Pending U.S. home sales in May edged higher, ending a six-month streak of declines, with a slight rise of 0.7 percent from April, according to the National Association of Realtors on June 27. Month-over-month regional results were mixed with a slight pickup on average, and the Northeast and Southern states experiencing a rise in sales,…
Housing Market Facing Mixed Results As Pending Home Sales Fall Sharply From 2021
June 27, 2022
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US Mortgage Delinquency Rates Hit A Record Low In May
June 25, 2022
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The number of borrowers in a state of delinquency from not making their mortgage payments on time in the U.S. declined five basis points from April at 2.80 percent to 2.75 percent in May, continuing the downward trend since March, with another new low. The national delinquency rate started to decline in March, according to the May…
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…
Demand for Adjustable-Rate Mortgages Surge as Rates Push Higher
June 23, 2022
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Mortgage applications for home purchases rose 8 percent over the week ending June 17 compared with the week before, in part because of rising demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s June 22 seasonally adjusted index. “Purchase applications increased for the second straight week—driven mainly by conventional applications—and the [adjustable-rate mortgage] share of…
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…
US Homebuilder Sentiment Falls to Lowest Level Since Pandemic as Affordability Worsens
June 15, 2022
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American homebuilders have grown more pessimistic about the state of the housing market over the past six months due to increasing interest rates, with sentiment falling to their lowest level since June 2020 at the height of the pandemic. Mortgage demand throughout the country has fallen to less than half of what it was a…
Commercial Property Sales Slowed in Spring 2022 as Rising Interest Rates Deterred Buyers
June 14, 2022
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The U.S. commercial real estate market slowed down for the first time in 13 months, as rising interest rates and inflation caused worries throughout the industry. Commercial property sales for April fell 16 percent from the same month in 2021 to $39.4 billion, according to an MSCI Real Assets report last month. In contrast, total…
Housing Prices Near All Time High Of 2006
American mortgages holders saw their collective tappable equity, the amount owners have available to borrow against a home while retaining a stake of at least 20 percent, increased by a record $1.2 trillion in the first quarter of 2022, according to Black Knight’s Mortgage Monitor Report released on June 6. Mortgage holders have gained a total…
US Home Prices Surged Over 20 Percent in March 2022: Case–Schiller Index
May 31, 2022
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Home prices in the United States soared in the month of March with major cities seeing an increase in prices, according to the latest results from the S&P CoreLogic Case–Shiller Indices. The Case–Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, registered a 20.6 percent annual gain in March 2022,…
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