The interest rate for the 30-year fixed-rate mortgage averaged 5.09% this week, continuing to inch down slightly. Still, rates are up significantly compared to a year ago. Due to the higher rates, home buyers need to earn about $30,000 more if they want to buy the typical home now compared to a year ago, Nadia Evangelou, National Association of REALTORS®’ senior economist and director of forecasting, writes on the association’s blog.The high
The housing market is showing more signs of slowing. Purchase applications fell 1% last week compared to the previous week and volume is now 14% lower than a year ago, the Mortgage Bankers Association’s latest index shows.Overall, mortgage demand, which includes applications for refinancings and home purchases, has fallen to its lowest level since December 2018.Mortgage rates have been moving higher over recent weeks, leading to the softening d
The median national home price climbed to an all-time high in May, reaching $447,000, realtor.com® reports. Buyers snatched up listings a week faster than a year ago. But despite higher prices and faster sales, housing analysts say there are signs of a slowing housing market.Active inventory rose 8% annually—the first time that benchmark has been reached in nearly three years, realtor.com®’s monthly housing trends report shows. A rising num
Inflation is running at a 40-year high, and more Americans are feeling burdened and rethinking financial plans. Inflation is currently at 8.3% and Americans are facing higher prices for food, housing, fuel, and more.Twenty-five percent of Americans say they’re postponing retirement due to inflation, according to a new BMO Harris Bank report. More than a third of consumers who earn $250,000 a year say they’re living paycheck to paycheck, accor
Opportunity zones are booming. From the first quarter compared to the fourth quarter of 2021, 55% of qualified opportunity zones saw a jump of at least 20% in median single-family home and condo prices, according to a new report from ATTOM Data Solutions. Home prices in distressed neighborhoods nationwide continue to keep up with the gains in the broader national housing market, the report notes.Opportunity zones, established by Congress in the T
After weeks of rising rates, mortgage rates are now falling. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports.“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the econom
When it comes to the value of a home, yards in Hawaii get the most consideration in the U.S.Living Cozy, a homeware and furniture brand analyzed the average home value and yard size in each state to identify where the size of a yard could have the biggest impact on a property’s value. Researchers found that Hawaii is the state with the highest yard value compared to the other states.“Famous for its luxury homes with large backyards, houses in
Median prices in designated economically-challenged areas are mirroring what is occurring elsewhere in the housing market—and the prices are climbing. The median single-family home and condo price increased from the fourth quarter of 2021 to the first quarter of 2022 in 55% of opportunity zones nationwide, and jumped by at least 20% annually in half of those areas, according to a new report from ATTOM Data Solutions.Median values are up in abou
Last year, home buyers spent nearly $3 trillion on real estate—the highest ever. That exceeds previous highs by more than $600 million that were set in 2020 and 2005, CoreLogic reports.Home prices are the main culprit behind that surge. By the end of 2021, home prices were 50% above their highest peak before the market downfall in 2006, CoreLogic reports.Home sales also contributed to the record-breaking year; 2021 marked the largest number of
The 30-year fixed-rate mortgage fell slightly this week, a temporary retreat after weeks of steady increases. The 30-year fixed-rate mortgage averaged 5.25%, Freddie Mac reports. Rates dropped following the 10-year Treasury yield trend this week. Last week’s average was 5.30%.“Economic uncertainty is causing mortgage rate volatility,” says Sam Khater, Freddie Mac’s chief economist. “As a result, purchase demand is waning, and homeb
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