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
Rising stock market, fading recession fears fuel sales to wealthy New Yorkers New York City’s luxury residential market is gaining momentum after stumbling early in the year, another sign that pockets of the U.S. housing market are stirring to life despite high mortgage rates. Manhattan’s most expensive homes posted their second-best June for contracts signed since at least 2006. Signs of a potential turnaround have defied expectati
The average home buyer may be frustrated by high home prices. But like it or not, the housing market is on the up The housing market may feel out of whack to home buyers coping with fast-rising home prices and 7% mortgage rates. But like it or not, the housing market is in the pink. Several economic indicators that measure housing activity — from home prices to sentiment surveys — show that home builders and sellers (the few that are out
US home price growth plunges to lowest level in more than a decade Annual home price growth dropped below 2 percent for the first time in 11 years as elevated home prices and mortgage rates continued to inhibit buyers and sellers, according to data released Tuesday by CoreLogic.Single-family home price growth slowed to an annual increase of 1.4 percent in May after increasing 2 percent a month earlier, according to the da
The U.S. labor market showed no signs of letting up in June, as companies created far more jobs than expected, payroll processing firm ADP reported Thursday.Private sector jobs surged by 497,000 for the month, well ahead of the downwardly revised 267,000 gain in May and much better than the 220,000 Dow Jones consensus estimate. The increase resulted in the biggest monthly rise since July 2022.From a sector standpoint, leisure and hospitality led
Strong jobs numbers and GDP growth have bond market investors convinced it's all but certain the Federal Reserve will resume rate hikes this month More good news about the economy is sending mortgage rates soaring to new 2023 highs this week, with the Federal Reserve all but certain to resume rate hikes this month after pausing in June.Fed policymakers are focused intently on the tight job market and rising wages as drivers of inflation. So a&nbs
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