The Federal Reserve is expected to raise its key benchmark rate this coming week. What impact could it have on mortgage rates? Mortgage rates rose slightly this week ahead of the Federal Reserve’s highly anticipated meeting next Tuesday, when it is expected to increase its benchmark rate by up to a full percentage point. What impact could that have on mortgage rates ahead?“Even though the upcoming rate hike will be more aggressive, it’s exp
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Rising costs are dampening buyers’ appetite for new homes, data shows. Builders are growing concerned that demand for new homes is leveling off, and they’re slowing production out of fear that too many buyers have been priced out of the market. Single-family construction in June dropped to its lowest level since April 2020, when the COVID-19 pandemic was just beginning, the Census Bureau reported Tuesday. Further, housing permits—a gauge of
Nearly every region of the country saw a major decline in real estate transactions last month as more buyers are priced out of the market, new NAR data shows. Prices for existing homes climbed to a record high in June, continuing at a breakneck pace with double-digit-percentage annual increases. The median price for an existing home rose to $416,000 last month, up 13.4% compared to a year earlier, the National Association of REALTORS® reported W
Danielle Hale on home prices, inventory and more. If you feel a bit of whiplash hearing the varying takes on the housing market right now, you’re not alone. Home prices are still rising — but not as much! Mortgage rates are generally up — but recently they’ve held below 6%! (See the lowest mortgage rates you can get now here.) There are bidding wars galore — but not everywhere! That’s why MarketWatch Picks created a series w
U.S. home purchases by international buyers are at their lowest on record, new NAR data shows. But there’s reason to believe in a comeback. Worsening housing affordability and stubborn inventory shortages are not only pushing more Americans out of the real estate market but also blocking many foreign investors from purchasing homes in the U.S., according to the National Association of REALTORS®’ newly released 2022 Profile of Internatio
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Borrowing costs tick up again as the Federal Reserve’s inflation policy has economists bracing for even higher rates in the future. Mortgage rates are showing volatility as the economy slows and recession fears take center stage. The 30-year fixed-rate mortgage rose to an average of 5.51% this week, up from 5.3% last week, according to Freddie Mac.Home buyers are facing rising costs across the spectrum. Inflation shot to a new 40-year high in J
For the week ending July 8, mortgage applications to purchase a home fell 4% compared to the previous week The average size of a home purchase loan has pulled back from its record high as demand for mortgage applications fell for the second straight week. According to the Mortgage Bankers Association, the average purchase loan size fell to $415,000 for the week ending July 8, down from $460,000 hit in March. Total mo
The real estate market is starting to show signs of cracking in some of the most expensive cities in the country, and other pricey areas should brace for a rough stretch ahead.In the early part of the year, the prevailing real estate narrative suggested that housing prices would stay buoyant because of a historic shortage of available inventory even as mortgage rates surged. But for all the signs that the market was facing headwinds, few people w
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