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Freddie Mac - 2 ” - 2 That’s - 1 ” Zillow - 1 Nicole Bachaud - 1 “ Buyers - 1 Bachaud - 1 Sam Khater - 1
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☆ The spring homebuying season isn’t what it used to be, thanks to the Fed
  + stars: | 2024-04-30 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +4 min
All that has caused the spring homebuying season to take a timeout — and could spell trouble for the remainder of the year. Since 1999, more than a third of home sales for the entire year occur between March and June on average, according to Freddie Mac data. Given the Fed is in no rush to cut interest rates, Khater expects mortgage rates to remain elevated for longer. Taken together, all these factors will likely put upward pressure on home prices, Khater and his team said in the report. “Our outlook does depend on mortgage rates, which are creating their own seasonality,” she added.
Persons: That’s, ” Zillow, Nicole Bachaud, “ Buyers, Bachaud, Sam Khater, Freddie Mac, Khater, ” Organizations: New, New York CNN, Federal Reserve, CNN, “, Fed Locations: New York, Texas, Florida
☆ Mortgage rates are going up again but home prices aren’t coming down: Why the housing market is out of whack
  + stars: | 2023-07-08 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +6 min
But after 10 rate hikes, the housing market — traditionally one of the most interest-rate-sensitive areas of the economy — is anything but predictable. Mortgage rates then continued to climb in tandem with the Fed’s hikes until November, when mortgage rates peaked at 7.08%, despite four subsequent rate hikes since then. Higher mortgage rates have reduced home inventoryIn theory, when mortgage rates go up, home prices should fall since it raises the cost of homeownership, thereby reducing demand. That’s partly because the higher mortgage rates that came after the Fed hiked rates created a major lock-in effect, said Kiefer. “That tells the crux of the story for why the housing market seems a bit odd right now,” Divounguy said.
Persons: ”, Orphe Divounguy, Banks, Freddie Mac, Charles Dougherty, Dougherty, “, Len Kiefer, ” Kiefer, Kiefer, Divounguy, Zillow’s Divounguy, ” Divounguy Organizations: New, New York CNN, Federal Reserve, Zillow, Fed, National Association of Realtors, “, CNN, homebuying Locations: New York, That’s, Wells Fargo, Realtor.com
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