A slowdown is now underway, says NAR Chief Economist Lawrence Yun. But don’t expect to see dramatic price drops.After three years of runaway home prices, buyers may soon find relief. In some markets, they may have already found it.The National Association of REALTORS®’ latest quarterly housing report shows that home price growth is cooling—though that doesn’t mean prices are falling. The national median price for a single-family existing
Rates in the 6% range are helping to bring buyers back to the market in time for the spring selling season.Mortgage rates ticked up slightly this week, but they continue to remain well below their November 2022 peak, which eclipsed 7%. The 30-year fixed-rate mortgage averaged 6.12% this week, according to Freddie Mac. Lower rates in the 6% range since the beginning of the year are helping to bring costs down for potential buyers. “Interested ho
Mortgage rates continued to fall last week, and both current homeowners and potential homebuyers reacted swiftly.Total mortgage application volume, including refinances and loans to purchase a home, jumped 7.4% 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) dec
After a strong jobs report, traders are betting the Fed might raise interest rates two more times this year The U.S. labor market remains incredibly strong. Investors can’t decide if that is a good or bad thing.At first glance, Friday’s jobs report seemed to have very little for money managers to dislike. The U.S. economy added a whopping 517,000 jobs in January, while the unemployment rate fell to its lowest level si
Showings were way down year over year but only dipped a little bit month over month, according to a new report from ShowingTime. They remain up compared to pre-pandemic levelsThe number of home showings in the U.S. was down in December compared to one year prior, though a new report suggests the slowdown may be improving.The report, from ShowingTime, reveals that the company’s Showing Index — which is a measure of showing traffic ac
Pending home sales increased in December for the first time in six months, and new-home sales and mortgage applications are rising. New housing data released this week offers hope that the market slowdown may be short lived. Pending home sales rose 2.5% in December, ending a six-month slide, the National Association of REALTORS® reported Friday. New-home sales also rose 2.3% last month, according to the Commerce Department, and mortgage applicat
The interest rate for a 30-year loan is nearly a whole percentage point down from a 7.08% peak just two months ago.Affordability woes are still spooking buyers, but another decrease in mortgage rates could bring them back to the market. The interest rate for the 30-year mortgage averaged 6.13% this week, Freddie Mac reports, nearly a whole percentage point drop from a 7.08% peak just two months ago. This could boost homebuyer confidence and help
Moody’s Analytics finds that renters in the U.S. now pay 30 percent of the median income for the average rent.The typical American renter is now rent-burdened — meaning that 30 percent of the median U.S. income is required to pay the average rent, according to a new report from Moody’s Analytics.“This 30 percent is a symbolic threshold, a milestone,” said Thomas LaSalvia, the director of economic research at Moody’s.Reaching this thre
U.S. economic activity expanded faster than expected in the final three months of 2022, marking a resilient end to a year defined by stubborn inflation, rising interest rates, and battered financial markets.The Bureau of Economic Analysis' advance estimate of Q4 U.S. gross domestic product (GDP) showed the economy grew at an annualized pace of 2.9% during the period, faster than consensus forecasts. Economists surveyed by Bloomberg had
In separate initiatives, the ABA and CFPB are seeking to add to consumer protection measures related to mortgage lending Mortgage assistance for veterans needs to be updated in light of higher interest rates, according to the American Bankers Association (ABA) and other organizations.The ABA and 18 other groups wrote a joint letter to the Department of Veterans Affairs (VA) warning that current loss mitigation protocols for the VA Home
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