The housing market is facing a tough start to the spring season. The reason is a mix of higher mortgage rates and worries about the economy. This has led to a slowdown in home sales. In March, sales of previously owned homes dropped by 5. 9% compared to February. This brings the annualized rate to 4. 02 million units. This is the slowest pace since 2009. Compar...
The housing market is seeing some big changes. Buyers are starting to look at riskier loans. This is happening because interest rates are going up. Last week, mortgage rates hit their highest point since February 2023. This jump in rates has made some buyers think twice. But others are turning to loans that might not be the safest bet. The number of people applying ...
The spring housing market is finally kicking into gear, but will buyers be eager to jump in? There are a lot of factors to consider. For starters, mortgage rates and home prices are both quite high. The average 30-year mortgage rate is around 6. 65%, which is a bit lower than it was in January but still pretty steep. Experts think these rates will stick around for a ...
The housing market showed unexpected strength in February. Sales of existing homes went up by 4. 2% from January. This is a significant jump, especially when experts had predicted a 3% drop. However, it's important to note that these sales figures are based on deals that closed in February. This means the contracts were likely signed back in December or January. Duri...
The housing market faced a tough start in January. Sales of previously owned homes dropped by 4. 9% from December. This means fewer people were buying homes than the month before. The main reasons? High mortgage rates and rising prices. Even though there were more homes available, many people couldn't afford to buy. The good news is that sales were up by 2% ...
Last year, Americans bought the fewest homes in nearly 30 years. It's not because people don't want to buy homes; it's because many can't afford to. High housing prices, not enough homes for sale, and rising mortgage rates are making it very hard, especially for first-time buyers. Experts say these issues might not improve soon. The U. S. hasn't been building enough...
In 2024, American home sales hit a new low, falling to numbers not seen since 1995. The reason? Sky-high home prices and high mortgage rates are making it tough for people to buy homes. Previously owned homes, which make up most of the market, saw a total of only 4. 06 million sales last year. That's a real drop! Interest rates on 30-year fixed mortgages peaked at 7...
Lately, inflation has been tough to handle. Last month, prices went up by 2. 9% compared to the same time last year, according to the Labor Department. This shows that the Federal Reserve is still fighting against quick price increases. Last year, the Fed started lowering interest rates to levels not seen since the 2008 financial crisis. They cut rates three times. N...
You might have heard that mortgage rates were dropping a few weeks ago. Well, that's not the case anymore. The average rate for a 30-year mortgage just hit 6. 93%, the highest it's been since early July. This is a big deal because it's the most common type of home loan in the U. S. Why the sudden jump? It's all about the economy. Mortgage rates often follow the yiel...
As 2024 draws to a close, mortgage rates are on the rise again. The average 30-year fixed-rate mortgage is now just below 7%, the highest it's been in six months. This increase comes despite the Federal Reserve's recent rate cut. The central bank, however, is less optimistic about further cuts this year due to persistent inflation and a strong job market. Mortgage ra...