The rate of home price inflation in the United States is expected to decline to about 10 percent by the end of 2022 and slow even further over the next two years, as high housing prices and increased mortgage rates push out prospective buyers, according to a Reuters poll on May 31. Forty-year high consumer…
Inflation of US Housing Market Slows Down as Higher Mortgage Rates Shrink Demand
Mortgage Payment Costs Rise 45 Percent This Year, Worsening Home Affordability
The monthly mortgage payment for a typical home in the United States for new buyers has climbed by 45 percent or about $600 over the previous year, according to the estimates by the National Association of Realtors (NAR). In April, the average monthly mortgage payment for a single-family home increased to $1,900, based on a…
Home Listings Spike as Sellers Look for Buyers While Prices Remain High
May 27, 2022
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Business & Economyeconomyhome listingshome priceshousing marketmortgage interest ratesreal estatesingle-familyUSUS Real Estate
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There has been an increase in home listings during recent weeks as sellers jump to cash in on the current high home prices. New listings climbed almost twice as fast for the four weeks ending May 15 compared to the same period in 2021, according to a May 19 press release by real estate brokerage…
Is the American Dream of Home Ownership Vanishing?
How much money do we really need to buy a home, and can we afford it? These are questions that real estate agents and mortgage professionals hear every day, and the answer is always the same—it all depends on many different factors. Sheetal Sawhney, originating branch manager at CrossCountry Mortgage’s office in North Bergen, New…
US Mortgage Applications Drop as Home Prices Soar
Rising mortgage rates in the United States are hitting the housing industry hard, as several areas in the market are seeing declines, according to the May 24 weekly survey from the Mortgage Banker’s Association for the week ending May 20. The Market Composite Index, a measure of demand for mortgage loan applications, slipped 1.2 percent on a…
Previously Owned Homes Sales In April Fall To Lowest Levels Since The Pandemic
May 20, 2022
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Business & EconomyeconomyinflationInvestmentMarketsreal estateU.S. home salesu.s. real estateUSUS Real Estate
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Sales of previously owned homes in April tumbled for the third straight month to their slowest pace since the start of the pandemic, according to the National Association of Realtors on May 19. Existing home sales fell to a seasonally adjusted annual rate of 5.61 million, while sales were down 2.4 percent from March and…
US Home Construction, Building Permits Stall As Mortgage Rates Rise
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…
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…
Spiraling Home Costs and Mounting Interest Rates Could Slam the Door on First-Time Buyers
A recent survey from the Federal Reserve Bank of New York indicates U.S. households expect home prices to continue to rise at a faster rate over the next year and that the value of their homes will appreciate at a slower rate over the next five years. In addition, the survey shows that most Americans also…
Adjustable Rate Mortgage Demand Rises as Home Buyers Search for Cheaper Loans
May 11, 2022
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adjustable-rate mortgagesBusiness & Economyeconomymortgage applicationmortgage bankers associationmortgage interest ratesreal estateUSUS Real Estate
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Demand for adjustable rate mortgages (ARM) is increasing as homebuyers look for lower interest rates on loans and the share of ARM applications among total mortgage inquiries rises to its highest level in more than two decades, according to the Mortgage Bankers Association (MBA). Mortgage applications to buy a home rose by 5 percent for…
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