Mortgage rates bumped back up this week but overall remain in the low 6% range, contributing to a subdued but steady spring market, according to economists. The average mortgage rate ticked increased 7 basis points to 6.30%, up from 6.23% last week, and back to the same point from two weeks ago, according to the…
Mortgage applications decreased this week but economists say homebuying sentiment has improved over this time last year thanks to an increase in homes on the market. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and includes purchases and refinances—decreased 1.6% on a seasonally adjusted…
Mortgage rates have reached their lowest point since mid-March but economists worry inflation and economic uncertainty caused by tensions in the Middle East will result in temporary decreases versus more sustained stability. The average mortgage rate ticked down 7 basis points to 6.23%, down from 6.30% last week, according to the latest Primary Mortgage Market…
An average of 7.6% of potential homebuyers searching on Zillow also shop for rentals, according to Zillow’s new report on “dual shoppers,” highlighting the continued affordability challenges faced across the U.S. as buyers weigh their options. Overall, in the U.S., Zillow found that it is typically $415 cheaper to rent than own (including mortgage payments,…
Despite ongoing geopolitical uncertainty, recent mortgage rate declines have boosted mortgage application activity for a second week in a row. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and includes purchases and refinances—increased 7.9% on a seasonally adjusted basis from last week’s 1.8% increase,…
Editor’s Note: The RISMedia series Legislative Round-Up looks at pending and passed federal and state-level legislation that impacts real estate professionals. Illinois Realtors® back Governor JB Pritzker’s housing plan to revise zoning Illinois Governor JB Pritzker, who has been speculated as a 2028 Democratic presidential candidate, appears to be cultivating a relationship with the Illinois…
A record share of home sellers are slashing prices as the housing market increasingly favors buyers, according to new analysis from Redfin. According to the report, 34.2% of February home sellers lowered their list price—the highest February share in records dating back to 2012, up from 31.5% a year earlier. The data reveals a market…
Indexes tracking home-purchase and refinance application activity both saw increases this week, supported by a 9-basis-point decrease in mortgage rates last week that followed easing of tensions in the Middle East. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan activity volume and includes purchases and refinances—increased…
The rate lock-in effect has been a concern on the minds of many in real estate over recent years as mortgage rates have mostly stayed in the 6%-7% range. Homeowners with rates in the 2%-3% range, while they could potentially afford the price of a new home in selling their current one, have reportedly felt…
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With geopolitical tensions still looming over the housing market (and the economy), the latest existing-home sales data from the National Association of Realtors® (NAR) did not paint a picture of a strong spring market ahead. However, despite sales lagging, inventory and affordability show definite year-over-year improvements, a possible bright light at the end of the…
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