News

As monthly housing payments fall from their peak due to declining mortgage rates and home prices, the median monthly housing payment for San Francisco homebuyers dropped nearly 15%, renewing homebuyer interest in the area.

Although sellers’ markets outnumber homebuyers by many, according to the latest data from the Knock Buyer-Seller Market Index, the nation's 100 largest housing markets are continuing to move in the direction of favoring homebuyers.

According to new data, even “luxury” upgrades were found to have a poor ROI with half coming in at 50% or lower.

“Mortgage rates inched down again, with the 30-year fixed-rate down nearly a full point from November, when it peaked at just over 7%,” said Sam Khater, Freddie Mac’s Chief Economist.

While home equity levels remained relatively flat, equity rich properties now make up 48% of all mortgaged properties.

U.S. Department of Housing and Urban Development has announced nearly $315 million in grants to 46 communities across the nation to address unsheltered and rural homelessness.

As the number of homes for sale continues to grow compared to last year, January offered homebuyers greater bargaining power, with mortgage rates falling to their lowest level in months.

“Mortgage rates declined for the fourth straight week and have now fallen almost 40 basis points over the past month,” said Joel Kan, MBA’s VP and Deputy Chief Economist.

According to TransUnion’s Q4 2022 Quarterly Credit Industry Insights Report, Q4 of 2022 saw many consumers continuing to look to credit as a means to help stave off financial pressures caused by inflation.

The Federal Open Market Committee moved to raise the nominal interest rate by 25 points to a range of 4.50-4.75% at the end of its February meeting.