As fixed-rate mortgages continue to edge toward 7%, the MBA reports refinance volume has dropped off nearly 90% from last year’s totals, as both refinancing and home purchase apps declined and fell further behind last year’s record levels.
Read More »Redfin Study Reveals Pullback in Homebuying Demand
While home prices remain elevated due to low supply, mortgage rates shot up to a 15-year high resulting in homebuyers losing nearly 30% of their purchasing power since rates reached their lowest point in 2021.
Read More »Potential Buyers Increasing Down Payments to Secure Homes
New data from Redfin's latest market report showed that homebuyers’ down payments doubled during the pandemic, and despite September revealing a slight decline from their peak in June, competition and increasing home prices continue to make it difficult for prospective buyers to afford homes.
Read More »After Giant Leap, Mortgage Rates Cool Slightly
On the heels of the Fed’s rate hike, mortgage rates edged near the 7% mark last week but trended back downward this week amid ongoing economic uncertainty.
Read More »Purchase Mortgage Apps Fall 37% YoY
Mortgage rates continue to trend upward, with more buyers retreating from the marketplace, as the MBA reported a 14.2% weekly decline in overall app volume.
Read More »Rising Rates Shrinking Homebuyer Aspirations
As mortgage rates creep toward the 7%-mark, buyers still in the market are being forced to downgrade their options for a larger home, cutting more than 400-square feet out of the homes on the market.
Read More »Rent Growth Moderates for Third Consecutive Month
Rent growth is likely to keep slowing as rising interest rates continue to cool the economy, as asking rents climbed to a record high in August, while rent ...
Read More »Volatile Mortgage Rates Cause More Than Stress
If one started looking for a home in July, that person has just endured the most volatile mortgage rate environment seen since 1987, when rates were trying to ...
Read More »Midwest, East Coast Markets Weathering Industry Headwinds Best
Amid economic uncertainty and experts hinting toward a recession, housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in ...
Read More »Redfin: 64,000 Buyers Cancelled Contracts in August
In another new sign of the times, roughly 64,000 home-purchase agreements fell through in August 2022 according to Redfin, a number equal to 15.2% of all homes that ...
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