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☆ New home sales rose to a 17-month high in July
▼ + stars: | 2023-08-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —New home sales rose in July from the month before, beating estimates and reaching a 17-month high, as buyers continue to look to new construction as an option in the face of a historically low supply of existing homes. While new home sales have been trending higher over the past year, sales of existing homes have been down for the past few months. Sales in the Midwest surged 47.4% from a month ago and sales in the West were up 21.5% from June. Meanwhile, sales in the Northeast declined by 2.9% from last month and dropped by 6.3% in the South. “When existing homes are hard to find, new homes at the right price are a good substitute.”

Persons: Kelly Mangold, ”, George Ratiu, Odeta Kushi Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, ”, Midwest, National Association of Realtors, “ Builders, Builders, First Locations: Washington, –

☆ US home builders ramped up construction in July, beating expectations
▼ + stars: | 2023-08-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Housing starts, a measure of new-home construction, climbed to a seasonally adjusted annual rate of 1.452 million in the month, beating market expectations of 1.448 million, according to data released Wednesday by the Census Bureau. “Buyers embraced new homes in the first half of this year as a welcome alternative to the massive shortage of existing homes,” Ratiu said. The slight increase in starts suggests builders have some optimism, she said, though it remains to be seen what future mortgage rate increases may mean for the market. “In many cases, even repurchasing their same home at today’s mortgage rates would be out of a typical buyer’s price range.”Mortgage rates are hovering around 7% and interested buyer traffic is slowing down for some builders. The National Association of Home Builders/Wells Fargo Housing Market Index, released Tuesday looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: George Ratiu, “ Buyers, ” Ratiu, “ Homebuilders, ”, “, eeking, Kelly Mangold, ” Mangold, Alicia Huey, Warren Buffett’s Berkshire Hathaway, LEN, Horton Organizations: DC CNN, Housing, Census, “, West, Real Estate Consulting, National Association of Home Builders Locations: Washington, Midwest, West, Wells Fargo, Lennar

☆ New home sales dropped in June after May’s surge
▼ + stars: | 2023-07-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher mortgage rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. This increase in mortgage rates cooled mortgage applications. New home sales boosted by low inventory of existing homesAlthough sales were down from May, the trajectory of new home sales is generally positive, said Kelly Mangold of RCLCO Real Estate Consulting. By comparison, the inventory of existing homes for sale at the end of June was only a little over 1 million homes.

Persons: Freddie Mac, Kelly Mangold, “ Buyers, ” Mangold, ”, George Ratiu, Charlotte , Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, “, National Association of Realtors Locations: Washington, Houston, Dallas, Atlanta, Charlotte, Charlotte , North Carolina, Austin , Texas, Orlando , Florida, Southern

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ US mortgage rates climb to their highest level since November
▼ + stars: | 2023-06-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates jumped higher last week as uncertainty about the debt ceiling standoff sent bond yields rising. Mortgage rates tend to be pegged to US Treasury yields, which had been heading higher as America grows ever closer to default. Although the Fed doesn’t have direct control over mortgage rates, higher interest rates tend to push bond yields higher, which also can nudge mortgage rates up. “If the U.S. defaults on its debt, bond investments become riskier, resulting in increased yields and potentially higher mortgage rates. But if mortgage rates remain elevated, sellers looking to wrap up a move during the summer months may be motivated to cut prices.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Joe Biden, Xu, “, George Ratiu, ” Ratiu, Bob Broeksmit, today’s, ” Xu Organizations: Washington CNN, Treasury, Federal, “, Realtor.com, Mortgage, Association Locations: America, U.S

☆ New home starts pull back in March
▼ + stars: | 2023-04-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Housing starts, a measure of new home construction, was down 17.2% from a year ago, according to data released Thursday by the Census Bureau. After surging in February following five consecutive months of falling, March housing starts fell to a seasonally adjusted annual rate of 1.420 million, down from the revised February estimate of 1.432 million. Single‐family housing starts in March rose 2.7% from the revised February figure, at a seasonally adjusted annual rate of 861,000. Housing starts had big drops in May and July last year, when spiking mortgage rates pushed many prospective home buyers to the sidelines. Starts bounced back slightly in August, but fell through January.

☆ Home construction unexpectedly surged in February as slump in lumber prices offset pain of rising mortgage rates
▼ + stars: | 2023-03-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

US housing starts surged in February, with the upside surprise boosted by falling lumber prices in the month. Construction projects pushed through a period of rising mortgage rates. "New residential construction reflected improving builder optimism and declining lumber costs in February, even during a month of rising mortgage rates," George Ratiu, senior economist at Realtor.com, wrote Thursday. Rising mortgage rates and recession fears have dragged prices nearly 70% lower in the last year. "That said, we maintain that a sustained recovery in housing construction is out of the question, for now," Clancy said.

☆ Mortgage rates rise for the fourth week in a row
▼ + stars: | 2023-03-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates shot up for the fourth consecutive week, as inflation concerns remain. “However, given sustained economic growth and continued inflation, mortgage rates boomeranged and are inching up toward 7%.”The lower rates in January brought buyers back into the market, Khater said. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks,” said Bob Broeksmit, MBA’s CEO.

☆ Mortgage rates jump back over 7% as inflation fears drive yields higher
▼ + stars: | 2023-03-02 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates loosely follow the yield on the U.S. 10-year Treasury . "The recent jump in mortgage rates has led to a retreat in purchase applications, with activity down for three straight weeks," said Bob Broeksmit, president and CEO of the Mortgage Bankers Association. "After solid gains in purchase activity to begin 2023, higher rates, ongoing inflationary pressures, and economic volatility are giving some prospective homebuyers pause about entering the housing market." But that recovery has now stalled, and rising rates are only part of the picture. Unfortunately, traders will be hesitant to push rates aggressively lower until they have several successive months pointing to meaningfully lower inflation.

☆ Inflation pushes up mortgage rates for second week in a row
▼ + stars: | 2023-02-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates climbed higher for the second consecutive week, following four weeks of declines. After climbing for most of 2022, mortgage rates had been trending downward since November, as various economic indicators indicated inflation may have peaked. Inflation is keeping mortgage rates volatile, said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Last week, applications fell 7.7% from one week earlier, according to the Mortgage Bankers Association.

☆ Mortgage rates rise on inflation concerns
▼ + stars: | 2023-02-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates rose this week after four weeks of declines, as a stronger-than-expected jobs report suggested the Federal Reserve would continue hiking its benchmark lending rate in its battle against inflation. After climbing for most of 2022, mortgage rates have been trending downward since November, as various economic indicators continue to show inflation may have peaked. The surprising number makes the Fed’s historic and aggressive efforts to cool the labor market and bring inflation down through rate hikes all the more complicated. “Mortgage rates are likely to continue moving up and down in a narrow range for the next few weeks,” said Ratiu. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

☆ Mortgage rates fall for fourth week in a row
▼ + stars: | 2023-02-02 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates fell slightly this week, as a smaller rate hike by the Federal Reserve signaled promising improvement on inflation. Mortgage rates have not been this low since September and are now nearly a full point below last year’s peak of 7.08%, last reached in early November. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The Federal Reserve controls short-term rates, but long-term rates, including 30-year mortgage rates, are a function of market expectations for the path of the economy,” said Mike Fratantoni, senior vice president and chief economist at the Mortgage Bankers Association. Even with lower rates in recent weeks, mortgage applications dropped 9% last week from the week before, according to MBA.

☆ Mortgage rates inched down last week, after a slight increase the week before
▼ + stars: | 2023-01-12 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Mortgage rates inched down last week, after a slight increase the week before. The 30-year fixed-rate mortgage averaged 6.33% in the week ending January 12, down from 6.48% the week before, according to Freddie Mac. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

☆ Here’s what to expect in the housing market this year
▼ + stars: | 2023-01-05 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Last year was a wild ride in the US housing market. So what’s in store for the housing market this year? “Mortgage rates are really critical to the path of the housing market in the year ahead,” said Jeff Tucker, senior economist at Zillow. “Yes, things have cooled way down in the housing market, but we don’t have a glut of homes for sale,” said Tucker. A plain, boring, vanilla year in the housing market would be a wonderful surprise.”

☆ 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.

CNN —Mortgage rates rose this week, their first increase after falling for six consecutive weeks, according to the latest data from Freddie Mac. The 30-year fixed-rate mortgage averaged 6.42% in the week ending December 29, up from 6.27% the week before and capping a rollercoaster year for homebuyers that saw mortgage rates more than double in less than 12 months. “The housing market remains in the doldrums with declining sales, inventory and prices,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates rose throughout most of 2022 amid the Federal Reserve’s unprecedented campaign of harsh interest rate hikes aimed at taming soaring inflation. But mortgage rates have tumbled in the last several weeks, following various data points that showed inflation may have finally reached its peak.

☆ Housing market in the throws of a winter freeze, says Realtor.com Sr. Economist George Ratiu
▼ + stars: | 2022-12-28 | 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 EmailHousing market in the throws of a winter freeze, says Realtor.com Sr. Economist George RatiuGeorge Ratiu, Realtor.com senior economist, joins 'Power Lunch' to discuss the state of the housing market, how future rate hikes could impact home buying and how the housing market could look in two years.

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors. Sales were down 35.4% year over year, marking the tenth straight month of declines. These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

☆ Home sales continued to drop in November
▼ + stars: | 2022-12-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

That continues a slowing trend that began in February and marks the longest streak of declining sales on record, going back to 1999. If not for that anomalous month, sales last month would have been at the lowest level since November 2010. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Even as home sales dropped, home prices continued to climb last month. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

☆ Mortgage rates drop for fifth week in a row
▼ + stars: | 2022-12-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates fell once again this week, dipping for the fifth straight week. But mortgage rates have tumbled in the last several weeks, following data that showed inflation may have finally reached its peak. The rate hike was already factored in to where mortgage rates are, but signaled more good news on inflation. Mortgage rates tend to track the yield on 10-year US Treasury bonds. Mortgage applications tick upFor people looking to buy a home, and homeowners wanting to sell, the retreat in mortgage rates over the past several weeks has been welcome.

☆ Mortgage rates fall for the third week in a row as inflation fears ease
▼ + stars: | 2022-12-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

CNN —Mortgage rates dipped again this week, marking the third straight week of falling rates. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. But in the last couple of weeks, mortgage rates have tumbled following reports that indicated inflation may have finally reached its peak. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Taken together with yesterday’s news from Powell, US Treasury yields fell, suggesting mortgage rates are likely to go in the same direction.

☆ Mortgage rates plunge to 6.61% amid signs of easing inflation
▼ + stars: | 2022-11-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Mortgage rates dropped sharply last week following a series of economic reports that indicated inflation may finally be easing. Mortgage rates have risen throughout most of 2022, spurred by the Federal Reserve’s unprecedented campaign of hiking interest rates in order to tame soaring inflation. While the Fed does not set the interest rates borrowers pay on mortgages directly, its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasury bonds. Mortgage rates are expected to remain volatile for the rest of the year.

☆ Pending home sales fell 10% in September, much worse than expected
▼ + stars: | 2022-10-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Pending home sales, a measure of signed contracts on existing homes, dropped a much worse-than-expected 10.2% in September from August, according to the National Association of Realtors. This marks the lowest level on the pending sales index since June 2010, excluding April 2020, when the Covid pandemic was in its early days. Realtors point squarely to sharply higher mortgage rates, which had sat at record lows for the first two years of the pandemic. "As we look to the remainder of the year, we can expect interest rates to continue their upward trajectory. Regionally, pending home sales dropped 16.2% month to month in the Northeast and were down 30.1% year over year.

☆ Home prices cooled at a record pace in August, S&P Case-Shiller says
▼ + stars: | 2022-10-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. "The forceful deceleration in U.S. housing prices that we noted a month ago continued in our report for August 2022," wrote Craig Lazzara, Managing Director at S&P DJI in a release. These data show clearly that the growth rate of housing prices peaked in the spring of 2022 and has been declining ever since." Leading the price gains in August were Miami, Tampa and Charlotte, with year-over-year increases of 28.6%, 28% and 21.3%, respectively. He also noted that higher home prices combined with higher interest rates are keeping would-be sellers from listing their homes.

☆ Mortgage rates surge, closing in on 7%
▼ + stars: | 2022-09-29 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Mortgage rates have more than doubled since the start of this year as inflation soared and led the Federal Reserve to hike borrowing costs. “The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates tend to track the yield on 10-year US Treasury bonds. As investors see or anticipate rate hikes, they often sell government bonds, which sends yields higher and mortgage rates rise. “The huge surge in mortgage rates over the last nine months has squashed many buyers’ budgets, leading to a significant pullback in transactions,” said Ratiu.

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