Mortgage rates are likely to hover in the 6% to 7% range as market volatility continues, economist says Mortgage rates dropped back down again last week and even though it was slight, the decrease had an impact on homebuyer demand, according to Freddie Mac.The average rate for a 30-year fixed-rate mortgage fell to 6.33% for the week ending Jan. 12, according to Freddie Mac's Primary Mortgage Market Survey. This was a decrease from the p
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A dip below 6% has become a distinct possibility, says NAR Chief Economist Lawrence Yun.Inflation has been dropping over the past six months, and consumers can expect mortgage rates to soon follow, says Lawrence Yun, chief economist for the National Association of REALTORS®. The 30-year fixed-rate mortgage could even drop below 6%, Yun adds. That would be welcome news to home buyers who were shell-shocked by the surge in rates above 7% this fall
After rising at the end of the year, mortgage rates dropped sharply last week. That drove demand from current homeowners hoping to save on their monthly payments, but it did little to excite potential homebuyers.As a result, total mortgage application volume rose just 1.2% 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
The once-frantic pace of consumer price growth has been slowing for months, which may bode well for buyers' budgets — and financing, according to new data from Bureau of Labor StatisticsInflation continued to decelerate from its once-worrying heights to close the year, with prices actually dropping slightly in December.Consumer price growth cooled to a 6.5 percent annual increase last month, down from the 9.1 percent year-over-year gr
While the nation continues moving away from the pandemic-era lows, it's doing so very slowly and well below rates seen during the Great RecessionForeclosure activity more than doubled in 2022 compared to the previous year but remained well below historical norms, according to Attom, a provider of information on virtually all properties nationwide.The run-up in prices during the COVID-19 housing market gave borrowers so much equity that
Mortgage rates are still twice what they were a year ago, but home prices have been falling since June, and that’s finally making consumers feel better about what had been an overheated, highly competitive housing market.A monthly housing sentiment index from Fannie Mae showed sentiment improving from November to December. The index is still lower than it was a year ago and just slightly off its record low set in October and November.The share
It’s time for mortgage lenders to stop comparing 2022 volume and 2023 projections to the refinance-fueled record fundings of 2020 and 2021. The pandemic refi boom is long over, and while home buyers who need mortgages are still absorbing this year’s rate spike, the worst of U.S. inflation that fueled the rate spike is also likely over. Heading into 2023, there are three market factors that set up the purchase market for smart, focused lenders
From downsizing to buyer’s remorse, wealthy home buyers are facing many of the same struggles as other consumers in the new year.The luxury housing market, like most other real estate sectors, is adjusting to a slowdown. Affordability and home size are every bit as much on wealthy buyers’ minds as other consumers. “The reality is we are coming out of one of the best real estate markets in history,” Gary Gold, a luxury property specialist
Given the increases in mortgage rates that have transpired, significant slides in homebuilding activity are being taken for granted in the U.S. and Canada. Based on the latest housing starts statistics, this is already underway and clearly apparent in the former more than in the latter. See Graph 8 below, where Canadian housing starts have been moving mostly sideways throughout this year, while U.S. starts have been exhibiting significant decline
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