Mortgage rates increased for a third consecutive week, pushing averages closer to 7% and adding pressure to buyers. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.96%, up from 6.90%. A year ago at this time, the 30-year FRM averaged 5.22%. The 15-year fixed-rate mortgage also increased, up to 6.34% from…
Despite being the largest cohort of potential homebuyers in the country, Millennials are lagging behind other generations in purchases. That applies to Baby Boomers now – who are snatching up the few homes for sale thanks to home equity and greater savings – and Boomers when they were the same age as Millennials today. Just…
Homebuyers and sellers were feeling pessimistic about the market last month due to affordability and job security concerns. Leaders at Fannie Mae said the Home Purchase Sentiment Index fell by 3.6 points in February, breaking three straight months of increases and pushing the index closer to a record low recorded last October. “The decline was…
By KIMBERLEY HAAS The housing market traditionally cools during the holiday season as people focus on family and friends but industry leaders say it is a good time for potential sellers and buyers to weigh their options. After mortgage rates recently surged above 7%, real estate activity and consumer sentiment took a nosedive. Home delistings…
By CHUCK GREEN Despite a plethora of obstacles, there are prospective buyers chomping at the bit to purchase a home, according to experts. On Wednesday, Zillow Home Loans Senior Economist Matthew Speakman released a statement on mortgage rates dropping after a report on inflation showed that price pressures may finally be easing. “The arrival of…
Existing-home sales dropped for the eighth straight month in September, down 1.5% from August and 23.8% YOY, according to the most recent data from the National Association of Realtors. Sales fell to a seasonally adjusted annual rate of 4.71 million and declined in three of the four major regions. The West saw no change. “Despite…
Most housing markets still favor sellers despite increasing buyer-friendliness, especially in more affordable markets in the South and Midwest. Knock’s Buyer-Seller Market Index found that 71 of America’s 100 largest housing markets still remain seller’s markets. “Although the general consensus is the housing market is undergoing a much-needed reset, which is welcome news to many…
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…
In a reversal of a pandemic trend, competition for low-priced homes has surpassed that for mid- and high-priced homes, according to a new Zillow analysis. July saw inventory rise 11% month-over-month and 19.3% YOY in the most expensive third of the housing market, while the middle third also saw a 12.7% MOM and 17.3% YOY…
Affordability is at a 15-year low, with mortgage payments up in 45 of the 50 largest U.S. metros, according to Zillow’s latest market report. Buying a typical U.S. home with interest rates of 5.78% would result in monthly payments of $2,127. That’s up 36% year to date, and 51% YOY. Those monthly payments would account…
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