The United States Consumer Price Index cooled to 5 percent in March compared to a year ago, but remained elevated overall despite the Federal Reserve’s efforts to harness price growth on consumer goods and housing.The CPI for all urban consumers, a measure of inflation, rose 0.1 percent in March after climbing 0.4 percent in the previous month and 5 percent over the past 12 months, according to Bureau of Labor Statistics data r
Home buyers can expect more savings as borrowing costs continue to decline from their peak in late 2022.Lower mortgage rates are giving buyers a boost at the start of the spring homebuying season. The 30-year fixed-rate mortgage dropped to 6.28% this week, the fourth straight week of declines, Freddie Mac reports. While rates are still higher than they were a year earlier, they’ve gradually scaled back from a 7% peak at the end of 2022.“Compa
Mortgage rates fell last week, but demand for home loans didn’t move higher as a result. Other aspects of today’s housing market are outweighing the benefit of lower mortgage rates right now, namely a lack of supply.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.40% from 6.45%, with points falling to 0.59 from 0.62 (including the origination fee) for loans wi
Ongoing banking instability sparked by the failures of Silicon Valley Bank and Signature Bank may affect the availability of jumbo mortgages not eligible for purchase by Fannie Mae, Freddie MacHomebuyer demand for mortgages weakened slightly last week even as mortgage rates continued to retreat from 2023 highs, breaking a streak of four consecutive weeks of growth in purchase loan applications, according to a weekly survey of lenders by
Manhattan real estate sales fell 38% in the first quarter, as buyers and sellers battled over prices and mortgage rates remained volatile, according to new reports.Total sales volume fell to $4.4 billion in the quarter, with 2,242 apartments and townhouses sold, compared to 2,546 sales in the first quarter of 2022, according to a report from Douglas Elliman and Miller Samuel. The average sales price fell 5% to $1.95 million and the median sales p
Borrowing costs are decreasing as home sales are rising, which bodes well for a potentially active spring market.Mortgage rates continued to slide this week, adding more fuel to what appears to be a recovering housing market. The 30-year fixed-rate mortgage averaged 6.32% for the week ending March 30, Freddie Mac reported Thursday. Borrowing costs are heading down as major housing indicators, such as existing-home sales, new-home construction and
Demand for purchase loans picks up for the 4th straight week as mortgage rates continue to retreat from 2023 highs, according to a Mortgage Bankers Association survey on WednesdayHomebuyer demand for purchase loans picked up for the fourth week in a row last week as mortgage rates continued to retreat from 2023 highs, according to a survey of lenders by the Mortgage Bankers Association released Wednesday.The MBA’s Weekly Mortgage Applications S
The cost difference between owning a home and renting an apartment has reached its widest gap in more than 15 years as home prices rise and interest rates on home loans soar, according to a recent industry analysis.On average, owning a home costs $1,176 more per month than renting from a professionally managed apartment complex, according to an analysis published this month from the National Multifamily Housing Council (NMHC). That's th
Nineteen cities out of 20 tracked by the S&P CoreLogic Case-Schiller Index posted monthly declines in January, with the biggest decreases seen in San Francisco, Seattle and San DiegoU.S. home prices cooled in January, marking the seventh-consecutive month of declines, according to new data released Tuesday.The U.S. National Home Price NSA Index, tabulated by S&P CoreLogic Case-Shiller, reveals a 0.5 percent month-over-
Rates below 6.5% are lifting home purchase demand at the start of the spring homebuying season.Mortgage rates continued to slide this week, even after recent bank failures failed to stop the Federal Reserve from hiking its benchmark interest rate for the ninth consecutive time. Mortgage rates are following the downward trend of 10-year Treasury yields, which is helping to lift homebuying demand. While the 30-year fixed-rate mortgage averaged 6.42
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