than-expected inflation, says Nadia Evangelou, senior economist and director of real estate research for the National Association of REALTORS®. The 30-year fixed-rate mortgage averaged 6.32%, up from 6.12% last week, according to Freddie Mac.While mortgage rates may see te
After falling for five straight weeks, mortgage rates jumped last week, triggering a decline in mortgage demand.Total mortgage application volume fell 7.7% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.39% from 6.18%, with points rising to
Builder confidence rose 7 points in February, to 42, according to the latest NAHB Housing Market Index. It's the highest score since September and the largest 1-month increase in a decade The outlook for the housing market has improved for two-consecutive months, leaving builders cautiously optimistic as the spring homebuying season fast approaches, according to the latest Wells Fargo/National Association of Home Builders Housing Market Inde
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