Home construction in the United States fell in April to a five-month low, due to the highest mortgage rates in decades and an ongoing supply crisis that has snarled supply chains, according to a Commerce Department’s Census Bureau report on May 18. Rising mortgage rates caused by interest hikes by the Fed have contributed to…
Housing Beat: Mortgage Rates Keep Climbing as Inventory Levels Slowly Expand
More homebuyers were taking out mortgages despite climbing rates while the tight housing inventory is showing signs of improving. Nonetheless, many homebuyers are not optimistic about the housing market’s near future. On the Homebuying Front Freddie Mac reported the 30-year fixed-rate mortgage averaged 5.30 percent as of May 12, up from last week when it averaged…
Mortgage Rates Rise, With Monthly Payments Up Around 30 Percent From Last Year
Average long-term U.S. mortgage rates continue to climb again this week, with interest rates for key 30-year mortgage loans hitting their highest level since 2009, according to Freddie Mac on May 12. The news adds more financial strain on potential home buyers, as the competitive spring and summer markets heat up. Forty-year high inflation, rising…
Housing Bubble 2.0? Correction Fears Intensify as Price, Median Income Gap Widens
The U.S. economy is currently experiencing the hottest real estate market on record, S&P/Case-Shiller U.S. National Home Price Index data show. In February, home prices surged more than 19 percent year-over-year, with the average residential property selling close to $300,000. The last time the U.S. real estate market recorded such exceptional growth was during the…
Hot Housing Market Sees Double-Digit Price Growth in 70 Percent of Metro Areas
Home prices rose by double digits in a record number of markets in the first quarter of 2022 even as mortgage rates rose and home sales declined, according to the National Association of Realtors (NAR). In the first quarter of 2022, 70 percent of 185 measured metros saw double-digit annual price gains, which is up…
New Single Family Home Sales Fall in March, Mortgage Rates Rise: Census Bureau and Housing Department
April 27, 2022
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Business & Economyeconomymortgage ratesnew home salesreal estatesupply chain disruptionUSUS NewsUS Real Estate
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Sales of new single-family houses dropped to the lowest level in four months in March 2022 amidst a rise in mortgage rates, according to the latest data from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. “Sales of new single‐family houses in March 2022 were at a seasonally adjusted annual…
US Mortgage Applications Decline as Interest Rates Hit 12-Year High
April 20, 2022
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Mortgage applications in the United States fell for the sixth straight week as mortgage rates rose to a 12-year high, causing home purchases and refinancing applications to fall, according to the latest survey by the Mortgage Bankers Association (MBA) on April 20. The Market Composite Index (MCI), a measure of mortgage loan application volume, showed a 5…
Existing Home Sales Dip as Mortgage Rates Spike, House Prices Hit Record High
Sales of previously-owned homes in the United States fell in March as mortgage rates climbed to a 12-year high, leading mortgage refinance demand to plunge by an annual 68 percent while house prices hit a new record. Total existing-home sales fell 2.7 percent over the month and 4.5 percent over the year in March, marking the…
Mortgage Refinance Applications Dip 62 Percent as Rates Rise at Faster-Than-Expected Pace
Mortgage refinance demand dropped for the week ending April 8 according to the Mortgage Bankers Association (MBA), while it also expects refinance originations to drop by double digits in 2022. MBA’s Refinance Index slipped 62 percent for the week when compared to the same week a year back. The index was lower by 5 percent…
Mortgage Rates Climb to Highest Point in Over a Decade as Home Sales Tumble
April 15, 2022
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Business & Economyeconomyfalling home salesMarketsmortgage applicationmortgage ratesreal estateUSUS NewsUS Real Estate
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Mortgage rates across the United States have been steadily increasing over the past several weeks and are now approaching record high levels. Fixed-rate 30-year mortgage loan rates rose for the sixth consecutive week, rising by 28 basis points from 4.72 to 5 percent for the week ending April 14, Freddie Mac reported. This is the…
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