Following moderating mortgage rates, pending home sales slipped only slightly in July, down 1% from June. The National Association of Realtors’ Pending Home Sales Index posted a reading of 89.8 last month. A reading of 100 is equal to the level of contract activity in 2001. Pending sales were down 19.9% YOY, slipping from last…
Mortgage rates drifted up again last week after plummeting the week prior, rising from an average 5.30% to 5.51%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.51%. A year ago at this time, the 30-year FRM averaged 2.88%. “Mortgage rates are volatile as economic…
Housing payments have surpassed the dreaded 30% cost-burdened threshold thanks to the 30-year fixed rate’s recent half-point jump. Black Knight reports that it now costs $2,103 to make the principal and interest (P&I) payment on an average-priced home with a 20% downpayment. That equates to 36.2% of the median household income and sinks affordability to…
Good Morning! Today is Thursday, April 21. Russia test-launched a new intercontinental missile that it said could carry several nuclear warheads. The federal government charged 21 people in Medicare fraud schemes, including selling fake vaccine cards and test results. The Mortgage Note Reports “Plenty Of Fuel In The Tank”: Monthly mortgage payments on the typical U.S. home are…
Average monthly asking rent in the U.S. leaped to new heights in February, up 15% year-over-year to a record high of $1,901, though mortgage growth outpaced it yet again, according to Redfin. Rent growth saw its largest annual increase since Redfin began tracking rental data in February 2019. Mortgage payments rose 31% YOY to $1,716,…
Both rent and mortgage payment price growth reached record highs in December, according to a new report from Redfin. Rents jumped to $1,877, 14.1% year-over-year (YOY) and the largest annual jump since at least February 2019, the earliest month in Redfin’s data. The national monthly mortgage payment rose 21.6% YOY, also the largest increase in…
Annual price gains reached an all-time high in August at 18.1%, according to CoreLogic’s Home Price Index (HPI) and HPI Forecast. It’s the highest twelve-month increase in the history of the index. Month-over-month, prices rose 1.3% compared to July. The HPI Forecast suggests that home price growth will slow to 0.3% from August to September…
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