During the COVID-19 pandemic, low interest rates fueled a home-buying frenzy as the national housing supply struggled to keep pace. The result? Rising prices for existing homes coupled with record low levels of housing stock. This shortage created an opening for new homes in the housing market to meet demand and offer modern conveniences, energy … Read more
US existing home sales fell more than expected in August as home prices remained elevated despite continued improvement in supply. Home sales fell 2.5% last month to a seasonally adjusted annual rate of 3.86 million units, the National Association of Realtors said Thursday. Economists polled by Reuters had forecast home resales to fall to a … Read more
The average rate for a 30-year mortgage in the US approached 6% this week to the lowest level since early February 2023. The rate fell to 6.09% from 6.20% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 7.19%. The last time the average rate was this low was in … Read more
After years of high mortgage rates, the Federal Reserve finally cut rates on Wednesday at its policy meeting. The Fed doesn’t set mortgage rates, but the two numbers often move in the same direction — and this long-awaited rate cut should give the sluggish real estate market a much-needed jumpstart. Just 11 months ago – … Read more