Friday's strong jobs report renews worries that the Federal Reserve is not done hiking rates to combat inflation as policymakers face June 14 decision to 'hike, skip or pause'Mortgage rates retreated from 2023 highs this week as a last-minute debt ceiling deal averted a crisis, but could quickly rebound on a strong jobs report Friday that’s renewed worries about inflation.The Optimal Blue Mortgage Market Indices show that rates on 30-
Nearly 5.5 million more households are priced out of the housing market today than a year ago, NAR data shows.The 30-year fixed-rate mortgage rose again this week, averaging 6.79% and forcing more home buyers to recalculate their budget. Mortgage applications for home purchases are falling—down 31% year over year, according to the Mortgage Bankers Association. But economists say mortgage rates are likely to drop in upcoming weeks, which could h
For bond market investors who provide the funding for most U.S. mortgages, the debt ceiling crisis won't be over until Congress actually votes to approve the deal negotiated over the weekend Worries that the U.S. may default on its debt could keep mortgage rates climbing this week even after negotiators reached a deal over the weekend to raise the debt ceiling.For bond market investors who provide the funding for most U.S. mortgages, th
US home prices rose 0.7% in March, notching a second-straight month of upticks while suggesting declines that began in 2022 may be winding down, according to data from CoreLogic and the FHFA U.S. home prices rose 0.7 percent in March from a year earlier, notching a second-consecutive month of annual increases while signaling a possible end to a year of price stagnation, according to data released Tuesday from CoreLogic.Despite the razor-thin
Economic headwinds and booming interest rates pushed sales down by 3.4% in April as inventory soared 7.2% above March, according to National Association of Realtors data released Thursday Existing-home sales declined on a monthly and annual basis in April, according to the National Association of Realtors’ latest market report published on Thursday.Sales for the segment slid 3.4 percent month over month from a seasonally adjusted annu
Existing-home sales are up and down—falling most recently in April, according to NAR data—as tight inventory and mortgage rates create uncertainty. Existing-home sales fell last month as the spring real estate market remains fluid and sensitive to the ongoing inventory shortage and changing mortgage rates. Existing-home sales, which include completed transactions for single-family homes, townhomes, condos and co-ops, dropped 3.4% month over m
Annual single-family rent growth decelerated to a rate of 4.3% during March, according to CoreLogic. Despite the slowing trend, rental prices are still largely going up on a monthly basis Prices for single-family rentals (SFRs) marked nearly a year of decelerating growth during March, a new analysis found.Annual single-family rent growth decelerated to a rate of 4.3 percent during March, according to the latest CoreLogic Single-Fam
Total consumer debt hit a fresh new high in the first quarter of 2023, pushing past $17 trillion even amid a sharp pullback in home borrowing.The total for borrowing across all categories hit $17.05 trillion, an increase of nearly $150 billion, or 0.9% during the January-to-March period, the New York Federal Reserve reported Monday. That took total indebtedness up about $2.9 trillion from the pre-Covid period ended in 2019.That increase came even
“A recent sideways trend in mortgage rates is a welcome departure from the record increases of last year,” says Freddie Mac’s chief economist. The average for the 30-year fixed-rate mortgage fell slightly to 6.35% this week, Freddie Mac reported Thursday, helping buyers save more on borrowing costs. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last y
Homebuyer applications for purchase mortgages rose 5% last week, but a strong jobs report and ongoing bank instability are pushing mortgage rates back up Homebuyer demand for purchase loans jumped last week as mortgage rates eased on hopes that the Federal Reserve is done raising rates.But mortgage rates have been climbing again this week after a strong April jobs report cast doubts on expectations that the Federal Reserve could begin r
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