For the third consecutive week, mortgage rates fell, possibly a sign they’ve now moved past their recent peak. Find out where rates could be heading.Mortgage rates dropped again this week after reaching 20-year highs recently, and economists predict they are likely to continue to decline through the spring homebuying season. The 30-year fixed-rate mortgage averaged 7.44% this week, backing further away from its near-8% high, Freddie Mac reports
‘We’re just looking at every opportunity we have to turn the dial as much as we can to help support homeowners in this difficult market,’ FHA official says Housing affordability hit a 39-year low this year, and the federal government says it’s determined to do something about that.Rising mortgage rates and home prices have made it a lot more expensive to buy a home.For a typical household, buying a median-priced home entails spending near
The 30-year fixed-rate mortgage dropped a quarter of a percentage point this week, as home buyers prove their rate sensitivity.Home buyers rushed to lock in this week’s lower mortgage rates, with applications for home loans seeing their first increase in a month as the average for the 30-year fixed-rate mortgage dipped to 7.5%, according to Freddie Mac and the Mortgage Bankers Association. Purchase applications rose 3% for the week, although th
While that’s unwelcome news for buyers, “homeowners have accumulated sizable wealth,” says NAR Chief Economist Lawrence Yun.Home prices continue to rise in most areas of the country as more home buyers face affordability challenges. The median price nationwide for an existing single-family home in the third quarter was $406,900, which is 2.2% higher than a year prior, according to the National Association of REALTORS®. More than 80% of met
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Help your clients plan ahead so they aren’t blindsided by the fees they’ll pay at the closing table.Home buyers often focus on saving for a down payment, forgetting that they must budget for closing costs, too. And those fees can add up: The average closing costs in the U.S. are $4,243, according to a new study from Assurance IQ(link is external), an insurance provider. On average, home buyers nationwide should plan to budget 1.87% of th
Some Americans who have been priced out of the tight residential real estate market are turning to prefabricated homes, helping to power a nascent recovery in sales of a far less expensive home-buying option.Shipments of manufactured homes were up for five months in a row through August, the most recent month for which data is available, according to the Census Bureau. They have risen by 7% to a seasonally adjusted annualized rate of 89,000 from
As mortgage rates hover near the highest level in more than two decades, homebuyers are turning to riskier mortgage products to help them get into a home.Last week, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.86% from 7.90%, with points falling to 0.73 from 0.77 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Banker
Homebuilders are providing options buyers can’t find in the existing-home sales market.Newly built homes account for a small share of the home sales market, generally around 10%. But builders have grown that percentage this year and will make further gains in 2024. Even with higher mortgage rates, new-home sales are rising because builders are bringing more inventory onto the market than they did before the COVID-19 pandemic. By contrast, the m
The Federal Reserve kept its key short-term interest rate unchanged Wednesday for a second straight time but left the door open to further rate hikes if inflation pressures should accelerate in the months ahead.The Fed said in a statement after its latest meeting that it would keep its benchmark rate at about 5.4%, its highest level in 22 years. Since launching the most aggressive series of rate hikes in four decades in March 2022 to fi
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