Freddie Mac: Interest Rates Inch Back Up

Mortgage rates rose again after several weeks of small declines, reaching 3.10%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.10%, up from last week’s 2.98%. A year ago at this time, the 30-year FRM averaged 2.72% “The combination of rising inflation and consumer spending is driving mortgage rates higher,” said Sam Khater, Freddie Mac’s Chief Economist. “Shoppers looking to buy a home are fueling strong demand while ongoing inventory shortages are not improving in the presence of higher home prices. This reality illustrates the challenging situation facing the housing market.” Though the holidays are usually a slow period in the industry, homebuyer demand has remained high. Redfin’s latest Homebuyer Demand…

Homebuyer Demand Hits Highest Level Since 2017

Redfin’s Homebuyer Demand Index hit an all-time high since at least 2017 as the number of listed homes remains seasonally elevated compared to past years. The report shows the market speeding up, with an increasing number of homes selling in two weeks or less and demand increasing even as listings trend down.  “The economy is recovering strongly and mortgage rates are still near all-time lows. Those two forces combined have caused homebuying demand to hit a record high,” said Redfin Chief Economist Daryl Fairweather.  For homes sold in the four-week period ending November 14, the median sale price rose 13% year-over-year (YOY) to $357,881, up 30% from 2019 and 2.1% from October. Asking prices were also up 13% YOY, and…