After January’s “weakest start to a year for home prices since the early 2010s,” as noted by Bright MLS Chief Economist Lisa Sturtevant, home-price growth has now effectively “stalled” in February, according to the latest data. The February S&P Cotality Case-Shiller Home Price Index saw a 0.7% year-over-year gain in home prices, shrinking from the…
Consumer views on the economy continue to muddle for another month as the Iranian conflict looms over oil and gas prices, according to the latest Survey of Consumers from the University of Michigan. The index of Consumer Sentiment fell 6.6% month-over-month to 49.8 (from 53.3 in March), down 4.6% year-over-year and is “now comparable to…
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…
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,…
The potential of a spring boom appears to still be on the table as pending home sales recorded another uptick in March, according to the latest data from the National Association of Realtors® (NAR). The future outlook, however, continues to be on shaky ground as the Iranian conflict persists. NAR’s Pending Home Sales report found…
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…
‘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,…
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As the eyes of many are on the Federal Reserve, eagerly looking forward to the first rate cut of 2026, the market has been awaiting the latest inflation data to help fill in some pieces of the puzzle ahead of the next Federal Open Market Committee (FOMC) meeting this month. While inflation came in largely…
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…
In a rebound from February’s downcast numbers, a report from the Bureau of Labor Statistics on April 3 showed the U.S. economy gaining 178,000 jobs in March, with the unemployment rate sliding slightly to 4.3%. Job gains occurred in healthcare, construction and in transportation and warehousing. Federal government employment continued to decline. Average wages were…
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