Mortgage Rates Archives

Demand for Existing Homes Wilts, Supply Spikes to Highest for any August since 2018, Prices Dip, Despite Mortgage Rates that Have Plunged for 10 Months

September 19, 2024 Mariel Alumit

By Wolf Richter for WOLF STREET. The new motto: Lower mortgage rates and too-high prices cause demand to wilt as potential buyers wait for still lower mortgage rates, lower prices, and higher wages – something that Fannie Mae […]

Buyers’ Strike Deepened in August Despite Lower Mortgage Rates. Listings Surge, Home Sellers Slowly Drop Prices

September 5, 2024 Stu Turley

Listing prices, YoY: Miami -11.7%, San Diego -9.1%, Kansas City -8.5%, San Francisco -7.7%, Austin -7.6%. Active listings explode in Tampa, San Diego, Miami, Seattle… By Wolf Richter for WOLF STREET. In August, “the housing market slowed considerably […]

Buyers’ Strike Deepens: Pending Home Sales Drop to Record Low Despite Surging Supply & Much Lower Mortgage Rates that Already Price in Massive Rate Cuts

August 29, 2024 Stu Turley

“A sales recovery did not occur in midsummer”: NAR. Because prices are way too high, doesn’t take a genius to figure that out. By Wolf Richter for WOLF STREET. Pending home sales – a forward-looking indicator of “closed […]

Here Comes the Inventory of Vacant Homes while Buyers’ Strike Continues despite Drop in Mortgage Rates

August 22, 2024 Stu Turley

By Wolf Richter for WOLF STREET. Despite the drop in mortgage rates – to 6.5% in the latest reporting week – and the surge in inventories as vacant homes for sale are coming out of the woodwork, sales […]

New-House Prices Solidly below Existing House Prices as Inventory Piles Up. Sales Hobble Along, Supported by Big Incentives & Mortgage-Rate Buydowns

July 24, 2024 Mariel Alumit

Inventory of completed houses jumps to highest since 2009. This pile-up of spec houses is exactly what the housing market needs. By Wolf Richter for WOLF STREET. Prices of new single-family houses at all stages of construction have […]

Here Comes the Inventory of Vacant Homes: With Buyers on Strike despite Lower Mortgage Rates, Supply Spikes to Highest in 4 Years. Sales Drop Further except at High End

July 23, 2024 Mariel Alumit

A game-changer is underway. Even the NAR concedes this “shift from a seller’s market to a buyer’s market.” By Wolf Richter for WOLF STREET. Mortgage rates have dropped to about 6.8%, down by a full percentage point from […]

Mortgage Rates Rise, Over 7% since Early April, Buyers Remain on Strike, Housing Market Still Frozen as Prices Are Too High

June 5, 2024 Stu Turley

Stuck with a 6% or 7% mortgage that was supposed to be refinanced? The Fed is counting on them to help bring inflation down. By Wolf Richter for WOLF STREET. The over-7% mortgage rates seem to have become […]

Mortgage Rates Rise Back to 7%, Housing Market Re-Freezes, Buyers’ Strike Continues. Prices Are Just Too High

February 21, 2024 Mariel Alumit

Inflation might not go back into the bottle voluntarily, and these mortgage rates – considered low in 1970-2000 – might stick around. By Wolf Richter for WOLF STREET. The average conforming 30-year fixed mortgage rate rose to 7.0% […]

Mortgage Rates Hit Highest Level Since 2008 The Daily Financial Trends

September 9, 2022 Mariel Alumit

Homebuyer demand suffered a cataclysmic blow this week as mortgage rates hit a high not seen since 2008. A 30-year fixed mortgage rate rose to 5.89% from 5.66% one week ago, according to data from […]