Tag Archives: Low Inventory

Freddie Mac reports a slight one basis-point rise in the 30-year, fixed-rate mortgage to begin 2024, with rates moving sideways as the market digests incoming economic data for the new year. Here’s what they expect for the months ahead.

The House Financial Services Committee recently gathered a panel of housing experts to analyze affordability challenges in the housing marketplace, with a focus on governmental barriers such as zoning policies that have exacerbated these issues.

In addition to high demand for single-family homes, apartments and rental units within driving distance of city centers are selling at a premium.

While buyers contend with mortgage rates edging toward the 8% mark, Redfin reports that an increasing number of the nation’s home sellers are reducing their asking prices. Read the full data here.

Freddie Mac reports that mortgage rates reached levels last seen in December 2000, as the 30-year fixed-rate mortgage rose 12 basis points week-over-week and low supply continues to create affordability challenges for prospective buyers.

Even the most affordable metro areas analyzed in NerdWallet's latest Q2 housing activity report experienced price increases that decreased overall affordability, as rising home prices and high interest rates continue to make the homebuying process even more difficult for potential first-time buyers.

Despite a slight dip in mortgage rates, the MBA reports that mortgage application volume has fallen to lows last reported in December 1996, as rates and housing inventory continue to serve as major barriers to entry into the housing market.

"The small gain in contract signings shows the potential for further increases in light of the fact that many people have lost out on multiple home buying offers," said NAR Chief Economist Lawrence Yun.

“Buyers searching for starter homes in today’s market are on a wild goose chase because in many parts of the country, there’s no such thing as a starter home anymore,” said Redfin Senior Economist Sheharyar Bokhari.

"The Federal Reserve has increased rates every time it has met for over a year, so the pause on rate hikes last month and the fact that we've likely reached a near peak may offer some respite for buyers," said Steve Kaminski, Head of U.S. Residential Lending for TD Bank.