US Existing-Home Sales Decline as Rates Keep Buyers Sidelined
11 months, 1 week 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 the properties on the market would take 3.2 months, compared with a 2.7-month supply in March of last year. “It’s a great time to list with ongoing multiple offers on mid-priced properties and, overall, home prices continuing to rise.” Some 60% of the homes sold were on the market for less than a month, and 29% sold above the list price, Yun said on a call with reporters.

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History of this topic

US home sales rose in February as mortgage rates eased and more homes put up for sale
1 week, 1 day ago

US home sales rose in February as mortgage rates eased and more homes put up for sale

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes rose in February as easing mortgage rates and more properties on the market encouraged home shoppers. Existing home sales rose 4.2% last month from January to a seasonally adjusted annual rate of 4.26 million units, the National Association of Realtors said Thursday. There were 1.24 million unsold homes at the end …

Mortgage rates have declined but could stay at a level that makes it tough to afford a home
3 weeks, 1 day ago

Mortgage rates have declined but could stay at a level that makes it tough to afford a home

Associated Press  

LOS ANGELES — Mortgage rates have been mostly declining in recent weeks, helping encourage prospective home shoppers just as the spring homebuying season gets going. Mortgage rates are influenced by several factors, including bond market investors’ expectations for future inflation, global demand for U.S. Treasurys and the Federal Reserve’s interest rate policy decisions. While one could say the bond market …

EXp Realty CEO expects US home sales will rise modestly this year and a more buyer-friendly market
3 weeks, 1 day ago

EXp Realty CEO expects US home sales will rise modestly this year and a more buyer-friendly market

Associated Press  

LOS ANGELES — Elevated mortgage rates and rising home prices are freezing out many would-be buyers, keeping the U.S. housing market in a sales slump dating back to 2022. Still, after years of skyrocketing home prices, these trends may not make much of a difference for many prospective home shoppers, especially first-time buyers who don’t have equity in a property …

Average US rate on a 30-year mortgage falls for sixth-straight week to lowest level since December
1 month ago

Average US rate on a 30-year mortgage falls for sixth-straight week to lowest level since December

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased for the sixth week in a row, a welcome boost in purchasing power for home shoppers just as the annual spring homebuying season gets going. The average rate fell 6.76% from 6.85% last week, mortgage buyer Freddie Mac said Thursday. Sales of previously occupied U.S. homes fell in January …

Pending US home sales slide to all-time low in January on rates, prices, maybe weather
1 month ago

Pending US home sales slide to all-time low in January on rates, prices, maybe weather

Associated Press  

Pending home sales in the United States slid to an all-time low in January as high mortgage rates, record-high home prices, and possibly the terrible weather last month hindered those seeking to buy. The National Association of Realtors said Thursday that its Pending Home Sales Index, which is an indicator of home sales based on contract signings, declined 4.6% to …

January home sales fall as high mortgage rates, prices freeze out would-be buyers
1 month, 1 week ago

January home sales fall as high mortgage rates, prices freeze out would-be buyers

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in January as rising mortgage rates and prices put off many would-be homebuyers despite a wider selection of properties on the market. “When combined with elevated home prices, housing affordability remains a major challenge.” The U.S. housing market has been in a sales slump dating back to 2022, when mortgage …

US single-family housing starts tumble in January
1 month, 1 week ago

US single-family housing starts tumble in January

Live Mint  

WASHINGTON, Feb 19 - U.S. single-family homebuilding fell sharply in January amid disruptions from snowstorms and freezing temperatures, with a rebound likely to be limited by higher costs from tariffs on imports and elevated mortgage rates. Single-family housing starts, which account for the bulk of homebuilding, dropped 8.4% to a seasonally adjusted annual rate of 993,000 units last month, the …

Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%
1 month, 4 weeks ago

Average rate on 30-year mortgage eases for second week in as row, but remains just below 7%

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased for the second week in a row, but remains just below 7%, little relief for prospective home shoppers looking ahead to the spring homebuying season. The average rate on a 30-year mortgage briefly fell to a 2-year low just above 6% last September, but has been mostly rising since …

US home sales in 2024 fell to the lowest level in nearly years as prices, and mortgages, soar
2 months ago

US home sales in 2024 fell to the lowest level in nearly years as prices, and mortgages, soar

Associated Press  

LOS ANGELES — Sales of previously occupied U.S. homes fell in 2024 to a nearly 30-year low for the second time in as many years as elevated mortgage rates, rising home prices and few properties on the market freeze prospective homebuyers out of the market. The National Association of Realtors said Friday that existing U.S. home sales totaled 4.06 million …

Average rate on 30-year mortgage slips below 7% after climbing five weeks in a row
2 months ago

Average rate on 30-year mortgage slips below 7% after climbing five weeks in a row

Associated Press  

The average rate on a 30-year mortgage in the U.S. eased this week to just below 7%, its first decline after climbing five weeks in a row. Mortgage applications edged up last week, but have been subdued in recent weeks as the average rate on a 30-year home loan hovered around 7%, according to the Mortgage Bankers Association. Mortgage rates …

Mortgage rates have climbed above 7%. Here's how we got here and what it means
2 months, 1 week ago

Mortgage rates have climbed above 7%. Here's how we got here and what it means

NPR  

Mortgage rates have climbed above 7%. Here's how we got here and what it means toggle caption Brandon Bell/Getty Images/Getty Images North America Mortgage rates hit 7% for the first time since May 2024 on Thursday, providing another drag in an already tough housing market. The climbing mortgage rates come even after the Federal Reserve cut interest rates by a …

Sales of new homes up 69%; Demand for housing will continue to rise
2 months, 2 weeks ago

Sales of new homes up 69%; Demand for housing will continue to rise

NL Times  

Statistics Netherlands reported that the number of newly-built homes sold in the Netherlands rose by over 69 percent in the third quarter of last year compared to the same period a year earlier. Experts at ING predict that the demand for owner-occupied homes in the Netherlands will likely increase further this year, resulting in even higher home prices. The number …

Bad news for homebuyers in the Northeast and Midwest
2 months, 3 weeks ago

Bad news for homebuyers in the Northeast and Midwest

CNN  

CNN — Potential home shoppers in the Northeast and Midwest may be in for disappointment: Despite signs of cooling in the last year’s intensively competitive housing market, a new report from Zillow says some areas will stay especially competitive this year. Buying a home has grown more difficult for many Americans amid elevated mortgage rates and a lack of affordable …

Mortgage rates inch closer to 7% to close out 2024
2 months, 3 weeks ago

Mortgage rates inch closer to 7% to close out 2024

CNN  

New York CNN — Mortgage rates are climbing again, in yet another unwelcome sign to homebuyers. That’s the highest level in nearly six months and is also up from the prior week when mortgage rates averaged 6.85% versus the latest week’s average of 6.91%. The latest uptick in mortgage rates comes despite the Federal Reserve’s quarter-point interest rate cut last …

Homeowners have no incentive to sell. Here’s why
2 months, 4 weeks ago

Homeowners have no incentive to sell. Here’s why

CNN  

CNN — This year, America’s once-in-a-generation housing slump deepened — but 2025 may not see much improvement. Here’s what economists expect of the housing market in 2025: Homeowners are still locked in The US housing market is on track for its worst sales year in nearly three decades, according to NAR data. “It’s become more of a buyer’s market this …

US New-Home Sales Rebound in November After Storm-Stricken Month
3 months ago

US New-Home Sales Rebound in November After Storm-Stricken Month

Live Mint  

-- New-home sales in the US rebounded last month as builders and consumers sealed deals that had been delayed by storms in the South, and buyers took advantage of heavy sales incentives. Sales of new single-family homes increased 5.9% last month to a 664,000 annualized rate, according to government data issued Monday. Builders last month played catchup especially in the …

US home sales hit fastest pace since March with more properties up for sale
3 months, 1 week 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
3 months, 2 weeks 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 …

Trump may renew a housing fight that could rattle mortgage rates
3 months, 3 weeks ago

Trump may renew a housing fight that could rattle mortgage rates

CNN  

CNN — During his second term, President-elect Donald Trump is widely expected to privatize Fannie Mae and Freddie Mac, the mortgage giants that guarantee 70% of America’s mortgages. The government’s stake in the two mortgage giants could be valued at billions of dollars, meaning a spinoff would potentially net a big payday for the government and private investors in the …

Expert explains why Americans should NOT buy a new home in 2025
3 months, 4 weeks ago

Expert explains why Americans should NOT buy a new home in 2025

Daily Mail  

A real estate expert has issued a warning to prospective home buyers over the next ten years, saying that Americans face a 'catch-22' when it comes to real estate. TikToker @hardmoneyguy has issued a warning to prospective home buyers over the next ten years, saying that Americans face a 'catch-22' when it comes to real estate According to the creator, …

Average rate on a 30-year mortgage in the US slips to 6.81%
4 months 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
4 months, 1 week 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
4 months, 1 week 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
4 months, 1 week 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
4 months, 1 week 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
4 months, 1 week 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 …

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win
4 months, 4 weeks ago

Mortgage rates are rising. Experts cite economic strength, inflation and possible Trump win

LA Times  

Mortgage rates have been on the rise despite recent action from the Federal Reserve. In September, the Federal Reserve lowered its benchmark interest rate for the first time since 2020, giving hope to prospective home buyers that mortgage rates would follow suit. “They are saying ‘What’s going on?’” The fact that mortgage rates have gone up despite the cut underscores …

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

Mortgage Rates Continue to Rise as Economic Data Remains Strong
5 months ago

Mortgage Rates Continue to Rise as Economic Data Remains Strong

CNN  

Mortgage rates rose again this week, marking the fourth consecutive weekly increase. The average rate on a standard, 30-year fixed mortgage was 6.54% in the week ending October 24, 2023, the highest level since early August but still below this year's high of 7.22% seen in early May. Expectations of a Fed rate cut caused mortgage rates to drop to …

US economy exceeded expectations for job growth last month, data shows
5 months, 3 weeks ago

US economy exceeded expectations for job growth last month, data shows

Daily Mail  

The US economy far exceeded expectations for job growth last month, according to new data released Friday. The Fed's benchmark interest rate does not directly affect mortgage rates, but home loan costs tend to dip alongside rate cuts. 'Although mortgage rates have relented substantially, they bounced back somewhat this week as investors and the Fed disagree somewhat on the likely …

China Home Sales Slump Intensified in September, Before Stimulus
5 months, 4 weeks ago

China Home Sales Slump Intensified in September, Before Stimulus

Live Mint  

China’s residential slump deepened in September before the government released a basket of measures to put a floor under the yearslong property crisis. The value of new-home sales from the 100 biggest real estate companies fell about 37.7% from a year earlier to 251.7 billion yuan, faster than the 26.8% decline in August, according to preliminary data from China Real …

Number of house sales was 5% higher in August than a year earlier
6 months 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
6 months, 1 week 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 …

Will interest rate decline shake up California housing market?
6 months, 1 week ago

Will interest rate decline shake up California housing market?

LA Times  

The interest rate on a 30-year fixed mortgage has fallen from above 7% in May to the low 6% range as of last week. For many prospective homebuyers, the last two years have been brutal as high home prices and mortgage rates produced the most unaffordable housing market since the 2000s bubble. Experts attribute the recent decline in mortgage rates …

In New Zealand, interest rates have started to fall. This is the impact on the housing market
6 months, 3 weeks ago

In New Zealand, interest rates have started to fall. This is the impact on the housing market

ABC  

Across the ditch, economists say New Zealanders can now see "the light at the end of the tunnel" of high interest rates after the country's central bank announced the first cut in more than four years and signalled more were on the way. "The first cut is the deepest, to quote Rod Stewart," ANZ chief economist in New Zealand Sharon …

The 10 housing markets which are set to become affordable as mortgage rates drop
7 months ago

The 10 housing markets which are set to become affordable as mortgage rates drop

Daily Mail  

Mortgage rates are on the decline, which could mean some housing markets are set to become much more affordable. The biggest winner would be Lakeland, Florida, which would see the biggest increase in affordable listings if mortgage rates fell, Realtor.com found. The biggest winner would be Lakeland, Florida, which would see the biggest increase in affordable listings if mortgage rates …

Fears grow for the future of America's favorite home repair stores
7 months, 1 week 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 …

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving
7 months, 2 weeks ago

Wall Street 'Oracle' reveals the mortgage rate magic number which will get the housing market moving

Daily Mail  

Mortgage rates have fallen to their lowest level in 15 months - but one expert is warning a bigger drop is needed to kickstart the frozen housing market. Meredith Whitney said that mortgage rates need to hit 6 percent or below in order to kickstart the frozen market The average 30-year fixed-rate mortgage eased to 6.47 percent this week, according …

Average rate on a 30-year mortgage falls to 6.73%, lowest level since early February
7 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
8 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 …

The US housing slump deepened this spring. Where does that leave home shoppers and sellers?
8 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 …

High interest rates are hurting people. Here’s why it’s worse for Californians
9 months ago

High interest rates are hurting people. Here’s why it’s worse for Californians

LA Times  

By the numbers, the overall U.S. economy may look good, but down at the street level the view is a lot grimmer and grittier. “I’ve been really sacrificing a lot to get to this point to purchase a home and now I just feel like I got here but I didn’t work quick enough because interest rates have gotten the …

Market for newly built homes slows as elevated mortgage rates put off many home shoppers
9 months 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
9 months 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
9 months, 1 week 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
9 months, 1 week 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 …

They bought homes with the intention to refinance. Now they’re stuck
9 months, 4 weeks ago

They bought homes with the intention to refinance. Now they’re stuck

LA Times  

Steven Wolf, his wife Katherine and their children Rebekah, 4, and Everett, 6, are selling their home they purchased in December 2022. Steven and Katherine Wolf are stuck with an uncomfortable mortgage payment as interest rates haven’t dropped like they predicted. Then, rising mortgage rates and falling home prices prevented many Americans from executing their plan to refinance out of …

US home sales post second straight monthly drop; house prices accelerate
10 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 …

Average homes near $1M in Boston as US housing crisis deepens
10 months ago

Average homes near $1M in Boston as US housing crisis deepens

Daily Mail  

House prices are only going to go up, experts have warned, with Boston set to be the next city where buyers will need $1 million for an average family home. A perfect storm of spiraling construction costs, desperate buyers, and existing owners sitting tight in their homes has seen house prices double in 68 of America's 100 largest cities in …

U.S. existing home sales drop 1.9% in April, pushed lower by high rates and high prices
10 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 …

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