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“Homebuyer affordability eroded further in April, with both the typical borrower monthly payment and median purchase amount rising due to higher rates and home prices,” said Edward Seiler, MBA's Associate VP, Housing Economics, and Executive Director, Research Institute for Housing America.

Freddie Mac reports a week-over-week rise of 18-basis points in mortgage rates, further contributing to a sluggish and slow spring season for the national housing market.

Sellers gave up the most in pandemic-era boomtowns, with Tampa, Florida reporting a bigger year-over-year growth in seller concessions than in any other metropolitan area.

“Though mortgage rates are substantially higher than they have been on average over the past decade, from an historic perspective rates are about average,” Freddie Mac said.

While home prices rose nationwide in 2022, the frenzied pandemic-era housing market made price growth trends more local than they had been since 2009, according to a new report from Redfin.

With mortgage rates rising to levels last seen in March, the MBA reports that overall application volume dropped 4.6% week-over-week, amid a continued lack in the nation’s housing inventory.

Rising mortgage rates are costing new 30-year, fixed-rate mortgages hundreds to tens of thousands of dollars in costs over the lifetime of a loan. Click through to find out what that means for new buyers.

“Elevated mortgage rates are preventing would-be buyers from buying and would-be sellers from selling. And because sellers aren’t selling, the buyers who are out there have very limited options,” said Redfin Chief Economist Daryl Fairweather.

The House Financial Services Committee hosted a panel featuring Edward J. DeMarco of the Housing Policy Council and NAR President Kenny Parcell discussing loan-level price adjustments used by Fannie Mae and Freddie Mac and their impact on the mortgage marketplace.

“We are thrilled to have Christina join our team and share her deep knowledge of the mortgage industry, the housing finance system, and the regulatory process to support our members as they enable access to affordable homeownership, while strengthening the safety and soundness of the housing finance system,” said Seth Appleton, President of USMI.