Americans are nervous about buying homes in a difficult housing market but still consider it an important milestone. That’s according to a new survey conducted by The Harris Poll on behalf of homebuilder KB Home. As National Homeownership Month begins, the company sought to understand buyers’ mindsets in the current market. The survey revealed that…
Average mortgage rates dipped below 7% last week, giving buyers some breathing room as they navigate a high-priced housing market. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.94%, down from the week prior’s 7.02%. A year ago at this time, the 30-year FRM averaged 6.57%. The 15-year also fell, down…
Mortgage applications rose again as rates slipped for a third week and refis rallied. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — rose by 1.9%, adding to last week’s 0.5% increase. Adjusted purchase applications declined, however, by 1%, while the unadjusted…
Zillow Home Loans launched a new tool to help buyers gauge whether they can afford a home. Users input their income, credit score, and monthly budget. BuyAbility then offers buyers a real-time estimate of the price and monthly payment on a home they’re considering, personalized to their specific budget. It also gives users an idea…
Average mortgage rates increased for a fifth consecutive week just as spring buying season entered its peak months. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.22%, up from the week prior’s 7.17%. A year ago at this time, the 30-year FRM averaged 6.39%. The 15-year fixed rate increased from 6.44%…
Average mortgage rates increased again last week, worsening affordability and setting the market up for a slump as the spring buying season progresses. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.17%, jumping from the week prior’s 7.1%. A year ago at this time, the 30-year FRM averaged 6.43%. The 15-year…
Average mortgage rates surpassed 7% for the first time in 2024 last week. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 7.1%, jumping from the week prior’s 6.88%. A year ago at this time, the 30-year FRM averaged 6.39%. The daily rate shot up to 7.5% in the middle of this…
The cost of buying a home hit another record high as rising rates intersected with home price growth. The median U.S. home sale price increased 5% YOY to $380,250 during the four weeks ending April 14. This is just a few grand below June 2022’s all-time high. At the same time, mortgage rates have jumped…
The number of renters who believe they’ll never afford a home has skyrocketed in the last year as rates rose and stock shortages lifted home prices out of their late-2023 spiral. A recent Redfin survey found that close to 38% of renters believe they are unlikely to become homeowners, up from 27% at the same…
Inventory and rate pressures are creating conditions for a “quieter” spring homebuying season. That’s according to HouseCanary’s March Market Pulse Report, which found that while inventory is up 12.6% YOY, total stock remains historically low. In March, net new listings slipped 4.4% YOY. For the entire last 52 weeks, net new listings were down 12.4%….
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