Mortgage
Higher Home Prices and Mortgage Rates Made It Difficult for Home Buyers to Qualify in May 2023
With a monthly mortgage payment increase of 3.7% and a 2.8% rise in the median price of single-family homes, qualifying for a home loan was more challenging for potential buyers in May 2023. www.nar.realtor – Research
Instant Reaction: Mortgage Rates, April 20, 2023
After declining for 5 consecutive weeks, the average rate on a 30-year fixed mortgage rose to 6.39% from 6.27% the previous week. www.nar.realtor – Research
Instant Reaction: Mortgage Rates, February 16, 2023
The average rate on a 30-year fixed mortgage ticked up to 6.32% from 6.12%. www.nar.realtor – Research
Instant Reaction: Mortgage Rates, December 22, 2022
The 30-year fixed mortgage rate decreased to 6.27% from 7.08% six weeks ago. As a result, homeownership has become nearly 10% more affordable in the last six weeks as the monthly mortgage payment decreased to $ 2,140 for the median-priced home. www.nar.realtor – Research
NAR’s Lawrence Yun Predicts US Home Prices Won’t Experience Major Decline, Could Possibly Rise Slightly in 2023 if Mortgage Rates Remain at 7%
Yun Predicts US Home Prices Won’t See Major Decline Inflation, elevated mortgage rates, and limited housing inventory will prevent large home price drops for most of the U.S. in 2023. Media Contact: Troy Green 202-383-1042 Residential Real Estate
Mortgage Rates Exceed 6% for the First Time Since 2008
On the rise since the beginning of the year, mortgage rates continued their upward trajectory this week, rising above 6% for the first time since 2008. The 30-year fixed-rate mortgage (FRM) averaged 6.02% this week, up from 5.89% last week, according to the latest Primary Mortgage Market Survey® (PMMS®) from Freddie Mac. Key findings: 30-year… […]
10 Ways to Calm Jittery Clients Over Rising Mortgage Rates
The Big Six-Oh can mean different things to different people. For most it’s that they’ve reached the age of 60, with much more of their lives behind them than ahead. For younger folks these days, particularly those looking to buy homes, the Big Six-Oh probably refers to the latest 6.0 30-year fixed mortgage rate percent… […]
Bank of America Zero Down Payment Mortgage a Potential Boon for Minority Buyers
The path toward homeownership is no cakewalk, but history and data have shown that it can be arduous for specific demographics, particularly among Black and Hispanic buyers. While the racial homeownership gap won’t close overnight, steps by Bank of America could help push the needle in the right direction in select markets. The lender recently… […]
Housing Affordability Conditions Fade as Mortgage Rates Push Monthly Payments Higher in June 2022
The monthly mortgage payment increased by 5.3% in June 2022, compared to the prior month, while the median family income increased by 1.4%. www.nar.realtor – Research
Finally, a Pause in Mortgage Rate Hikes
After several sharp spikes and nearly doubling over the last year, mortgage rates took a breather this week, decreasing from 5.81% the previous week to 5.7% this week, according to the latest Primary Mortgage Market Survey (PMMS) from Freddie Mac, released Thursday. Key findings: 30-year fixed-rate mortgage averaged 5.70% with an average 0.9 point as […]