2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers
11 months ago

2023 was slowest year for US home sales in nearly 30 years as high mortgage rates frustrated buyers

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low, as sharply higher mortgage rates, rising prices and a persistently low level of homes on the market combined to push homeownership out of reach for many Americans. Last year’s home sales slump echoes the nearly 18% annual decline in 2022, when mortgage rates began rising, eventually more than doubling by the end of the year. Still, a pullback in mortgage rates since late last year, and forecasts calling for a further rate declines this year, is fueling hopes that home sales will begin to bounce back from their dismal showing in 2023. Existing home sales fell 1% from November to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said.

Homes Market Home Sales Sales High Month Rates Buyers Late Mortgage Rates Nar Mortgage Rate  homes  2023  rates  market  sales  million  slowest  buyers  30  mortgage  rate  frustrated  late  high  nar  nearly  month

History of this topic

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November
4 days, 19 hours ago

Average rate on 30-year mortgage snaps 3-week slide and rises to highest level since late November

Associated Press  

The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans. The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage …

US home sales hit fastest pace since March with more properties up for sale
4 days, 21 hours ago

US home sales hit fastest pace since March with more properties up for sale

Associated Press  

Sales of previously occupied U.S. homes rose in November to their fastest pace since March with home shoppers encouraged by a wider selection of properties on the market, even as mortgage rates mostly ticked higher. Despite increasing in November and October, home sales are still running below last year’s pace, when they sank to a nearly 30-year low. “Looks like …

Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year
1 week, 3 days ago

Economists’ 2025 housing market forecasts largely call for mortgage rates to stay above 6% next year

Associated Press  

LOS ANGELES — Home shoppers hoping for more attractive mortgage rates next year may be disappointed. Most of the eight forecasts call for the average rate on a 30-year mortgage to remain above 6% next year, with some including an upper range as high as 6.8%. “Even by the end of next year it’s hard to see sub 6% mortgage …

Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline
1 week, 4 days ago

Average rate on 30-year mortgage hits 6.6%, its third straight weekly decline

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased for the third week in a row, welcome relief for prospective homebuyers during what’s typically a less competitive time of the year for the housing market. The rate dropped to 6.6% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is …

Average rate on a 30-year mortgage in the U.S. falls
2 weeks, 2 days ago

Average rate on a 30-year mortgage in the U.S. falls

LA Times  

The average rate on a 30-year mortgage in the U.S. eased again last week, slipping to its lowest level since late October. Mortgage rates have been mostly rising in recent weeks since sliding to a two-year low of 6.08% in late September after the Federal Reserve cut its benchmark interest rate from a two-decade high for the first time in …

Average rate on a 30-year mortgage in the US falls to 6.69%
2 weeks, 4 days ago

Average rate on a 30-year mortgage in the US falls to 6.69%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased again this week, slipping to its lowest level since late October. Mortgage rates have been mostly rising in recent weeks since sliding to a two-year low of 6.08% in late September after the Federal Reserve cut its benchmark interest rate from a two-decade high for the first time in …

Surprise jump in house prices with fastest rise in two years - as experts warn they will continue to increase
3 weeks, 1 day ago

Surprise jump in house prices with fastest rise in two years - as experts warn they will continue to increase

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy House prices made a surprise jump in November, with experts …

Mortgage approvals to home buyers reach highest level since summer 2022
3 weeks, 4 days ago

Mortgage approvals to home buyers reach highest level since summer 2022

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Homes that are well priced and well presented are …

Average rate on a 30-year mortgage in the US slips to 6.81%
3 weeks, 5 days ago

Average rate on a 30-year mortgage in the US slips to 6.81%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased this week, though it remains near 7% after mostly rising in recent weeks. Despite the low sales activity, inventory has only modestly improved and remains dramatically undersupplied.” Mortgage rates slid to just above 6% in September following the Federal Reserve’s decision to cut its main interest rate for the …

Mortgage rates: Bad news if you’re looking to buy a house in the next two years
1 month ago

Mortgage rates: Bad news if you’re looking to buy a house in the next two years

CNN  

Washington CNN — Americans looking to purchase a home in the next few years will have a tough pill to swallow. Mortgage rates are now expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Wells Fargo economists project mortgage rates to average 6.3% by the end of next year, according …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Hindustan Times  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. Average rate on a 30-year mortgage in the US rises to highest level since July The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. When mortgage rates increase they can add …

Average rate on a 30-year mortgage in the US rises to highest level since July
1 month ago

Average rate on a 30-year mortgage in the US rises to highest level since July

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week, climbing to its highest level since July. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on …

US home sales rose in October, notching their first annual gain in more than 3 years
1 month ago

US home sales rose in October, notching their first annual gain in more than 3 years

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in October, the first annual gain in more than three years, with home shoppers encouraged by easing rates and a pickup in properties on the market. Existing home sales rose 3.4% last month, from September, to a seasonally adjusted annual rate of 3.96 million, the National Association of Realtors said …

Mortgage pain fuels highest rise in home ownership costs in 30 years
1 month ago

Mortgage pain fuels highest rise in home ownership costs in 30 years

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Soaring monthly mortgage payments are …

The average rate on a 30-year mortgage in the US slips to 6.78%
1 month, 1 week ago

The average rate on a 30-year mortgage in the US slips to 6.78%

Associated Press  

The average rate on a 30-year mortgage in the U.S. edged lower this week, ending a six-week climb. The rate slipped to 6.78% from 6.79% last week, mortgage buyer Freddie Mac said Thursday. Last week, bond yields surged on expectations that President-elect Donald Trump’s plans to lower tax rates, increase tariffs and reduce regulation could ultimately lead to higher U.S. …

Number of house sales in pipeline at highest in four years, says Zoopla
1 month, 3 weeks ago

Number of house sales in pipeline at highest in four years, says Zoopla

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy An estimated £113 billion-worth of …

Housing market ‘is reviving’ amid growth in house prices and mortgage approvals
2 months, 3 weeks ago

Housing market ‘is reviving’ amid growth in house prices and mortgage approvals

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “These trends have helped to improve affordability for prospective …

Mortgage approvals for house purchase jump to two-year high in August
2 months, 3 weeks ago

Mortgage approvals for house purchase jump to two-year high in August

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. “Remortgage approvals also picked up after a dip in …

Number of house sales was 5% higher in August than a year earlier
2 months, 3 weeks ago

Number of house sales was 5% higher in August than a year earlier

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Holly Tomlinson, a financial planner at wealth manager Quilter …

US home sales fell in August despite easing mortgage rates, more homes on the market
3 months ago

US home sales fell in August despite easing mortgage rates, more homes on the market

Hindustan Times  

LOS ANGELES — Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased and the supply of properties on the market continued to rise. Sales of previously occupied U.S. homes fell in August to the slowest annual pace in nearly a year even as mortgage rates eased …

Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year
3 months, 3 weeks ago

Average rate on a 30-year mortgage eases to 6.35%, its lowest level in more than a year

Associated Press  

The average rate on a 30-year mortgage eased for the second week in a row and remains at its lowest level in more than a year, good news for prospective homebuyers facing home prices near all-time highs. “Mortgage rates fell again this week due to expectations of a Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. “Rates are …

Fed leader, concerned about jobs downturn, tees up interest rate cuts
4 months ago

Fed leader, concerned about jobs downturn, tees up interest rate cuts

LA Times  

Federal Reserve Chair Jerome H. Powell now sees inflation as less of a threat and maximizing jobs as even more important. But Powell’s emphasis on doing “everything we can to support a strong labor market” gave some economists reason to think that the Fed could make a half-point move next month. Powell said that the pace of policy actions would …

Fears grow for the future of America's favorite home repair stores
4 months ago

Fears grow for the future of America's favorite home repair stores

Daily Mail  

Concerns about the future of two of America's favorite home improvement stores are growing. CEO Marvin Ellison said that elevated mortgage rates have deterred Americans from moving home and carrying out DIY projects. Home Depot rival Lowe's also cut its annual profit and sales forecasts on Tuesday. Customers are putting off large home renovation projects until loan rates come down …

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
4 months, 3 weeks ago

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell this week to its lowest level since early February, easing borrowing costs for prospective homebuyers facing record-high home prices. After jumping to a 23-year high of 7.79% in October, the average rate on a 30-year mortgage has mostly hovered around 7% this year — more than double what it …

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices
5 months ago

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices

Associated Press  

LOS ANGELES — The nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by elevated mortgage rates and record-high prices. Existing home sales sank to a nearly 30-year low last year as the average rate on a 30-year mortgage surged to a 23-year high of 7.79%, according to mortgage …

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
5 months ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for …

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March
5 months ago

Average rate on a 30-year mortgage drops to 6.77%, sliding to lowest level since March

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage dropped this week to a four-month low, a welcome decline in borrowing costs for prospective homebuyers grappling with the challenge of record-high home prices and a dearth of properties on the market. “Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for …

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?
5 months, 2 weeks ago

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?

Associated Press  

LOS ANGELES — The housing market shows few signs of busting out of its three-year funk after a disappointing spring season and amid a gloomy outlook for the summer and fall. The weak spring sales are a reflection of the affordability challenges many home shoppers face: the average rate on a 30-year mortgage rate is moored near 7%; the supply …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
5 months, 3 weeks ago

Market for newly built homes slows as elevated mortgage rates put off many home shoppers

Associated Press  

LOS ANGELES — Homebuilders who bucked the worst of last year’s housing slump may be seeing their luck run out. The recent slowdown in new home sales marks a shift from last year, when sales rose nationally for the first time in two years, climbing 4.2% from a year earlier. As last year, homebuilders have lowered prices and offered incentives …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
5 months, 3 weeks ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Live Mint  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April
5 months, 3 weeks ago

Average rate on a 30-year mortgage eased this week to 6.86%, lowest level since early April

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage eased again this week, extending a welcome trend for prospective homebuyers facing record-high home prices. “The 30-year fixed-rate mortgage continues to trend down, hitting the lowest level in almost three months,” said Sam Khater, Freddie Mac’s chief economist. “By historical standards, the economy is in good shape, and we expect …

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices
6 months ago

US home sales fall for the 3rd straight month in May amid rising mortgage rates, record-high prices

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in May for the third straight month as rising mortgage rates and record-high prices discouraged many prospective homebuyers during what’s traditionally the housing market’s busiest period of the year. “We had low home sales activity, prices are hitting record highs and homes look like they’re still getting multiple offers.” The …

Average long-term US mortgage rate falls again, easing to lowest level since early April
6 months ago

Average long-term US mortgage rate falls again, easing to lowest level since early April

Associated Press  

LOS ANGELES — Home loan borrowing costs eased again this week as the average rate on a 30-year mortgage declined to its lowest level since early April. “Mortgage rates fell for the third straight week following signs of cooling inflation and market expectations of a future Fed rate cut,” said Sam Khater, Freddie Mac’s chief economist. Federal Reserve officials said …

US home sales post second straight monthly drop; house prices accelerate
7 months ago

US home sales post second straight monthly drop; house prices accelerate

Live Mint  

* Existing home sales fall 1.9% in April * Housing inventory increases 9% to 1.21 million * Median house price rises 5.7% to $407,600 from year ago By Lucia Mutikani WASHINGTON, May 22 - U.S. existing home sales unexpectedly fell in April as higher mortgage rates and house prices weighed on demand, dealing another setback to the housing market. Though …

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices
7 months ago

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices

Associated Press  

WASHINGTON — High mortgage rates and rising prices continued to put a damper on the spring homebuying season last month. Existing home sales fell 1.9% to a seasonally adjusted annual rate of 4.14 million in April from a revised 4.22 million in March, the National Association of Realtors reported Wednesday. Homeowners have hesitated to put their houses on the market …

Long-term mortgage rates retreat for second straight week, US average at 7.02%
7 months, 1 week ago

Long-term mortgage rates retreat for second straight week, US average at 7.02%

Associated Press  

The average rate on a 30-year mortgage in the U.S. fell for the second straight week, giving some relief to home shoppers already facing sky-high prices and a shortage of supply. The average 30-year rate fell to 7.02% from 7.09% last week, mortgage buyer Freddie Mac said Thursday. Mortgage rates are influenced by several factors, including how the bond market …

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%
7 months, 2 weeks ago

Average long-term US mortgage rate snaps five-week string of increases, but remains above 7%

Associated Press  

LOS ANGELES — The average rate on a 30-year mortgage fell for the first time in four weeks, a slight relief for home shoppers already facing the challenges of rising housing prices and a shortage of homes for sale. Mortgage rates are influenced by several factors, including how the bond market reacts to the Federal Reserve’s interest rate policy and …

US Existing-Home Sales Decline as Rates Keep Buyers Sidelined
8 months ago

US Existing-Home Sales Decline as Rates Keep Buyers Sidelined

Live Mint  

-- Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices. “Though rebounding from cyclical lows, home sales are stuck because interest rates have not made any major moves,” NAR Chief Economist Lawrence Yun said in a statement. At the current sales pace, selling all …

Average long-term US mortgage rate climbs above 7%
8 months ago

Average long-term US mortgage rate climbs above 7%

Associated Press  

LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. “Last week, purchase applications rose modestly, but it remains unclear how many homebuyers can withstand increasing rates in the future.” AP AUDIO: Average long-term US mortgage rate …

Home sales fall in March with mortgage rates rising
8 months ago

Home sales fall in March with mortgage rates rising

Associated Press  

LOS ANGELES — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. A modest pullback in mortgage rates early this year helped lift home sales in January and February, but rates mostly ticked up in February and March, when many of the home sales that were finalized last …

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March
8 months, 1 week ago

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March

Hindustan Times  

LOS ANGELES — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what's traditionally the busiest time of the year for home sales. How the bond market reacts to the Fed’s interest rate policy, the moves in the 10-year Treasury yield, as well as other factors can influence mortgage …

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March
8 months, 1 week ago

Average long-term US mortgage rate edges closer to 7%, rising to highest level since early March

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate rose to its highest level in five weeks, a setback for prospective homebuyers during what’s traditionally the busiest time of the year for home sales. How the bond market reacts to the Fed’s interest rate policy, the moves in the 10-year Treasury yield, as well as other factors can influence mortgage …

Average long-term US mortgage rate falls slightly, easing borrowing costs for home shoppers
8 months, 3 weeks ago

Average long-term US mortgage rate falls slightly, easing borrowing costs for home shoppers

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate fell slightly this week, welcome news for home shoppers facing rising prices and a stubbornly low inventory of properties on the market this spring homebuying season. The average rate on a 30-year mortgage slipped to 6.79% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. “Mortgage rates moved slightly lower …

February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market
9 months ago

February home sales hit strongest pace in a year as mortgage rates ease and more houses hit market

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in February from the previous month to the strongest pace in a year with homebuyers encouraged by a modest pullback in mortgage rates and more properties on the market. Existing home sales climbed 9.5% last month from January to a seasonally adjusted annual rate of 4.38 million, the National Association …

US new home construction surged last month, as mortgage rates stayed high
9 months ago

US new home construction surged last month, as mortgage rates stayed high

CNN  

Washington, DC CNN — Amid a housing shortage and an affordability crisis, US homebuilding heated up in February as builders anticipate demand for new homes to stay strong. “Lower mortgage rates are likely to bring buyers to the market in larger numbers, and builders are ramping up supply to meet this demand,” said Kelly Mangold of RCLCO Real Estate Consulting, …

Average long-term US mortgage rate declines to levels last seen in early February
9 months, 1 week ago

Average long-term US mortgage rate declines to levels last seen in early February

Associated Press  

LOS ANGELES — Home loan borrowing costs fell for the second week in a row, pulling the average long-term U.S. mortgage rate to its lowest level since early February — good news for prospective home shoppers as the spring homebuying season gets underway. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky …

Mortgage rates tumble for the second week in a row
9 months, 1 week ago

Mortgage rates tumble for the second week in a row

CNN  

Washington, DC CNN — Mortgage rates dropped for the second week in a row, falling nearly a quarter of a percentage point over the past two weeks in the face of stronger-than-expected employment and inflation data. “Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” said Sam Khater, Freddie Mac’s chief …

House prices continue to rise despite higher interest rates, inflation and cost of living
9 months, 3 weeks ago

House prices continue to rise despite higher interest rates, inflation and cost of living

ABC  

In short: Home values rose 0.6 per cent in February, with increases in every capital city except Hobart, according to CoreLogic. Home values rose 0.6 per cent in February, with increases in every capital city except Hobart, according to CoreLogic. "It's pretty unusual for economic conditions to be so weak but the housing market showing this really strong trend," CoreLogic's …

Is this the 'magic' mortgage rate that will kickstart the housing market? Fascinating study reveals rate that could finally spur the majority of aspiring homeowners into buying
9 months, 3 weeks ago

Is this the 'magic' mortgage rate that will kickstart the housing market? Fascinating study reveals rate that could finally spur the majority of aspiring homeowners into buying

Daily Mail  

After the Federal Reserve started lifting interest rates in March 2022, mortgage rates followed suit - and home sales have faltered since. Fixed 30-year mortgage rates are now hovering around 6.9 percent after reaching a 22-year high of 7.8 percent in October, according to Government-backed lender Freddie Mac. Some 72 percent out of 5,000 potential home buyers said they pulling …

Average long-term US mortgage rose again this week to highest level since mid December
10 months ago

Average long-term US mortgage rose again this week to highest level since mid December

Associated Press  

LOS ANGELES — The average long-term U.S. mortgage rate rose this week for the third time in as many weeks, driving up home loan borrowing costs in just as the spring homebuying season ramps up. The average rate on a 30-year mortgage rose to 6.90% from 6.77% last week, mortgage buyer Freddie Mac said Thursday. “Strong incoming economic and inflation …

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