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…
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…
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…
Despite challenging conditions for first-time homebuyers, Millennials are actively engaging in the housing market, especially in the nation’s largest metros, according to a new analysis from LendingTree. The analysis found that Millennials– people aged 25 to 40 in 2021– make up a majority of homebuyers in most of the US’s largest metros, especially Denver, Seattle, and Boston. Of mortgages offered in Denver, 63.3% were offered to Millennials. In Seattle, 61.35% were offered to Millennials, and in Boston, 61.08%. Miami, Jacksonville, and Tampa have the smallest share of buyers in this age group, at 46.54% across all three markets. San Francisco, New York, and San Jose have the greatest portion of older Millennials, with an average age of 33.51%, while Indianapolis,…
By KIMBERLEY HAAS A report released this month suggests that despite rising home prices it is more affordable to own a median-priced house than to rent a three-bedroom property in a majority of the United States. ATTOM’s 2022 Rental Affordability Report used fair-market rent data from the U.S. Department of Housing and Urban Development, wage data from the Bureau of Labor Statistics, and sales deed data in 1,154 counties to find that home ownership will be more affordable in a majority of the country again in 2022. Todd Teta, Chief Product Officer at ATTOM, said home ownership still remains the more affordable option for average workers because it takes up a smaller portion of their pay when the math is…
By KIMBERLEY HAAS As the number of homes purchased by people with different last names increases, it is being reported that Millennials are choosing to buy single-family houses with their friends. In an article written by Zinhle Essamuah for NBC News, three women talked about their decision to buy a house together. Amanda Scheider, 30, told Essamuah that it’s like having a permanent sleepover. Scheider lives with Kathy Keel, 30, and Stephanie Vandergrift, 28, in Gallatin, Tennessee. They signed for a 30-year, $315,000 mortgage in May of 2020 after renting a house together. Essamuah used analytics from Attom Data Solutions which shows the number of homes purchased by people with different last names increased by nearly 772% between 2010 and…
By KIMBERLEY HAAS Millennials keeping the market hot, racial bias affecting home appraisals, and automated valuation technology were discussed on Tuesday during a webinar designed to address what mortgage professionals should expect in 2022 and beyond. Jeremy Sicklick, CEO and Co-Founder of HouseCanary, Inc., predicted millennials would generate demand in the housing market over the next ten years. “Effectively, demand will continue to exceed supply,” Sicklick said. “As we look forward, really over the decade, I mean, we are very bullish on housing, and that comes back to just the sheer number of Millennials and household formation that’s going to occur. There’s just a massive amount of demand out there.” Founded in 2013, HouseCanary in San Francisco, Calif., is a…
