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
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
High interest rates are one of the most significant hurdles buyers face when jumping into the housing market right now. As anyone who has bought a home in recent years knows, interest rates have more than doubled since 2020. For a 30-year fixed-rate mortgage, you’re looking at an average interest rate of somewhere between 6% … Read more
Today’s high interest rates have created a ticking time bomb for many homebuyers who took out an adjustable-rate mortgage near the start of the COVID-19 pandemic. About 330,000 homeowners who took out an ARM in 2019 have already seen their five-year fixed-rate term end, and another 100,000 will join them next year, according to ICE … 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