Featured

For many renters and home seekers nationwide, becoming a homeowner remains a challenge as record-high mortgage rates and inflated housing costs persist. A new study reveals which affordable suburbs may offer homebuyers a better chance of attaining homeownership. 

“First-time homebuyers are active and those entering the market have an edge as sellers are negotiating more and giving buyers a chance,” said RE/MAX President and CEO Nick Bailey.

According to a new report from Redfin, while the typical U.S. home costs an estimated 25% more per month to own than rent, homebuying is only more affordable than renting in Detroit, Philadelphia, Cleveland, and Houston.

The MBA reports April marked the third consecutive month of year-over-year growth in new home purchase apps, as the mortgage rate environment continues to factor into homebuying and selling decisions.

“There are select data available to support several alternative views of the path of the economy, though we maintain our view that a modest recession will begin in the second half of 2023,” said Doug Duncan, SVP and Chief Economist at Fannie Mae.

"Although a lot of homebuyers have acclimated to rates in the 6% range and many are finding ways to lower their monthly payments, like using a 2-1 buydown, high rates are handcuffing potential sellers,” said Redfin Deputy Chief Economist Taylor Marr.

An upcoming webinar will feature Patrick F. Stone, and Economist Dr. Bill Conerly analyzing the economy and its impact on housing, and provide predictions on the upcoming quarter and the remainder of 2023.

Freddie Mac reports that, after retreating for two consecutive weeks, the 30-year fixed-rate mortgage edged back upward this week, nearing the 6.40%-mark, and forcing app volume downward.

"Home sales … remain above recent cyclical lows," said National Association of Realtors Chief Economist Lawrence Yun, who noted that economic factors were creating “an environment of push-pull housing demand.”

As the industry continues to face challenging conditions, the MBA reports that independent mortgage banks have endured four consecutive quarters of production losses, and nine consecutive quarters of volume declines.