Market Trends

According to Zillow, a majority of homeowners put more time into shopping for a new vehicle than they did looking for a mortgage lender. Click through to find out what that means.

“Home sales are projected to hit a trough in Q2 2023, at a selling pace of 4.27 million annualized units, as the full effect of higher mortgage rates and the projected recession take hold,” according to a new Fannie Mae forecast.

“The historic drop in mortgage rates is a tick in the ‘good news’ box for the housing market, as lower rates deliver an immediate win for prospective buyers’ pocketbooks,” said Taylor Marr, Redfin’s Deputy Chief Economist.

A new Zillow analysis found that sellers looking to slash prices are doing so on a Thursday, with price cuts on average nearly 3% of the listing price, or $11,000 off the price of a typical U.S. home.

Michele M. Evans of Fannie Mae discusses the GSE’s new Positive Rent Payment Reporting pilot program and how renters on the path to homeownership can build their credit history and improve their credit score.

NAR reports that existing-home sales nationwide faded for the ninth straight month to a seasonally adjusted annual rate of 4.43 million.

The MBA reports that mortgage rates exceeding the 7% mark and declining purchasing power leading are contributing to fewer new applications nationwide. 

Many housing companies and landlords across the country can and do require a background check as part of the application process, along with the traditional credit check, but the unverified or inaccurate information contained in them usually hurts renters first.

The MBA reports an uptick in overall mortgage application volume week-over-week, led by a 4% rise in home purchase applications, despite an 88% year-over-year drop-off in refinance activity.

“Demand for rentals is slowing because economic uncertainty is prompting many renters to stay put, and persistent inflation is shrinking renter budgets. That’s causing rent growth to cool,” said Taylor Marr, Redfin’s Deputy Chief Economist.