Data released today shows a modest increase in home prices took place in February.
Year-over-year, prices increased by 2%, down from 3.7% in the previous month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
The 20-City Composite posted a 0.4% year-over-year gain, down from 2.6% in the previous month.
“February’s results were most interesting because of their stark regional differences… It’s unsurprising that the Southeast (+7.8%) remains the country’s strongest region, while the West (-4.2%) continues as the weakest,” noted Craig J. Lazzara, Managing Director at S&P DJI.
West Coast hubs that saw huge migration during the pandemic remained negative YOY in February, with San Francisco, Seattle, San Diego, and Portland all experiencing declines.
Southern cities continued…
Home shoppers following rates closely jumped on retreating rates in March, giving the spring buying season a boost.
Black Knight’s March 2023 Originations Monitor showed that rate lock dollar volume exploded in March, up 43%, as rates retreated due to economic uncertainty.
Lock volumes rose in all categories. Purchase locks were up 44% month-over-month, significantly higher than its average of 30% across the last five years.
“This continues to be an incredibly rate-sensitive housing market, and March’s rate lock activity perfectly illustrates this dynamic,” said Andy Walden, vice president of enterprise research at Black Knight.
He explained that rates were inching up at the beginning of the month, but came down later in March due to banking sector turmoil.
“The…
Existing-home sales dipped in March after rising the month prior as the housing market remains rate sensitive.
Sales declined by 2.4% to a seasonally adjusted annual rate of 4.44 million from 4.48 million the month prior, according to the latest data from the National Association of Realtors.
Year-over-year, sales are down 22%.
All four major regions saw sales decline year-over-year and three of the four tanked month-over-month. Only the Northeast’s sales were unchanged from February.
The median price for an existing home slid YOY alongside rates, down 0.9% to $375,700. This is just the second YOY decline in years– last month’s dip broke the longest streak on record, 131 consecutive months of price gains.
“Home sales are trying to recover…
Mortgage rates jumped last week, breaking a five-week streak of declines.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.39%, up from 6.27% the week prior.
A year ago at this time, the 30-year FRM averaged 5.11%.
The 15-year fixed-rate mortgage also rose, up to 5.76% from 5.54%. A year ago, it averaged 4.38%.
“For the first time in over a month, mortgage rates moved up due to shifting market expectations,” said Sam Khater, Freddie Mac’s Chief Economist.“Home prices have stabilized somewhat, but with supply tight and rates stuck above six percent, affordable housing continues to be a serious issue for many potential homebuyers. Unless rates drop into the mid five percent range, demand will only…
Mortgage applications righted themselves last week after a brief dip as buyers took advantage of cooling rates.
The Mortgage Bankers Association’s weekly survey says the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 5.3%, outstripping last week’s 4.1% decline.
Adjusted purchase applications rose by 8%, while the unadjusted index was up 9% from the week before and 31% lower YOY.
The average interest rate for 30-year fixed loans fell from 6.40% to 6.30%. This is the lowest level in two months. MBA’s SVP and Chief Economist Mike Fratantoni attributed this to slowing job market data released last week. Slowing employment leads to less demand for housing, typically pushing rates down, and vice versa.…
Lock volumes increased across the board last month, with purchase locks seeing the greatest gains of any March in the past five years.
Rate locks dollar volumes rose by 43% thanks to retreating rates and greater demand, according to Black Knight’s latest Originations Market Report.
Rates fell by 24 bps by the end of the month, impacted by banking sector uncertainty. They are continuing to shrink moving into April, hitting 6.28% last week.
“It is not unusual for rate locks to surge in March ahead of the spring homebuying season, although this year’s rise outpaced what we typically see on a seasonal basis,” said Andy Walden, vice president of enterprise research at Black Knight.
Purchase locks were up 44% month-over-month…
The average mortgage rate declined for another week, giving buyers planning to finance a home this spring a little more bang for their buck.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.28%, down from 6.32% the week prior.
A year ago at this time, the 30-year FRM averaged 4.27%.
The 15-year fixed-rate mortgage increased, however, from 5.56% to 5.64%. A year ago, it averaged 3.91%.
“Mortgage rates continue to trend down entering the traditional spring homebuying season,” said Sam Khater, Freddie Mac’s chief economist.
Retreating rates aren’t enough to bring buyers priced out of the market back.
Mortgage application volume, which had ticked up when rates first began declining, is dropping again as buyers contend…
The average mortgage rate ticked down again this week, but waning banking sector concerns have rates seesawing.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.32%, down from 6.42% the week prior.
A year ago at this time, the 30-year FRM averaged 4.67%.
The 15-year fixed-rate mortgage dipped from 5.68% to 5.56%. A year ago, it averaged 3.83%.
“Economic uncertainty continues to bring mortgage rates down,” said Sam Khater, Freddie Mac’s Chief Economist.
“Over the last several weeks, declining rates have brought borrowers back to the market but, as the spring homebuying season gets underway, low inventory remains a key challenge for prospective buyers.”
Some buyers returned to the market early in order to snag a…
Homebuyers lucked out again this week as rates continued sliding, falling by nearly twenty basis points.
Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.42%, down from 6.60% the week prior.
A year ago at this time, the 30-year FRM averaged 4.42%.
The 15-year fixed-rate mortgage dipped from 5.90% to 5.68%. A year ago, it averaged 3.63%.
“Mortgage rates continued to slide down as financial market concerns came to the fore over the last two weeks,” said Sam Khater, Freddie Mac’s Chief Economist.
“However, on the homebuyer front, the news is more positive with improved purchase demand and stabilizing home prices. If mortgage rates continue to slide over the next few weeks, look for a…
Mortgage applications increased for a third week as buyers take advantage of retreating rates.
The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 3%.
Mortgage rates fell for a second week as a wobbly banking sector pushed treasury yields down. The average interest rate for 30-year fixed loans fell from 6.71% to 6.48%. This is its lowest level in a month.
“Both purchase and refinance applications increased for the third week in a row as borrowers took the opportunity to act, even though overall application volume remains at relatively low levels,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist.
Adjusted purchase applications increased by…
