The battle waged by the Federal Reserve to curb inflation heightens mortgage costs, making homes less affordable for first-time buyers. The average rate on the popular 30-year fixed mortgage is now close to 6 percent, which is about double what it was at the beginning of the year. Consequently, the monthly mortgage payment for a typical home in the…
Monthly Mortgage Payments for Typical Home Rise $800 in Last 6 Months
June 30, 2022
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Monthly Mortgage Payments for Typical Home Rise $800 Since January
June 30, 2022
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Business & MarketseconomyFreddie MacinflationInvestmentmortgage paymentsmortgage ratesreal estateUSUS NewsUS Real Estate
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The battle waged by the Federal Reserve to curb inflation heightens mortgage costs, making homes less affordable for first-time buyers. The average rate on the popular 30-year fixed mortgage is now close to 6 percent, which is about double what it was at the beginning of the year. Consequently, the monthly mortgage payment for a typical home in the…
How Does Fed Chairman Powell View the Housing Market?
By Jeff Ostrowski From Bankrate.com The fate of the housing boom is on the minds of both homeowners and homebuyers these days. Will record home values lead to a crash reminiscent of the one that made the Great Recession so painful? Or will prices simply take a breather from their torrid pace of appreciation? No…
New Home Sales Are Up, But Fewer People Are Looking for New Homes
Two new housing data reports find an increasing volume of new home sales and a drop in the number of people seeking out these properties. What Happened Sales of new single‐family houses in May 2022 were at a seasonally adjusted annual rate of 696,000, according to estimates released by the U.S. Census Bureau and the…
Home Showings Across United States Fall 24 Percent, Mortgage Rates Remain Elevated
Home showings across the United States have fallen, according to a report by the National Association of Realtors (NAR), with all four regions registering a decline. Home showings—when a potential buyer takes a private home tour with an agent—were down by 24 percent year-on-year in May, with total showings across the country at 785,005, said…
45 Housing Markets Have ‘Probability of a Price Decline,’ Says Research Firm
While home prices in the United States have appreciated by more than a third over the past two years, prices are poised to fall in several housing markets over the next 12 months, according to data analyzed by research firm CoreLogic. Among the 392 U.S. housing markets that CoreLogic analyzed in June, it found 45…
Mortgage Rates Jump to Levels Not Seen Since 2008 as Home Affordability Worsens
June 23, 2022
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U.S. mortgage rates rose again last week, reaching close to a 14-year high, according to Freddie Mac in a statement on June 23. The average rate for a 30-year loan hit 5.81 percent, up from 5.78 percent last week, after reaching its largest one-week jump since 1987, while rates diverged from the decline in yields for…
4 Million Americans Priced Out as Home Rents Rise Significantly, Home Loan Qualifications ‘Skyrocket’
June 23, 2022
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Affordable Home OwnershipBusiness & Marketseconomyhome pricesinflationmortgage ratesrental marketUSUS News
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As costs of home ownership rise, millions of Americans have been pushed out of the housing market, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday. At today’s home prices, a first-time buyer would have had to shell out $27,400 (7 percent of the sales price) as a downpayment in April…
Deep Pockets Full of Cash Keeping the Luxury Home Market Going
While inflation runs rampant and mortgage rates continue to inch upward, many luxury home buyers are apparently unaffected as home prices are still escalating through the roof in affluent communities across the United States. April stats from the National Association of Realtors (NAR) indicate over 20 percent of homes priced at $1 million or above…
US Mortgage Rates Rise to 5.78 Percent After Fed Rate Hike, in Biggest Jump Since 1987
June 16, 2022
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U.S. mortgage rates jumped to 5.78 percent in the largest one-week increase since 1987, reported Freddie Mac on June 16, after the Federal Reserve hiked interest rates the day prior, adding further pressure on homebuyers and slowing down the already weak housing market. The average for a 30-year loan jumped to 5.78 percent by more…
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