Mortgage rates held steady this week, remaining unchanged from last week but still lingering at a near three-year high–a level one economist says is having a “chilling effect” on the housing market. The latest Freddie Mac Primary Mortgage Market Survey® released Thursday shows the average 30-year fixed-rate mortgage rate remaining at 7.40%, the same level…
The Iran War continues to weigh heavily on the economy and the housing market, with mortgage rates returning to the 7% range as inflation remains elevated. With rates now peaked at nearly a three-year high, a new report from Redfin found that housing affordability is once again being eroded and home sales are paying the…
As mortgage rates for traditional 30-year fixed-rate loans reached a near three-year high last week, buyers are increasingly turning to adjustable-rate mortgage (ARM) applications to reduce their monthly costs. Economists have watched the ARM share of overall applications climb to one-year high of 10.5% in recent weeks, driven by introductory rates that sit almost a…
Borrowers looking to purchase or refinance their homes continue to sit on the sidelines, hesitant to make a move as mortgage rates sailed past the seven-percent mark and arrived at their highest level in almost three years–at one point hitting 7.49% last week. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure…
Young adult homeownership rates are at risk of declining unless the U.S. population grows, according to an analysis by Harvard’s Joint Center for Housing Studies (JCHS). U.S. population growth, however, may not be able to provide the requisite pipeline of new homebuying young adults due to a smaller Gen Alpha birth cohort and declining immigration.…
Realtor.com announced that the ‘Let America Build’ campaign put on a first-of-its-kind mobile activation highlighting the national housing supply crisis in Boston, driving a glass house mounted on a truck through the city streets, symbolizing America’s staggering 4.03 million-home supply gap. According to a release, the campaign aims to inform the public, elevate housing supply…
Mortgage rates continue to climb, this week reaching their highest point since January 2025, and leaving buyers with an uphill battle at a time when the summer lull typically retreats. And, with a swath of housing indicators–existing home sales, pending home sales, home purchase applications–hitting recent lows or reaching negative territory along with no sign…
Homebuyers and owners looking to refinance pushed the pause button again this week as rates soared over 7%, a move economists attribute to ongoing economic uncertainty and geopolitical forces, namely the continuing conflict in the Middle East. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and…
From portal giants to brokerages, associations, lenders, nonprofits, industry media outlets and more, colleagues from across the real estate industry today came together to launch “Let America Build,” a national public awareness campaign grounded on a simple premise: If America wants more homes, America must build more homes. According to a release detailing the new…
Mortgage rates ticked up again this week, seemingly caught in an ongoing cycle of upward pressure as renewed tensions in the Middle East drive oil prices higher, stoke inflation concerns and push Treasury yields up, bringing mortgage rates along with them. This past week, rates reached a 14-month high at 6.76% for the average 30-year…
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