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See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ Homebuilders may finally be turning a corner as inflation stabilizes and lower mortgage rates bring buyers back into the market
▼ + stars: | 2023-01-18 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

This led to a downturn in the US housing market as housing activity dramatically faded. But, as inflation slows and interest rates fall, an economist says that the US housing market may get back on track in 2023. Sam Khater, the chief economist at Freddie Mac, also expects lower inflation to entice more Americans to return to the housing market — especially millennials. "While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023," Khater said in a January mortgage report. Indeed, lower mortgage rates are already reviving interest from potential home buyers.

☆ One of America's largest homebuilders just opened its first community in the metaverse as more homebuyers in the real world cancel their orders
▼ + stars: | 2023-01-18 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

The LA-based builder KB Home opened a first-of-its-kind community in the metaverse on January 17. KB Home's virtual community allows customers to personalize some of the company's model homes to their preferences, from changing the architectural style to customizing the interior design. Different customizable home types offered in KB Homes' metaverse community Courtesy of KB Homes"We know consumers are increasingly immersing themselves and spending more time in virtual spaces," KB Home's CEO Jeffrey Mezger said in the announcement. To combat these issues, Rob McGibney, KB Home's chief operating officer, told investors that the company is focusing on moving homes "as efficiently as possible through the construction cycle." The metaverse community can help alleviate some of these issues by allowing customers to design their new home online before KB begins building it in the real world.

See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ A housing market 'trough' is around the corner and should be a welcome relief to real estate firms like Zillow, a Bank of America analyst says
▼ + stars: | 2023-01-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

High mortgage rates and home prices have put the housing market into a deep chill. A Bank of America analyst upgraded real estate stock Zillow from "underperform" to a "buy." A dark cloud is hovering over America's housing market with each week bringing signs of doom and gloom. The rosier view wasn't because of an imminent improvement in the housing market. That's hit Zillow — which earns most of its revenue from lead generation for real estate agents — squarely in the pocket.

On the bright side, the very same rate hikes have resulted in much higher yields on savings accounts. How to pick between high-yield savings accounts and CDsHigh-yield savings accounts High-yield savings accounts grant you the advantages of accessibility and liquidity. When it makes sense, you can always combine high-yield savings accounts and CDs to maximize your down payment saving strategy. You get the best of both worlds — the flexibility of a high-yield savings account and the security of a CD. Fortunately, savings rates have also increased, making it a little easier to save for a down payment.

Mortgage rates have ticked down somewhat following the news that inflation is continuing to show signs of slowing. High inflation and rate hikes from the Fed helped push mortgage rates up more than three percentage points last year. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Proptech customers, employees, and investors said they went from delighted to disillusioned. Proptech investors eager to capture these trends pumped $32 billion into the industry in 2021. As markets deteriorated, disillusionment set in among proptech customers, investors, and employees. Some customers say they were disappointed buying homes via proptech startupsReal-estate startups like Divvy Homes and Better launched under the auspices of helping customers afford quality homes. Investors in proptech firms are taking financial hitsYou don't need to ask proptech investors whether they're disappointed in the sector's performance — just look at share prices.

☆ Millennials are now the 'roommate generation' after being squeezed out of homeownership by high housing costs, said Redfin CEO
▼ + stars: | 2023-01-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Redfin CEO Glenn Kelman warns that millennials could become the 'roommate generation' due to high housing costs. Millennial homebuyers may find reprieve in the Midwest or quickly-deflating markets like Boise or Salt Lake City. "We have a whole group of Americans who can't afford homes, and that's happening right as Millennials are coming of homebuying age," Kelman said. One reason is that homes in these markets are typically selling for under their list price. Meanwhile, 59% of homes in Chicago are selling for under their asking price as of October 2022 compared to 45.5% of homes selling for under ask across the US.

Mortgage rates remain somewhat elevated today compared to previous weeks, and it's likely we won't see a significant drop in the first few months of 2023. See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

After spending most of last month hovering around 6%, average 30-year fixed mortgage rates increased last week. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ It's official: Higher mortgage rates are truly terrifying potential homebuyers
▼ + stars: | 2023-01-05 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Mortgage applications sank to a 26-year low in December, according to the Mortgage Bankers Association. Higher mortgage rates have weakened demand and affordability for many American households. Higher mortgage rates are also responsible for lower refinance volumes. There's a glimmer of hope: Inflationary pressures, which have partially been responsible for the surge in mortgage rates, are finally beginning to ease. "Moreover, if rates continue to decline, borrowers who purchased in the last year will have opportunities to refinance into lower rates."

☆ Mortgage rates start 2023 twice as high as they were a year ago
▼ + stars: | 2023-01-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates inched up again last week, after a slight increase the week before interrupted six straight weeks of falling rates. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. “Mortgage application activity sunk to a quarter-century low this week as high mortgage rates continue to weaken the housing market,” said Sam Khater, Freddie Mac’s chief economist. “While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Although mortgage rates did increase slightly in recent weeks, the association expects them to fall to around 5.2 percent by the end of 2023.

See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.42%, according to Freddie Mac. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well.

Mortgage rates are starting out the new year relatively calm. See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Mortgage rates are expected to start trending down in the coming months, boosting buyer power for home shoppers and giving homeowners who purchased when rates were peaking a chance to cut their monthly mortgage payments. It's possible that we will experience a mild recession in 2023, which would put more downward pressure on mortgage rates. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

But now that the Federal Reserve appears to have gotten a handle on out-of-control price growth, mortgage rates are expected to ease throughout 2023 and 2024. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Average 30-year fixed mortgage rates dropped around a full percentage point over the past few weeks, and they remain low today. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.27%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.69%, an increase from the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022.

☆ The share of American homes bought with all cash reached the highest level in 8 years as people wary of high mortgage rates and a looming recession turned to hard real-estate assets instead
▼ + stars: | 2022-12-26 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

Higher mortgage rates push people to pay all cash for homes to save on interest, Redfin said. Rising interest rates and persistent inflation increased fears of a recession in 2023. Cleveland saw its share of all-cash offers grow from 32% last year to 42% in October, while Philadelphia's grew from 29% to 37%. Selma Hepp, the interim chief economist at CoreLogic, told Insider in November that mortgage rates could go as low as 5.5% by the end of next year. "For homebuyers, it's good to be aware that you can avoid paying high interest rates by paying in cash," Fairweather said.

As inflation continues to slow, mortgage rates should keep inching down, as well. See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Mortgage rates have held steady after trending down over the last few weeks, and most major forecasts expect rates to continue decreasing throughout 2023. It's possible that we will experience a mild recession in 2023, which would put more downward pressure on mortgage rates. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Mortgage rates have trended down recently, though they remain more than three percentage points higher than they were a year ago, according to Freddie Mac. "The market may be thawing since mortgage rates have fallen for five straight weeks," NAR chief economist Lawrence Yun said in a press release. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.69%, an increase from the prior week, according to Freddie Mac data. Mortgage rates have increased dramatically so far in 2022, but there are signs that they may finally have peaked.

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