Mortgage rates were basically stagnant last week, staying put in the upper-6% range yet again.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.82%, up just slightly from the week prior’s 6.79%. A year ago at this time, the 30-year FRM averaged 6.28%.
The 15-year fixed rate also fell from 6.11% to 6.06%. A year ago, it averaged 5.64%.
This week’s data reinforces that rates have stabilized in the 6%’s for the moment.
“Since the start of 2024, the 30-year fixed-rate mortgage has not reached 7% but has not dropped below 6.6% either,” said Sam Khater, Freddie Mac’s Chief Economist.
“While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease…
Mortgage applications slipped again as rates stayed put in the high 6%s, keeping affordability at the forefront of buyers’ minds.
The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — decreased by 0.6%, following the week prior’s 0.7% slip.
Adjusted purchase applications slipped by 0.1%, while the unadjusted index was up 1% and 13% lower YOY.
Rates pulled back slightly, clocking in at 6.91% and the 15-year fixed rate fell to its lowest level in two months, 6.35%. But both are high enough to deter borrowers, according to MBA Vice President and Deputy Chief Economist Joel Kan.
“Elevated mortgage rates continued to weigh down on home buying. Purchase…
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%.
HouseCanary says the decrease in net new listings was driven by a 2.5% drop in new listing volume, plus a 7% increase in removals compared to March 2023.
“Over the past month, net new listings and contract volumes have continued to trend at multi-year seasonal lows. The interest rate shock is the biggest factor responsible for sustaining inventory scarcity,” said Jeremy Sicklick, Co-Founder and CEO…
Ally Home and HouseCanary are offering a $5,000 grant to homebuyers in three major metros.
The grant can be used for a down payment, closing costs, or other expenses that arise during the homebuying process.
Buyers within select markets in Charlotte, Detroit, and Philadelphia are eligible, though Ally may expand the program in the future. Eligible buyers must have an income less than or equal to 100% of the area median income and be purchasing a primary residence.
Grantees can combine this award with other offerings like the Fannie Mae HomeReady Mortgage program, which lets buyers put as little as 3% down.
As part of the rollout, HouseCanary, Ally’s portal partner since last year, now identifies grant-eligible properties in the…
Listings are down more than 15% from last year, another pain point on the market ahead of the typically zippy spring buying season.
HouseCanary’s February Market Pulse Report found that net new listings were 15.3% lower than in February 2023. Overall, inventory is up 11.7% YOY but remains generally constrained, limiting new activity.
This is yet another example of market pressures as spring approaches, usually a busy homebuying season.
“In January, we saw net new listings and contract volumes trend at multi-year seasonal lows. Although those metrics are slightly up versus last month, the housing market is still facing significant pressures. The Federal Reserve has all but confirmed that rates will continue to hover around the 7% mark, continuing to…
Both listings and sales improved in December, suggesting the impact of cooling rates may finally be encouraging movement in the market.
That’s according to HouseCanary’s December Market Pulse Report, which found new listings up 5% YOY last month.
Though stock remains historically low and many buyers are still priced out of the market, the data may reflect the beginning of a market reset for 2024.
“The slight increase in December listings indicates the impact of lower mortgage rates is beginning to trickle down into the market which comes as an optimistic sign as we head into the new year,” said Jeremy Sicklick, HouseCanary Co-Founder and CEO. “With that said, any market turns are likely to be slow.”
Sicklick pointed to…
Listings took a hit in July, but both listed and closed prices saw positive YOY growth, according to new data from HouseCanary.
The company’s latest Market Pulse report found that net new listings dwindled in July, down 40.3% YOY. The number of properties that went under contract also fell by 13.4% from the same time last year.
“In June, the housing market initially showed signs of resilience, but these reversed as we continued to face the effects of rate hikes initiated in March 2022,” said Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary. “July has followed suit with stagnant performance as the Federal Reserve implemented another rate increase and potential homebuyers remained cautious amidst market uncertainties.”
New listing volume…
Net new listings and contract volume have officially declined for twelve straight months, according to new data from HouseCanary.
HouseCanary’s latest Market Pulse report, which covers 22 listing-derived metrics and compares data between April 2022 and April 2023, shows market activity was significantly hindered in the first month of Q2.
“As we enter May 2023, the real estate market continues to experience uncertainty, with the purchasing market slowdown being one of the key trends observed for over a year now,” Jeremy Sicklick, Co-Founder and Chief Executive Officer of HouseCanary, said.
Contract and net new listing volume both fell annually, down 17.8% and 39.8%, respectively.
Listings were hit particularly hard by a nearly 45% YOY increase in removals.
Home sellers who…
New listings continue to trend down as rate lock-in and affordability concerns keep homeowners stuck in their current living situation.
HouseCanary’s latest Market Pulse report found that net new listings fell by double digits for the tenth straight month in February.
The report, which analyzed twenty-two metrics pulled from listing information between February 2022 and February 2023, found that 157,967 net new listings went up last month, down 43.6% YOY.
Properties that went under contract also fell, totaling only 247,294, a 17% decrease YOY.
New listings drove net volume down, falling 31.7%, combined with a 72.6% rise in removals.
Median days on the market were up 48.3% YOY to 43 days. However, days on the market fell month-over-month by nearly…
Home price drops are up more than 95% from last year as the market cooldown continues into fall, according to HouseCanary’s latest Market Pulse report. The report compares data between August 2021 and August 2022 and is an ongoing review of insights from HouseCanary’s platform. The data shows that the monthly nationwide supply continues shrinking as interest rates increase. Combined with seasonal slowdown after the spring and summer buying seasons, net new listing volume and contract volume fell YOY across all price points. “The nationwide supply shortage accelerated by the Fed’s rate hikes and economic concerns persisted through the end of the summer despite a slight increase in inventory back in June,” said Jeremy Sicklick, Co-Founder and Chief Executive Officer…
