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That is slightly lower than what analysts expected. It marks three straight months of sales below the 4 million mark, annualized. This count is based on closings — contracts that were likely signed in late June and July, when mortgage rates started coming down but were not as low as they are today. All-cash sales came in at 26%, which is down slightly from a year ago but still high historically. Mortgage rates continued to fall in August and September, with the 30-year fixed now sitting at 6.15%, the lowest in roughly two years.

Persons: ”, Lawrence Yun, “, ” Yun Organizations: National Association of Realtors, Mortgage News, “

Mortgage rates came down again last week, and with the expectation that they could fall further, mortgage demand suddenly jumped, especially for refinancing. The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don’t follow the Fed exactly, they are influenced by policy. “The most important takeaway is that lower mortgage rates are not only not remotely guaranteed by [the] Fed rate cut. “Application activity was up significantly last week, as market expectations of a rate cut from the Fed pulled mortgage rates lower,” said Joel Kan, an economist with the Mortgage Bankers Association. “Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth.”

Persons: Jerome Powell’s, They’re, ”, Matthew Graham, Joel Kan, ” Kan, “ Organizations: Federal, Mortgage News, Mortgage, Labor, Fed, Association

☆ Weekly mortgage demand surges 14% higher as interest rates hit two-year low
▼ + stars: | 2024-09-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates came down again last week, and with the expectation that they could fall further, mortgage demand suddenly jumped, especially for refinancing. The Federal Reserve is expected to make its first interest rate cut in four years on Wednesday, and while mortgage rates don't follow the Fed exactly, they are influenced by policy. "The most important takeaway is that lower mortgage rates are not only not remotely guaranteed by [the] Fed rate cut. Even with this large jump in volume, it is coming off a very low base, as the vast majority of borrowers have loans with interest rates well below 5%. "Homebuyers are seeing improving affordability conditions, sparked by lower rates and slower home-price growth."

Persons: Jerome Powell's, They're, Matthew Graham, Joel Kan, Kan Organizations: Federal, Mortgage News, Mortgage, Labor, Fed, Association

☆ Florida's new condo law is causing costly assessments
▼ + stars: | 2024-09-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFlorida's new condo law is causing costly assessmentsCNBC’s Diana Olick with Ancona Real Estate agent Stefania Mogollon, joins 'Power Lunch' to discuss Miami’s condo market and the impact of Florida's new condo law.

Persons: Diana Olick, Stefania Mogollon Organizations: Ancona Real Locations: Ancona

☆ How one climate startup aims to use AI to protect the power grid
▼ + stars: | 2024-09-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

As fires intensify in the western United States, utility companies are on the front lines, working to protect the power lines that serve millions of customers. And as the frequency of fires and severe storms increases, so does the amount of technology that utility companies use to keep things running. National Grid, which services customers in much of the northeast, is both a client of and investor in AIDash through its venture capital arm, National Grid Partners. In addition to National Grid Partners, AIDash is backed by Duke Energy , Edison International, Shell Ventures, Lightrock and SE Ventures. As part of the green transition, and as more industries make the switch to all-electric power, grid capacity and reliability will become even more vital.

Persons: Abhishek Singh, AIDash, Singh, Andre Turenne, Turenne, Lisa Rizzolo Organizations: CNBC, Grid, National Grid Partners, AIDash, Duke Energy, Edison International, Shell Ventures, Ventures, National Grid Locations: United States, U.S, California, AIDash, United Kingdom, New York, Massachusetts

☆ Mortgage rates hit lowest level since February 2023
▼ + stars: | 2024-09-11 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

According to a report by the National Association of Realtors, pending home sales fell 1.5 percent in October to their lowest level in 20 years. (Photo by Justin Sullivan/Getty Images)Mortgage rates fell for the sixth straight week last week, but mortgage demand still seems to be waiting for something bigger. That is the lowest level since February 2023 and nearly a full percentage point lower than the same week one year ago. Total mortgage demand, however, rose just 1.4% for the week, according to the MBA's seasonally adjusted index. Mortgage rates continued to move lower to start this week, according to a separate survey by Mortgage News Daily, but the monthly release of the Consumer Price Index, a measure of inflation, on Wednesday could impact the direction of rates more sharply in either direction.

Persons: Justin Sullivan, Joel Kan, Kan, Matthew Graham Organizations: National Association of Realtors, Mortgage, Association, Treasury, Federal Reserve, Labor, Mortgage News Locations: CALIFORNIA, Larkspur , California

☆ Mortgage rates drop on CPI data
▼ + stars: | 2024-09-11 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage rates drop on CPI dataCNBC’s Diana Olick joins ‘The Exchange’ to discuss the latest reports on mortgage rates.

Persons: Diana Olick

☆ Rate cut is taking center stage at REIT conference in NYC
▼ + stars: | 2024-09-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRate cut is taking center stage at REIT conference in NYCCNBC's Diana Olick joins 'The Exchange' to share her takeaways from the ongoing Bank of America 2024 Global Real Estate Conference in New York City.

Persons: Diana Olick Organizations: of America, Real Estate Conference Locations: New York City

Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. The growth in supply is due to the fact that homes are sitting on the market longer. “The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines.”That can be seen in weekly mortgage data. Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast. Part of that is due to the mix of homes on the market, as more smaller homes are being listed.

Persons: ”, Danielle Hale, “, Ralph McLaughlin Organizations: Nationwide, Mortgage, Association, Midwest, Realtor.com Locations: Tampa, San Diego, Miami, Seattle, Denver, West

☆ Home listings are up more than 60% in some cities. Here's where
▼ + stars: | 2024-09-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Nationwide, active listings in August were up 36% compared with the same month last year, according to a new report from Realtor.com. "The widely anticipated Fed rate cut has already ushered in lower mortgage rates, but it seems that some buyers and sellers are waiting for additional declines." Regionally, active listings rose 46% in the South, 35.7% in the West, 23.8% in the Midwest and 15.1% in the Northeast. More supply and longer selling times are finally translating into lower prices. Part of that is due to the mix of homes on the market, as more smaller homes are being listed.

Persons: Patrick T, Fallon, PATRICK T, FALLON, Danielle Hale, Ralph McLaughlin Organizations: National Association of Realtors, Getty, Nationwide, Mortgage, Association, Midwest Locations: Los Angeles , California, United States, AFP, Tampa, San Diego, Miami, Seattle, Denver, West

☆ Mortgage refinancing surges 35% in one week, as interest rates hit lowest level in over a year
▼ + stars: | 2024-08-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

It appears to have taken a few weeks for current homeowners to realize mortgage rates had dropped dramatically. Applications to refinance a home loan surged 35% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. While rates dropped just 1 basis point last week, they were down 33 basis points in the past four weeks. They were also 62 basis points lower than the same week a year ago. Mortgage rates started this week essentially flat, but that could change with the release of the government's monthly inflation report, the Consumer Price Index (CPI).

Persons: Joel Kan, Matthew Graham Organizations: Woodland, Lifestyle Homes, Mortgage, FHA, Index, Mortgage News Locations: Cold Springs , Nevada

☆ This startup will sell methane-eating microbes to Whole Foods
▼ + stars: | 2024-08-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

While some companies are trying to reduce methane emissions, others are trying to capture and remove it as it's produced. These naturally occurring microscopic organisms live in the soil and eat methane as food for survival. Much like yeast that eats sugar in bread and produces substances that make it rise, mems eat methane and produce fertilizer. This would mitigate methane emissions and enable the grocery company to make climate-friendly claims for their milk and other products. In addition to Cavallo Ventures, Windfall is backed by Prelude Ventures, Amazon Climate Pledge Fund, Breakthrough Energy Ventures and Mayfield.

Persons: Josh Silverman, I've, Silverman, We've, we've, Brett Morris, Lisa Rizzolo Organizations: Investors, Cavallo Ventures, Foods, Prelude Ventures, Breakthrough Energy Ventures, CNBC Locations: California, Mayfield

☆ Home Depot may need an interest rate cut to boost its sales
▼ + stars: | 2024-08-13 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

That waiting game has only intensified with a potential interest rate cut in sight. "What our customers tell their pros is, 'Everything I read tells me interest rates will be lower in three to six months,'" McPhail said. An interest rate cut could help move the needle for Home Depot as sales slow. The Federal Reserve has dropped hints that an interest rate cut could come soon. Even with an interest rate cut, Decker said, "people still might pause a little bit until some of this gets sorted out."

Persons: Richard McPhail, McPhail, Ted Decker, Jerome Powell, Decker, —, Diana Olick Organizations: Federal, CNBC, Depot, Mortgage News Locations: El Cerrito , California

☆ Spending on renovation ticks up: Here's what to know
▼ + stars: | 2024-08-09 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSpending on renovation ticks up: Here's what to knowHigh interests have not only hit home buying but also home remodeling. But is it finally turning around? CNBC's Diana Olick joins 'Squawk Box' with more.

Persons: Diana Olick

☆ Office demand improves as sector sees potential bottom
▼ + stars: | 2024-08-08 | by ( Diana Olick | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOffice demand improves as sector sees potential bottomCNBC's Diana Olick reports on the latest news from the commercial real estate sector.

Persons: Diana Olick

☆ Weekly mortgage refinance demand soars 16% as rates sink to lowest level in over a year
▼ + stars: | 2024-08-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates dropped last week to the lowest level since May 2023, causing a surge in mortgage demand from both homebuyers and especially current homeowners. Total mortgage application volume rose 6.9% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Despite the downward movement in rates, purchase activity only saw small gains, with an increase in conventional purchase applications offset by decreases in government purchase applications. "This is how things often play out when the bond market forces a quick move to extreme rate levels. For example, several of the biggest drops in daily mortgage rates have followed quick moves to long-term highs," wrote Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois

☆ Mortgage rates fall fast to lowest level since May 2023
▼ + stars: | 2024-08-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMortgage rates fall fast to lowest level since May 2023CNBC's Diana Olick reports on the latest around mortgage rates.

Persons: Diana Olick

☆ Mortgage rates plunge to the lowest level in over a year after weak employment report
▼ + stars: | 2024-08-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The average rate on the popular 30-year fixed mortgage dropped 22 basis points to 6.4% Friday, according to Mortgage News Daily. The 15-year fixed rate fell to 5.89%, its lowest level since early May 2023. Mortgage rates loosely follow the yield on the 10-year U.S. Treasury. The 30-year fixed rate started the week at 6.81%, so the drop in just the past five days is dramatic. Buyers were battling not just high interest rates but high home prices and a lack of supply.

Persons: Jerome, Powell didn't, Matthew Graham, Graham, Mike Fratantoni Organizations: Mortgage News, Treasury, Federal, Buyers, Mortgage, Association, Mortgage Bankers Association

☆ June new home sales fall to lowest level of the year
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJune new home sales fall to lowest level of the yearCNBC's Rick Santelli and Diana Olick report on the latest economic data to cross the tape.

Persons: Rick Santelli, Diana Olick

☆ Mortgage demand drops, as homebuyers wait for lower rates
▼ + stars: | 2024-07-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates eased very slightly last week, but not enough to get today's potential homebuyers off the fence. Homebuyers are also likely waiting for interest rates to drop further. While mortgage rates don't follow the Fed exactly (they follow loosely the yield on the 10-year Treasury), rates will come down if investors believe inflation is easing. "We'd probably want to see mortgage rates come down 100 basis points, so I think if we had a five handle, even in the high fives, I think the market could see more momentum." Rates today are very slightly lower than they were last year at this time.

Persons: Joel Kan, Ivy Zelman, Kan Organizations: Mortgage, Association, Federal Reserve Locations: Hawthorn Woods , Illinois

☆ June home sales slump, pointing to a buyer's market as supply increases
▼ + stars: | 2024-07-23 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

"We're seeing a slow shift from a seller's market to a buyer's market," said Lawrence Yun, chief economist for the Realtors. These inventory levels are the highest supply since May 2020, boosted by homes sitting on the market longer. Supply of homes for sale is weakest on the lower end, but is seeing a new surge now. While the sales price nationally is high, new listing prices are lower. Either home sales rise, or, if the prices do not rise, the prices would buckle down," Yun added.

Persons: Lawrence Yun, Danielle Hale, Yun Organizations: National Association of Realtors, Realtors, Realtor.com, Investors Locations: Patchogue, N.Y, Patchogue , New York

☆ Home sales fall more than expected but prices hit new high
▼ + stars: | 2024-07-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHome sales fall more than expected but prices hit new highCNBC's Rick Santelli and Diana Olick report on the latest economic data to cross the tape.

Persons: Rick Santelli, Diana Olick

☆ New credit card Aven taps home equity
▼ + stars: | 2024-07-23 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew credit card Aven taps home equityCNBC's Diana Olick joins 'The Exchange' to discuss the latest developments in the housing market.

Persons: Diana Olick

☆ Here's why international buyers are pulling way back from the U.S. housing market
▼ + stars: | 2024-07-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

As a result, international buyers are pulling out. This comes as both the average ($780,300) and median ($475,000) purchase prices were the highest the NAR ever recorded for foreign buyers. "Therefore, it's not surprising to see a pullback in U.S. home sales from foreign buyers." International buyers tend to pull back during times of political uncertainty. It is unlikely sales from foreign buyers will improve in the coming year unless several factors, both economic and political, improve.

Persons: they're, Lawrence Yun, it's, Yuval Golan, Golan, Waltz Organizations: National Association of Realtors, NAR, FDIC Locations: Canada, China, Mexico, India, Florida , Texas , California, Arizona

☆ Homebuilder sentiment at the lowest level since December 2023
▼ + stars: | 2024-07-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHomebuilder sentiment at the lowest level since December 2023CNBC's Rick Santelli and Diana Olick report on the latest economic data to cross the tape.

Persons: Rick Santelli, Diana Olick

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