Could slowly climbing borrowing costs hamper the upcoming spring homebuying season?Strong economic data and stubbornly high inflation pushed mortgage rates up for the fourth consecutive week, giving buyers whiplash after weeks of declines prior. The 30-year fixed-rate loan averaged 6.65% this week, according to Freddie Mac. “Higher mortgage rates have a direct impact on borrowing costs, hurting affordability,” says Nadia Evangelou, senior eco
A new report shows that the supply of for-sale homes shot up in February, thanks largely to properties languishing on the market longer as buyers contended with affordability challenges.The report, out Thursday from Realtor.com, notes that “the inventory of homes for sale continued to grow” last month and was ultimately up 67.8 percent compared to February 2022. Inventory also rose despite the fact that sellers put 15.9 percent fewer hom
Mortgage rates moved higher again last week, pushing buyers back to the sidelines just as the spring housing market is supposed to be heating up.Mortgage applications to purchase a home dropped 6% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 44% lower than the same week one year ago, and is now sitting at a 28-year low.This as the average contract interest rate
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In an effort to combat the housing crisis, South San Francisco received a state funded grant of $28.8 million for 158 affordable new homes proposed as part of an upcoming 800-unit community in the Sunshine Gardens district.The city partnered with BRIDGE Housing, a nonprofit affordable housing developer, on plans to transform 5.9 acres of vacant land at 1051 Mission Road into a new community that will offer child care for more than 70 children, 90
A jump in pending home sales in January indicates consumers are wading back into the market as rates settle in the 6% range.For the second consecutive month, contract signings increased in January, registering their largest month-to-month gain since June 2020, the National Association of REALTORS® reported Monday. NAR’s Pending Home Sales Index jumped 8.1% from December to January, showing that buyers are rushing to take advantage of
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As borrowing costs increase, rate dispersion among lenders is growing. Your clients could save up to $1,200 annually by shopping around, experts say.Mortgage rates are inching up, with the 30-year fixed-rate loan increasing to a 6.5% average this week, Freddie Mac reports. Homeownership remains attainable for Americans who can afford a 20% down payment and a monthly mortgage payment of $1,880 on a median-priced home, says Nadia Evangelou, senior
A dip in mortgage rates and a backlog of empty homes helped power sales of newly constructed houses for the second-straight month in January, according to data from the US Census Bureau Sales of newly constructed homes surged between December and January, notching the strongest sales pace since at least March 2022, new data shows.New-home sales clocked in at a seasonally adjusted rate of 670,000 units in January, 7.2 percent higher than
Demand for purchase loans down 18% week over week and 41% from a year ago as mortgage rates rise for the second week in a row to hit new 2023 highs, MBA survey showsRebounding mortgage rates have cooled homebuyer demand for mortgages to the lowest level since 1995, according to a weekly survey of lenders by the Mortgage Bankers Association.The MBA’s Weekly Mortgage Applications Survey shows demand for purchase mortgages was down a sea
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