Down payments are getting bigger as home prices inflate and buyers strive to lower their monthly payments while competing with cash offers. The typical homebuyer put down 18.6% of the purchase price, new Redfin data showed, totaling more than $67,000 and up from 15% last year. Almost three in five buyers put down at least…
Buyers are paying less per month on housing than in April, and even better results are on the horizon. Redfin reports that the typical buyer’s housing payment was $2,588 during the four weeks ending August 11, almost $250 below April’s all-time high and up only 1% year-over-year. This is the smallest YOY increase in the…
Mortgage applications reversed course last week, turning down after getting a refi-inspired boost the week prior. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — fell by 2.2%, cutting into its 3.9% increase. Adjusted purchase applications decreased by 4%, while the unadjusted…
Existing-home sales continued to their downward spiral in June as buyers take a “wait and see” approach to cooling rates. Existing sales plummeted by 5.4% last month to a seasonally adjusted annual rate of 3.89 million, according to the National Association of Realtors. They were down the same amount YOY. The slump came as the…
Mortgage applications spiked after a few tough weeks on lower mortgage rates, though the bump didn’t last long. The Mortgage Bankers Association’s weekly survey shows that the adjusted Market Composite Index — a measure of mortgage loan application volume — jumped by 15.6%, reversing last week’s 5.2% dip. Adjusted purchase applications increased by 9%, while…
More mortgages are being taken out by Millennial and Gen Z buyers than their older counterparts, a trend boosted by Zoomers’ thirst for homeownership. A new analysis from Redfin found that two in five — just shy of 40% — of new mortgages issued in 2023 went to homebuyers under 35, while an additional 26.5%…
The South has lost its sparkle for American movers in the post-pandemic world, but that could change as the region doubles down on producing affordable inventory. More than half of all available inventory in April 2024 was concentrated in Southern states, according to an analysis by Realtor.com. They also boasted the most new listings at…
The cost of buying a home hit another record high as rising rates intersected with home price growth. The median U.S. home sale price increased 5% YOY to $380,250 during the four weeks ending April 14. This is just a few grand below June 2022’s all-time high. At the same time, mortgage rates have jumped…
The number of renters who believe they’ll never afford a home has skyrocketed in the last year as rates rose and stock shortages lifted home prices out of their late-2023 spiral. A recent Redfin survey found that close to 38% of renters believe they are unlikely to become homeowners, up from 27% at the same…
Mortgage rates are marching towards 7% again as inflationary pressures threaten their stability. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.88%, up from the week prior’s 6.82%. A year ago at this time, the 30-year FRM averaged 6.27%. The 15-year fixed rate increased from 6.06% to 6.16%. A year ago,…
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