Long-term mortgage rates have remained unchanged this week, despite a slight decline in shorter-term rates. This stability in mortgage rates has done little to boost the housing market, which continues to experience lackluster sales.
The housing market is experiencing a notable shift as mortgage rates drop, leading to a decrease in housing inventory. This trend marks a significant change from the previous years when higher mortgage rates had created an inventory buffer.
Mortgage rates have fallen to their lowest level in over a year, with the average rate for a 30-year fixed home loan dropping to 6.35% from 6.46% last week. This decline is expected to bring some much-needed energy to the housing market, which has been sluggish throughout the summer.
Mortgage rates have dropped to their lowest levels since April 2023 following a weak jobs report. The average rate for a 30-year fixed mortgage fell to 6.4%, providing potential relief for homebuyers who have been struggling with high borrowing costs and steep home prices.
The U.S. housing market experienced a significant downturn in June, with home sales falling to their lowest level since December. This decline is attributed to rising mortgage rates and record-high home prices, which have deterred potential buyers and slowed the market's momentum.
Texas' housing market is experiencing a downturn as both home prices and sales have dropped significantly. The cities of Dallas and Austin have been particularly affected, with notable year-over-year declines in median sale prices and pending sales.
Mortgage refinance demand has surged to its highest level in nearly two years, driven by a significant drop in interest rates. This increase in refinancing activity comes as homeowners seek to take advantage of the lower rates to reduce their monthly payments and overall interest costs.
High mortgage rates, averaging 6.92% in June, along with elevated construction and development loan rates, continue to dampen builder confidence. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) for July fell to 42, the lowest since December 2023.
The dream of owning a home is becoming increasingly difficult for many Americans as hedge funds and investment groups outbid traditional homebuyers by tens of thousands of dollars. This trend is exacerbating the already tight housing market, making it particularly challenging for first-time buyers and those relying on mortgages.
Mortgage rates have risen for the first time since May, with the national average for a 30-year fixed-rate mortgage increasing to 6.95% from 6.86% last week. This marks the end of a four-week decline and brings rates back to mid-June levels.
In a surprising turn of events, mortgage rates for both 15- and 30-year terms have significantly dropped as of July 8, 2024. This decline comes after a period of fluctuating rates and offers a potential boon for prospective homebuyers and those looking to refinance their existing loans.
U.S. home prices have surged to a new all-time high, causing a 5% drop in pending sales. This marks the biggest decline in pending sales since February, despite an increase in new listings and a slight decrease in monthly housing payments due to lower mortgage rates.
US mortgage rates have fallen below 7% for the first time since March, leading to a surge in financing applications for home purchases. This decline in rates is seen as a potential catalyst for revitalizing the housing market, which has been struggling with high prices and affordability issues.
The US real-estate market is on the brink of a significant correction, with property prices potentially dropping by 30%, according to Chris Vermeulen, a veteran strategist and founder of The Technical Traders. Vermeulen's forecast suggests both residential and commercial properties could experience substantial distress in the coming years.
U.S. existing home sales fell for the third consecutive month in <a href="/history/2024/may/">May</a>, as record-high prices and rising mortgage rates deterred potential buyers. Despite an increase in housing inventory, affordability remains a significant issue, with many buyers sidelined due to the high costs and interest rates.