As the new week starts, mortgage rates are hovering just above 7% for a top-tier conventional 30-year fixed scenario, maintaining the levels seen last Friday, marking the highest rates in recent weeks. The spike in rates last Thursday was primarily due to robust economic data, a crucial factor impacting rate movements. The Federal Reserve (Fed) […]
The recent policy rate hike by the Federal Reserve has caused fluctuations in mortgage rates, leading to uncertainty among potential borrowers. However, it’s essential to understand that the two events are not directly related, as the rate increase was already factored into the day before’s mortgage rates, which actually moved lower later in the day. […]
Pending Home Sales Indicate Possible End to Housing Recession In June, pending home sales registered a modest 0.3% increase, marking the end of a three-month decline. This rise, primarily due to heightened activity in the Northeast and Midwest, brought the National Association of Realtors’ (NAR) Pending Home Sales Index (PHSI) to 76.8. The PHSI, an […]
As mortgage rates rose last year, activity in the housing market slowed down. And as a result, homes started seeing fewer offers and stayed on the market longer. That meant some homeowners decided to press pause on selling. Now, however, rates are beginning to come down – and buyers are starting to reenter the market. In fact, […]
If you’ve been following the housing market over the last couple of years, you’ve likely heard about growing affordability challenges. But according to experts, the key factors that determine housing affordability are projected to improve this year. Selma Hepp, Executive, Deputy Chief Economist at CoreLogic, shares: “. . . with slowly improving affordability and a more optimistic economic […]