The tragic economic plight of the millennial has been extensively documented (although sometimes questioned and debunked). The starting fact of two historic recessions before they turned 40 is contrasted with the refrain that baby boomers had to weather high interest rates and economic downturns, too. But two stark facts support the narrative that the generation entering homebuying age has terrible economic luck
Demand for purchase loans picked up last week as would-be homebuyers took advantage of rates that are still a full percentage point lower than 2023 highs, MBA lender surveys show After two months of declines, mortgage rates are starting out the new year on a gentle ascent, and mortgage lending standards are tighter than they’ve been in a decade.But demand for purchase loans still picked up last week as some would-be homebuyers put the holi
One of the nation’s largest experiments in affordable housing to address chronic homelessness is taking shape outside the city limits.On the outskirts of Austin, Texas, what began as a fringe experiment has quickly become central to the city’s efforts to reduce homelessness. To Justin Tyler Jr., it is home.Mr. Tyler, 41, lives in Community First! Village, which aims to be a model of permanent affordable housing for people who are chronically
Rising supply and vacancies are motivating landlords to lower asking rents, particularly in the South and West A boom in new construction in the U.S. over the past few years has created an increase in rental supply, causing prices to decline for the third straight month, according to Redfin.The median U.S. asking rent fell 0.8% year over year in December to $1,964, according to Redfin’s report Monday. That’s on the heels of a 2.1% annual drop
Federal Reserve Bank of Atlanta President Raphael Bostic said inflation has come down more than he expected and is on a path today to reaching the Fed’s 2% goal, though it’s too early to declare victory.“We are on a path to 2% today,” Bostic said Monday in a moderated discussion hosted by the Rotary Club of Atlanta. “The goal is to make sure we stay on the path.”The Atlanta Fed chief cited three- and six-month inflation measures showi
Borrowing costs have fallen over the last two months.Mortgage rates are ringing in the new year much lower than their near-8% peak this past fall. The 30-year fixed-rate mortgage has decreased for the past nine weeks, though breaking for a slight uptick this week to reach 6.62%, Freddie Mac reports.“The overall trajectory of mortgage interest rates in 2024 is expected to decrease,” says Jessica Lautz, deputy chief economist at the National As
The differential between 30-year mortgage rates and benchmark Treasury yields has been shrinking for eight straight weeks A key factor that pushed up mortgage rates over the past two years is now starting to pull them down.Average 30-year fixed mortgage rates have been higher than usual relative to the benchmark Treasury yields they typically track. But that extra differential, or spread, has been shrinking for eight straight weeks. It is now at
Rent began to reverse, office vacancy remained near record highs, banks failed and lending got tricky in 2023. Where are we headed next?Investors knew they were in for a roller coaster ride in 2023. What they still don’t know is where the ride is heading next.Pandemic-era highs for virtually all sectors of real estate led to uncertainty in markets across the U.S. Rent began to reverse, office vacancy remained near record highs, banks
Novembers numbers show pending sales didn't move compared to October, but lower rates did apparently lead to more lockbox openings — hinting that better days lie ahead Despite being jam-packed with real estate news, just-released data shows that November saw pending home sales remain flat compared to one month earlier — though the numbers do offer some hints of an improving market.In total, the National Association of Realtors’ Pending
While Federal Reserve policymakers had forecast 3 rate cuts next year, futures markets see an 85% chance of at least 6 rate cuts after a key inflation metric shows the economy is cooling rapidly Mortgage rates are continuing a stunning retreat from 2023 highs this week after a key inflation metric showed the economy is cooling rapidly — perhaps too rapidly for those hoping for a soft landing in 2024.The Bureau of Economic Analysis reported
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