Anyone out there searching for a new place to live knows there is not much to buy. Total supply and new listings are at record lows, and that means that what is on the market now is selling fast. Really fast. The average home spent just 61 days on the market, according to a January reading from Realtor.com.… Read More »
“You’re dealing with two runaway trains: Real estate prices are going crazy and rates are going crazy at the same time. It does not portend well for the first-time homebuyer,” Cohn said. “If you buy, then you’re probably going to have to compromise, either by buying a smaller house or by stepping out of the market and waiting… Read More »
Mortgage applications to purchase a home dropped 10% last week compared with the previous week, seasonally adjusted, and were 12% lower year over year, according to the Mortgage Bankers Association. The average loan size hit another record high at $446,000, indicating that most of the buying activity is on the higher end of the market, where there is… Read More »
The sharp drop in January reflects growing concerns from both homebuyers and sellers, particularly among younger adults. Overall, four of the six-component index measures took a negative turn, with home buying and home-selling conditions, job stability concerns, and mortgage rate outlook seeing the sharpest drops. “Younger consumers – more so than other groups – expect home prices to rise… Read More »
Homeowners hurried to refinance their mortgages this week, capitalizing on a break from recent rate increases that added more than a half-point to the 30-year fixed rate in the last month. It could be their last chance. “The couple of weeks’ rise in mortgage rates can be a call to action for some potential borrowers. Headline news about… Read More »
It’s been a wild ride for home buyers and aspiring home buyers over the past year, with bidding wars and rising prices — as interest rates held near historic lows (see the lowest rates you might qualify for here). “Mortgage rates snapped upward in January as mortgage investors realized what the Fed intends to do, which is raise… Read More »
Home buyers, so far, are undeterred. “Housing data has indicated that rising mortgage rates are creating a sense of urgency, rather than deterring potential homebuyers, and prices continue to rise while the few homes available for sale are snapped up quickly,” Hale said. “These conditions can be especially challenging for first-time homebuyers already grappling with rising rents that… Read More »
The combination of rising home prices, low mortgage rates that are locked in by current homeowners and low supply makes it unappealing to sell your house and look for another one right now. It sure doesn’t seem like housing prices are going to stop rising any time soon and rents are also on the rise, so it makes… Read More »
The U.S. Treasury yield curve is expected to be completely flat by mid year as the U.S. Federal Reserve hikes interest rates but growth is called into question, and potentially invert by year-end, strategists at Standard Chartered bank wrote in a research note. A hawkish stance by the Fed has pushed up short-term rates, flattening the closely followed… Read More »