Existing home sales in the US soared by 9.5% in February to a staggering 4.38 million units, marking the largest monthly increase since February 2023.
Rising mortgage rates are dampening homebuyer activity and refinancing opportunities, with affordability concerns clouding the housing market outlook.
Mortgage rates underwent substantial fluctuations since the summer, briefly hitting a 20-year high of 8% in October before experiencing a huge drop.
Sales of new US homes jumped in 2023, according to government data released Thursday, supported by a lack of inventory in the existing homes market as mortgage rates remained elevated.
The demand for mortgages dropped by nearly 10% in the final week of 2023, signaling a housing market that is still recovering entering 2024.
New home sales in the United States decelerated in October, according to government data released Monday, although the market for new properties remains boosted by a lack of inventory for existing ones.
US mortgage rates remain high in the week ending Sept. 21, with a recorded uptick in the 30-year fixed rate at 7.19 percent, up from 7.18 the week prior.
Homebuyers are leaving large metro areas and seeking a more affordable cost of living in Phoenix, Miami, and Las Vegas.
Mortgage demand fell to a 25-year low last week, as unrelenting inflation and high interest rates cool demand.
The worst may have yet to come as new and existing home sales are plunging, and homeowners see no reason to refinance loans at higher mortgage rates.
The increases in refinancing and purchasing mortgage options is a good sign that the Fed's interest rate hikes are working, but some warn that will not last.
Home sales increased for the second consecutive month in July as demand remains high for homes.
Jacob Milton, 55, could walk away with $12.5 million from the same people he stole $1 million from over a decade ago after he convinced a Manhattan jury that the victims were to blame for his criminal conviction.
Low rates have buoyed the housing markets in the U.S., as the world navigates through the COVID-19 pandemic.
New mortgages fell by 2% last week, but refinance applications grew by 0.2% as homeowners scramble to get the cheapest possible interest rates.
Generation X – those between the ages of 40 and 55 – have the highest debt load.
Victims of real estate wire fraud have already lost $220 million this year
The average FICO credit score reached 711 in July, the highest since scores were first tracked in 2005
High home prices prompted by rising demand and punctured supply is pricing out prospective homebuyers, which is proving beneficial for the rental industry in the United States.
One of the reasons for the decrease in demand for home loans may be the limitations lenders face in dealing with the volume of business coming their way.
Freddie Mac said that the 30-year fixed-rate mortgage has fallen to an average of 2.86%, the lowest rate in history dating back to 1971.
Lenders issued $1.1 trillion in home loans in the second quarter, a record.
