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☆ Bad news if you’re looking to buy a house in the next two years
▼ + stars: | 2024-11-22 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

After hitting two-decade highs nearing 8% late last year, mortgage rates have fallen, dipping nearly as low as 6% in September. Mortgage rates are expected to stay stuck above 6% for at least the next two years, according to economists and recent forecasts. Home sales are on track for their worst year since 1995 due to home-price growth and elevated mortgage rates. Mortgage rates are closely tied to the 10-year US Treasury yield. Billionaire investor Paul Tudor Jones last month said a swelling national debt under Trump would be frowned upon by the bond market.

Persons: Freddie Mac, ” Lawrence Yun, “, Wells, Fannie Mae, Donald Trump’s, Trump, ” Bernard Baumohl, Paul Tudor Jones, “ We’re, ”, Nick Dus, “ They’ve, Dus, NAR’s Yun, Yun, ” Yun, Samantha Delouya Organizations: Washington CNN, National Association of Realtors, Federal, Treasury, Economic Outlook, Billionaire, Trump, CNBC, CNN, Fed Locations: Wells Fargo, Evansville , Indiana

A sharp drop in mortgage rates brought homebuyers off the fence in October after a slow summer. Sales were 2.9% higher than October of last year, marking the first annual increase in more than three years. While mortgage rates remain elevated, they are expected to stabilize.”There were 1.37 million units for sale at the end of October, an increase of 19.1% from October 2023. That is still high historically, but lower mortgage rates likely caused that share to drop. Mortgage rates are much higher now, at 7.05% on the 30-year fixed.

Persons: ”, Lawrence Yun, ” Yun, Chen Zhao Organizations: National Association of Realtors, Mortgage News, Fed Locations: Redfin

☆ Home sales jumped in October, and housing demand is set to pick up from here, NAR says
▼ + stars: | 2024-11-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

That's partly due to higher inventory levels, which rose 19% in October compared to last year. Existing home sales rose 3.4% in October, the group said. Sales rose 2.9% year-over-year for the first annual rise since July 2021 when Americans were still in the midst of a pandemic homebuying boom. Despite higher inventory levels, existing home prices have continued to rise, with the median existing home price climbing 4% in October to $407,200. Last week, the 30-year fixed mortgage rate ticked lower but remained elevated at 6.78%, three basis-points higher higher than the 52-week average, according to Freddie Mac.

Persons: Lawrence Yun, Freddie Mac, Yun, Zillow Organizations: National Association of Realtors, NAR, Bank of America Locations: Real

☆ Yun: Reducing spending brings down interest rates
▼ + stars: | 2024-11-18 | 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 EmailYun: Reducing spending brings down interest ratesLawrence Yun, Chief Economist at the National Association of Realtors, explains that reducing the national deficit could help lower mortgage rates by impacting bond yields. Although the Fed has cut rates, 10-year yields remain high due to budget deficits.

Persons: Lawrence Yun Organizations: Yun, National Association of Realtors

☆ The world is about to get some much-needed clarity on the US economy’s future
▼ + stars: | 2024-11-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

One bit of clarity they’re sure to get: The Federal Reserve’s latest interest rate decision, due to be announced Thursday. The Fed lowered borrowing costs in September for the first time in more than four years while signaling additional rate cuts. But a slew of economic figures have been released since the decision, which is important because the Fed’s decision are guided by what those figures show. Investors are betting with near certainty that the Fed will deliver a quarter-point cut, according to futures. Lower rates could entice home buyers to come off the sidelines, and for businesses it could continue plans that have “baked in” lower rates.

Persons: Kamala Harris, Donald Trump, Jerome Powell’s, America’s, Harris, Harris ’, ” “, Lawrence Yun, ” Yun, they’re, It’s Organizations: Washington CNN, Federal, Fed, The Wall Street, US, Trump, Federal Reserve, Duke University, Institute for Supply, National Association of Realtors

☆ 7 major US cities where homes are both affordable and easy to find
▼ + stars: | 2024-11-03 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Home transaction activity is up since mortgage rates are down from their peak. The US housing market perked up after mortgage rates plunged from their mid-summer peak through mid-September, even though they've experienced a remarkable resurgence since then. Pending home sales rose 7.4% in September, which was the largest leap since the spring, a late-October report from the National Association of Realtors found. "Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady." 7 affordable cities with home inventoryEven though homeowners have been reluctant to give buyers a discount, there are still places where aspiring proprietors can find fair deals.

Persons: —, they've, Lawrence Yun, Realtor.com, Ralph McLaughlin Organizations: Service, National Association of Realtors Locations: Realtor.com

☆ Pending home sales took an unexpected leap higher last month, but rates are now much higher
▼ + stars: | 2024-10-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

These so-called "pending" sales were at the highest level since March and 2.6% higher than September of last year. Since pending sales are based on signed contracts, representing people out shopping during the month, it is the most current indicator of buyer demand. "Further gains are expected if the economy continues to add jobs, inventory levels grow, and mortgage rates hold steady." Regionally pending sales were higher year over year in the Northeast and West and flat in the Midwest and South. The levels of mortgage demand are still historically low, and sales, while higher, are as well.

Persons: Lawrence Yun, Selma Hepp Organizations: National Association of Realtors, Analysts, Mortgage News, Realtors, Mortgage, Association Locations: Northeast, West, Midwest, homebuyers

☆ Here’s why mortgage rates are rising after the Fed’s rate cut
▼ + stars: | 2024-10-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Expectations of a Fed rate cut caused mortgage rates to drop to a two-year low of 6.08% in late September, but it failed to spur homebuying activity. Every percentage point on a mortgage rate makes a big difference for that monthly payment. Here’s what’s driving the recent upswing in mortgage rates. Mortgage rates track the 10-year US Treasury yield, which was expected to fall in anticipation of further rate cuts. “I am clearly not going to own any fixed income.”The government’s fiscal situation might already be having an impact on mortgage rates.

Persons: Freddie Mac, pare, what’s, ” Sam Khater, Freddie Mac’s, Robyn Beck, Donald Trump, Kamala Harris, Harris, “ We’re, Paul Tudor Jones, “, ” Lawrence Yun, Kimberly Bradley, Zach, Kimberly, “ I’ve, ” Kimberly, ” Ken Lowrey, Ken Lowrey, “ homeownership, ”, Lowrey Organizations: Washington CNN, Federal Reserve, National Association of Realtors, Mortgage, Association, Treasury, Getty, Federal Budget, Trump, CNBC, US Postal Service Locations: AFP, Manteo , North Carolina, Charleston , South Carolina

Sales fell in three out of four U.S. regions, with just the West region seeing a gain. Inventory rose 1.5% month to month to 1.39 million homes for sale at the end of September. That represents a 4.3-month supply at the current sales pace. Distressed property sales accounted for only 2% of all transactions in September.”The pressure of still low inventory continues to push prices higher. First-time buyers pulled back again, making up just 26% of September sales.

Persons: ”, Lawrence Yun, ” Yun, Cash, Yun Organizations: National Association of Realtors, Homes Locations: U.S

☆ Homebuyers Have Hope With Lower Mortgage Rates, More Houses Available
▼ + stars: | 2024-10-09 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

Wild swings in mortgage rates discouraged almost everyone from venturing out into the market. As I wrote earlier this year, a gummed-up housing market — the Ice Age I was talking about — is good for nobody. When mortgage rates hit multidecade lows during the pandemic, millions of people were able to snag or refinance their way into cheaper monthly costs. That'd be within spitting distance of what the experts at John Burns Research and Consulting, a housing-research firm, call the "magic mortgage rate." In other words, trying to predict mortgage rates — and buying or selling a home accordingly — is a fool's errand.

Persons: Green, that's, Skylar Olsen, everyone's, it's, there's, Fannie Mae, John Burns, they'd, Ralph McLaughlin, Olsen, Lawrence Yun, Altos, Mike Simonsen, Chen Zhao, Zhao, We're, Mark Palim, Palim Organizations: Federal Housing Finance Agency, Federal Reserve, John, John Burns Research, Consulting, National Association of Realtors, Altos Research, Builders, Sun Locations: Sun Belt, Midwest

See more mortgage rates on Zillow Real Estate on ZillowWhat Are Today's Mortgage Refinance Rates? 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. Current 30-Year Mortgage RatesAverage 30-year mortgage rates are hovering around 5.80%, according to Zillow data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile. But now that inflation has decelerated and the Fed is expected to cut rates soon, mortgage rates have trended down.

Persons: they've, Lawrence Yun, Freddie Mac, it's, Fannie Mae Organizations: Federal, National Association of Realtors, Zillow, Fed, Mortgage, Association, ARM, . Government Locations: Chevron, Government

Now that the Fed has cut rates, mortgage rates may not drop much further in the near term. But if the Fed doesn't lower rates as much as expected this year, mortgage rates may hold steady or even inch up. But rates are still expected to come down further, so it may also be worth waiting to see how low mortgage rates go. 5-Year Mortgage Rate TrendsHere's how 30-year and 15-year mortgage rates have trended over the last five years, according to Freddie Mac data. Mortgage rates are determined by a variety of different factors, including larger economic trends, Federal Reserve policy, your state's current mortgage rates, the type of loan you're getting, and your personal financial profile.

Persons: Lawrence Yun, you'll, they've, Freddie Mac, it's, Fannie Mae Organizations: Federal Reserve, Wednesday, National Association of Realtors, Consumers, Zillow, ARM, Federal Housing Administration, Department of Veterans Affairs, Fed, Mortgage, Association Locations: Chevron

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, “

The median house price in the U.S. is now 5.8 times more than the median annual income of $80,000. That was, after all, the median price for a house in the area at the time. Jonathan OchartThe median price of a home in Los Angeles county is just under $960,000, according to Zillow listings data. It's just not a level playing field," says Ochart about the income now needed to afford a home. In Grand Rapids, median home prices were on the rise before the pandemic and then soared 54% from 2020 to $285,000 in June 2024, according to Zillow sales data.

Persons: Kelcie Lesko, Tim Khalil, Lesko, Khalil, they'll, Gen Xers, What's, — there's, they're, Daryl Fairweather, Kelly Diehr, homebuyers, you'd, Diehr, Jonathan Ochart, Ochart, It's, Timothy Ham, Timothy Ham couldn't, Ham, you've, That's, boomer, it's, Lawrence Yun, Millennials, Ramit Sethi, Rich, Brad Klontz, homebuying Organizations: CNBC, Homes, LA, National Association of Realtors, NAR Locations: New Jersey, Monmouth County, North Brunswick, Lesko, homeownership, U.S, Denver, Brazil, Los Angeles and New York, San Antonio, Los Angeles, Antonio, Texas, LA, Boise , Idaho, Tacoma , Washington, Grand Rapids , Michigan, Grand Rapids, Kalamazoo

☆ Mortgage rates fall to lowest level since February 2023
▼ + stars: | 2024-09-12 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Mortgage rates fell this week to the lowest point since February 2023, in a welcome sign for Americans grappling with a tough housing market. The standard, 30-year fixed-rate mortgage averaged 6.20% in the week ended September 12, mortgage financing giant Freddie Mac said Thursday. Mortgage rates started to drop early last month on news affirming lower interest rates in the future, specifically after a weaker-than-expected jobs report for July, and have gradually edged lower since. “Mortgage rates have fallen more than half a percent over the last six weeks and are at their lowest level since February 2023,” Sam Khater, Freddie Mac’s chief economist, said in a release. The Fed doesn’t directly set mortgage rates, but its action do influence them through movements in bond yields.

Persons: Freddie Mac, ” Sam Khater, Freddie Mac’s, that’s, Lawrence Yun Organizations: Washington CNN —, “, Federal Reserve, Treasury, Las, P Global, Apple, Fed, National Association of Realtors Locations: New York City, San Diego, Las Vegas, America, Los Angeles, Miami

☆ Mortgage rates plunge to lowest level in more than a year
▼ + stars: | 2024-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak of 7.22% in early May. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on interest rates. Lower mortgage rates and a bigger housing stock will eventually entice more buyers to eventually enter the market.

Persons: Freddie Mac, That’s, ”, Sam Khater, Freddie Mac’s, “ Homebuyers, ” Lawrence Yun, Lisa Sturtevant, “ Organizations: Washington CNN, Federal Reserve, Las, P Global, Harvard Joint Center for Housing Studies, CNN, Treasury, National Association of Realtors, Fed, NAR, “, Bright MLS Locations: New York, San Diego, Las Vegas, Tampa, Denver, Minneapolis, United States

☆ Housing affordability is 'moving in the right direction,' economist says. Here's what to know
▼ + stars: | 2024-07-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

A slight decrease in mortgage rates in the month of June definitely helped buyers, said Yun. Housing affordability is improving ever so modestly, but it is moving in the right direction. While there's still an affordability challenge broadly, conditions are "moving towards a more neutral market," Orphe Divounguy, a senior economist at Zillow. Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago, according to NAR. Competition is easing fastest in the South, where all major southern markets except Dallas and Raleigh are either neutral or buyer-friendly, according to the June 2024 Zillow Housing Market Report.

Persons: Yun, Freddie Mac, Lawrence Yun, Chen Zhao, there's, Selma Hepp Organizations: Sdi, CNBC, Investors, National Association of Realtors, Zillow Locations: Redfin, Dallas, Raleigh

☆ A $1 million starter home is now the norm in more than 200 US cities
▼ + stars: | 2024-07-26 | by ( Samantha Delouya | ) edition.cnn.com time to read: +4 min

A Thursday report from Zillow indicates that a typical starter home is now worth $1 million or more in 237 cities, up from 84 cities in 2019, underscoring America’s ongoing home affordability crisis. “We see the largest number of million-dollar starter homes in expensive coastal markets. To further complicate things for first-time buyers, the value of starter homes has grown at a faster pace than the average home. According to Zillow, starter home values have grown 54.1% over the past five years, while the average US home has increased by 49.1%. The nationwide average price tag for a starter home is $196,611, according to Zillow.

Persons: underscoring, ” Orphe, “, It’s, homebuyer, Zillow, Jeffrey Jenkins, Divounguy, “ That’s, ”, Lawrence Yun Organizations: CNN, Gallup, National Association of Realtors, University of Southern Locations: Zillow, California , New York, New Jersey, University of Southern California, United States

Mortgage rates haven't moved much in recent days, with average 30-year mortgage rates sticking around 6.51% so far this week, according to Zillow data. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.05% this week, according to Freddie Mac data, which is a 12-basis-point decrease from the previous week. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, Zillow, Federal Reserve, Fed Locations: Chevron

☆ 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

Though many Americans believe the housing market is at risk of crashing, the economists who study housing market conditions overwhelmingly do not expect a crash in 2024 or beyond. How low demand can cause a housing market crashA sudden drop in homebuying demand can lead to a housing market crash. What a housing market crash would mean for homebuyersAnything is possible, and nobody has a crystal ball to see for certain what will happen in the housing market in the coming months and years. Preparing for a potential housing market crashRight now, you probably don't need to be preparing for the housing market to crash. Housing market crash FAQsWhat are the key signs of an impending housing market crash?

Persons: homebuyers, Fannie Mae's, Lawrence Yun, Yun, isn't Organizations: Housing Survey, National Association of Realtors, Housing Locations: exurbs, Chevron

Like other consumer rates, mortgage rates are impacted in large part by what's going on in the economy. This allowed mortgage rates to drop as low as they did, with 30-year mortgage rates reaching an all-time low of 2.65% in January 2021, according to Freddie Mac. Because mortgage rates are still so high, some hopeful homebuyers have decided to wait for lower rates to start shopping for homes. Mortgage rates in 2024: FAQsWill mortgage rates go down in 2024? All consumer interest rates, including mortgage rates, should start to ease as soon as inflation slows further.

Persons: Homebuyers, homebuyers, what's, Fannie Mae, Freddie Mac, Lawrence Yun, that's Organizations: Fed, Bureau of Labor Statistics, NAR, National Association of Realtors, CNBC, Federal Housing Finance Agency, Veterans United, Loans, Federal Reserve, Mortgage, Association Locations: Chevron

☆ 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

☆ The new normal for mortgage rates will be around 6%, says NAR’s Lawrence Yun
▼ + stars: | 2024-07-09 | 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 EmailThe new normal for mortgage rates will be around 6%, says NAR’s Lawrence YunLawrence Yun, National Association of Realtors chief economist, joins 'Squawk Box' to discuss the state of the housing sector, whether housing prices have stabilized, mortgage rate trend outlook, and more.

Persons: NAR’s Lawrence Yun Lawrence Yun Organizations: National Association of Realtors

☆ US home prices just hit a record high. Americans are still buying
▼ + stars: | 2024-06-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

The situation could improve somewhat later this year, when the Federal Reserve is expected to begin paring back interest rates from a 23-year high, which should bring down mortgage rates. But Fed officials have penciled in just one rate cut for this year, and the days of ultra-low interest rates are long gone. Economists don’t expect the average mortgage rate to fall below 6% in 2024. However, there have been some steps in the right direction: Total housing inventory has steadily increased throughout this year, according to NAR data. New home construction also contributes to housing supply, but high interest rates seem to have pumped the brakes on homebuilding.

Persons: ”, Lawrence Yun, “, don’t, That’s, NAR’s Yun Organizations: Washington CNN — Homes, National Association of Realtors, NAR, “, Federal Reserve, Fed, Housing Locations: America

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