Tag: News

Buyers Get ‘A Second-Chance Opportunity

The average monthly mortgage payment has fallen 12% reduction in just two months as high borrowing costs moderate, says NAR Chief Economist. After weeks of escalating borrowing costs, home buyers are getting a second chance to lock in lower rates. The 30-year fixed-rate mortgage fell to an average just below 5% for the week ending …

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Market ‘Stabilizing’

Though weekly changes in borrowing costs are volatile, housing activity is reaching more balanced levels—which is ultimately good for buyers, says Freddie Mac’s chief economist. Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again …

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Slowing Inflation Suggests Mortgage Rates Have Topped Out

NAR’s chief economist shares what now needs to happen to bring down borrowing costs and increase affordability for home buyers. Inflation eased slightly in July, which could bode well for the housing market in the months ahead, says Lawrence Yun, chief economist for the National Association of REALTORS®. Overall, inflation slowed from 9.1% in June …

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Mortgage Rates Settle In

As inflation appears to have peaked, borrowing costs are starting to stabilize. Mortgage rates appear to be settling in the 5% range after recent dramatic climbs that shocked home buyers. The 30-year fixed-rate mortgage averaged 5.13% this week, down slightly from its 5.22% average a week ago, Freddie Mac reports. Mortgage rates peaked at 6% …

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Housing affordability

Housing affordability hit a 33-year low in June, according to NAR data. But an increase in inventory and stabilizing mortgage rates may stem the tide. The average monthly mortgage payment jumped 54% year over year in June while the median household income rose only 5.8%, according to the National Association of REALTORS®’ Housing Affordability Index. …

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Contract Signings, Down Again, May Have Hit Bottom

Pending home sales in July dropped nearly 20% year over year as the housing market continues to slow. But a turnaround is in sight, says Lawrence Yun. Home buyers continue to recoil from higher mortgage rates and home prices, with pending home sales in July plummeting nearly 20% year over year, according to data from …

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Mortgage Rates Rise Again, Nearing Affordability Threshold

If borrowing costs get just a little higher, the average household may be blocked from homeownership, warns an NAR economist. Mortgage rates continued inching up this week, nearing a threshold that would bring the average American household to a financial tipping point, warns Nadia Evangelou, senior economist and director of forecasting for the National Association …

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Experts: Buyers Should Shop Around for a Mortgage as Rates Rise

Borrowers stand to save thousands by gathering multiple quotes from lenders. As mortgage rates surge and remain volatile, it’s becoming increasingly necessary for home buyers to shop around for a loan to find savings. According to Freddie Mac, borrowers potentially could save an average of $1,500 over the life of a loan by gathering one additional …

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Mortgage Rates

Monthly mortgage payments are 60% higher than a year ago, according to NAR. Buyers can save by shopping around for different types of loans. The interest rate for the 30-year fixed-rate mortgage crossed a major threshold this week, hitting 6.02%—the first time it has broken 6% since 2008, Freddie Mac reported Thursday. Volatile mortgage rates …

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Existing-Home Sales Slip Again

Still, homeowners are faring well, with property prices surging despite a pullback in buyer demand, says NAR’s chief economist. Existing-home sales slipped further in August as economists blame the “housing recession” mostly on higher mortgage rates, though home prices continue rising, according to newly released data from the National Association of REALTORS®. But while existing-home …

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Mortgage Rates Inch Closer to 7%

Buyers would be smart to shop around: The large dispersion in rate offerings among lenders could amount to several hundreds of dollars, Freddie Mac says. Home buyers who waited to buy a home this month compared to last month may have some regrets. Home buying is 12% more expensive than just a month ago. Fast-rising …

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Mortgage Rates Average 6.66%

Home buyers have lost about $107,000 in buying power since the beginning of the year—and that’s what’s truly scary. Despite a slight decrease this week in mortgage rates, the average for the 30-year fixed-rate loan remains more than double what it was a year ago, adding hundreds of dollars per month to financing costs for …

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