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…
The post The Upsizing Question: How Does Rate Lock Impact Move-Up Transactions? appeared first on RISMedia.
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…
‘In a holding pattern’ is how economists are describing the spring market moving into April, with more policy stability and conflict resolution needed to move buyers and sellers back from the sidelines. The average mortgage rate ticked down 9 basis points to 6.37% this week, down from 6.46% last week after several weeks of increases,…
The post Rates Ease Following Mideast Ceasefire appeared first on RISMedia.
Data tracking home purchase and refinance applications showed decreases in both indexes again this week in the wake of ongoing economic uncertainty and steadily rising mortgage rates. 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 0.8% on a seasonally…
Editor’s note: Econ Review is a roundup of the month’s housing and economic market data reports. The housing market is built on data. Home prices, home sales, construction rates coupled with economic data like inflation, jobs, interest rates—it all creates the ecosystem that is the housing market. Understanding the state of the market means understanding…
The average 30-year fixed mortgage rate increased for the fifth consecutive week, rising to 6.46% as the ongoing war in Iran continues to roil financial markets, economists said. The average mortgage rate ticked up 8 basis points to 6.46% this week, according to the latest Primary Mortgage Market Survey® (PMMS®), released by Freddie Mac Thursday,…
With mortgage rates climbing to their highest point since August recently, the role of steadily increasing home purchase application and refinance activity has reversed, with both indexes by the Mortgage Bankers Association (MBA) showing sharp decreases this week. According to the latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure of mortgage loan…
Despite a trend of significant depreciation in home-price growth, home prices remain elevated overall. Coupled with rising mortgage rates, elevated inflation and wages not rising in tandem with home prices, affordability still feels out of reach for many in the housing market. However, while homeownership remains widely unaffordable, there are minor improvements being seen, according…
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