A modest improvement in housing affordability may motivate more home buyers to make a move. Read more from NAR’s latest housing report.Pending home sales rose slightly in August as lower mortgage rates provided some motivation to prospective home buyers. But buyers continue to face challenges such as high home prices, and many may be holding out for even lower rates, surveys show.The National Association of REALTORS®’ Pending Home Sales Ind
Consumers’ view on the economy tumbled in September, falling by the largest level in more than three years as fears grew about jobs and business conditions, the Conference Board reported Tuesday.The board’s consumer confidence index slid to 98.7, down from 105.6 in August, the biggest one-month decline since August 2021. The Dow Jones consensus forecast was for a reading of 104. By contrast, the index had a reading of 132.6 in Febru
The Chicago Fed National Activity Index improved to 0.12 in August from minus 0.42 in July Economic growth rebounded a little last month in the U.S., according to a monthly index set out Monday, though the broader trend remains weak amid high borrowing costs and political uncertainty.The Chicago Fed National Activity Index improved to 0.12 in August from minus 0.42 in July, the Federal Reserve Bank of Chicago said. A reading above zero is associa
U.S. Treasury yields rose after the Fed cut short-term ratesThe Federal Reserve is finally cutting interest rates. One key gauge of borrowing costs has been going up anyway.Yields on longer-term U.S. Treasurys have ticked higher since the Fed approved a 0.5 percentage point rate-cut last week. The yield on the benchmark 10-year U.S. Treasury note, which helps set interest rates on everything from mortgages to corporate bonds, settl
One of the most consequential Federal Reserve meetings in recent history has put investors’ focus squarely on one question: whether the central bank has kicked off its rate cutting cycle in time to keep the economy from slowing too rapidly.The Fed delivered a 50 basis point rate cut on Wednesday - lowering borrowing costs for the first time in more than four years - and assured investors the jumbo-sized reduction was a measure to safe
Mortgage rates have dropped to their lowest levels since 2023 in 22 of the 50 largest US metros — even as rent prices continue to rise, according to a new analysis from Zillow released on Monday Monthly mortgage payments are now cheaper than rent in 22 of the 50 largest U.S. metros — a shot of cold comfort for renters aiming to jump into the market this fall, according to an analysis from Zillow released Monday.While mortgage rates have fal
If you need further proof that the nation’s formerly sizzling job market has gone cold, look to what had been perhaps the hottest part of the post-pandemic hiring frenzy: pay for newly hired workers.After adjusting for inflation, average wages for new hires fell 1.5% over the 12 months ending in July – from $23.85 an hour to $23.51– the largest such decline in a decade, according to an analysis of Labor Department figures by the W.E. Upj
Borrowing costs fell ahead of the Federal Reserve’s anticipated rate cut next week. But economists say home buyers may not want to wait to see if rates go lower.The 30-year fixed-rate mortgage fell to 6.2% this week, down significantly compared to a year ago when they surged above 7%. But some prospective home buyers are holding out for even lower rates in anticipation of the Federal Reserve’s meeting next week, where it’s expected to cut s
U.S. household wealth rose last quarter to $163.8 trillion, a fresh record, driven by gains in real estate values as well as a rise in the stock market, data from the Federal Reserve showed on Thursday.The increase in the net worth of households and non-profits, which stood at $161 trillion at the end of the first quarter, was driven largely by a $1.8 trillion increase in the value of real estate holdings and a $700 billion gain in the value of e
The median cost of housing for both U.S. renters and homeowners rose last year and while the share of income renters put toward housing was unchanged overall the degree to which households were cost-burdened varied by race, the Census Bureau said on Thursday.More than 21 million renter households spent more than 30% of their income on housing costs in 2023, representing 49.7% of the renter households for whom rent burden is calculated.Despite the
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