High inflation, weakening builder sentiment and increasing mortgage rates added to the industry’s previous list of headwinds, exacerbating a pullback in the single-family market as multifamily development continues to grow.
Newsfeed: Starts Fall by 10% While Multifamily and Single-Family Permitting Diverges Read More »
The deceleration in home prices seen last fall didn’t continue in January as home buyers rushed to lock in deals.
US mortgage rates continued their near-vertical ascent, soaring to levels not seen since Jan 2019 at an almost unprecedented speed…
Newsfeed: Housing Affordability Crisis Imminent As Mortgage Rates Hit 3 Year High Read More »
The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage News Daily. It is now 164 basis points higher than it was one year ago.
Newsfeed: Mortgage rate soars closer to 5% in its second huge jump this week Read More »
Despite the unexpected plunge in existing home sales, analysts expected new home sales in February to rebound modestly from January’s drop but they were wrong (again) as new home sales fell 2.0% (+1.1% exp) and worse still January’s 4.5% drop was revised drastically worse to a 8.4% plunge.
Newsfeed: New Home Sales Unexpectedly Tumble In February As Mortgage Apps Crash Read More »
As the latest existing home sales report cautioned, with NAR chief economist Larry Yun warning that “housing affordability continues to be a major challenge…”
Newsfeed: Housing Affordability Is About To Crash The Most On Record Read More »
After unexpectedly plunging in January, pending home sales were expected rebound very modestly in February (despite both new- and existing-home-sales tumbling as mortgage rates soar).
Newsfeed: US Pending Home Sales Plunge For 4th Straight Month Read More »
As a result of the recent spike in rates, economists are now lowering their home sales forecasts for this year.
Existing home sales plunged a bigger than expected 7.2% MoM in February – the biggest MoM drop in existing home sales since May 2020…
Mortgages and other interest rates are rising and likely to keep going up with the Federal Reserve ending easy-money policies adopted during the pandemic.
Newsfeed: The Fed got inflation badly wrong — and now it admits there’s no quick fix Read More »