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☆ The housing market in 2023 saw its worst year of sales in 29 years
▼ + stars: | 2024-01-19 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Read previewThe housing market is coming off its weakest year of home sales since 1995, according to data out Friday from the National Association of Realtors. For the full 12 months, total existing home sales hit 4.09 million units, and sales were lower across all regions in the US year-over-year. Related stories"The latest month's sales look to be the bottom before inevitably turning higher in the new year," NAR economist Lawrence Yun said. AdvertisementTotal existing home sales, year-over-year. "Despite sluggish home sales, 85 million homeowning households enjoyed further gains in housing wealth," Yun said.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors, Business, NAR Locations: homeownership

The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. The decline, which follows two weeks of increases, brings the average rate down to the lowest level it's been in since late May, when it was 6.57%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, dropping the average rate to 5.76% from 5.87% last week. The decline in mortgage rates has followed a pullback in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Still, at this point, economists generally predict the average rate on a 30-year mortgage going no lower than 6%.

Persons: Freddie Mac, Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve Locations: U.S

☆ Mortgage rates drop to lowest level since May
▼ + stars: | 2024-01-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —After moving higher the past two weeks, mortgage rates fell this week, dropping to the their lowest level since May 2023. Mortgage rates remain more than a full percentage point lower than their highest levels of last year: 7.79%. However, he added, as more buyers come in off the sidelines attracted by lower rates, more pressure will be placed on already depleted inventory for sale. “In some markets, however, prices will rise much faster this year.”Still, lower rates can improve affordability by reducing the costs of financing a home. “On a loan to purchase a $400,000 home, a one percentage point decrease in mortgage rates can lead to a $250 drop in the typical monthly payment,” Sturtevant said.

Persons: Freddie Mac, who’ve, ”, Sam Khater, Freddie Mac’s, Lisa Sturtevant, Sturtevant, ” Sturtevant Organizations: DC CNN, “, homebuyers Locations: Washington, DC

☆ Homebuilder sentiment surges as mortgage rates trend down
▼ + stars: | 2024-01-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Homebuilder confidence surged in January as mortgage rates continued to trend lower, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Wednesday. Builder confidence in the market for newly built single-family homes surpassed market expectations, climbing seven points to 44 on the index. The optimism comes as mortgage rates begin to fall and data points to an improving economy heading into 2024. “Single-family starts are expected to grow in 2024, adding much needed inventory to the market,” Huey said. The monthly builder index looks at current sales, buyer traffic and the outlook for sales of new-construction homes over the next six months.

Persons: Alicia Huey, ” Huey, Freddie Mac Organizations: DC CNN, National Association of Home Builders Locations: Washington, Wells Fargo

☆ The housing market is breaking out of mortgage rate lock as a wave of sellers look poised to list their homes in the coming years, Zillow says
▼ + stars: | 2024-01-16 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The housing market could be breaking free from the "rate lock" phenomenon that froze activity in 2023. That's because owners appear less deterred by high mortgage rates when considering whether to sell their homes, Zillow said. 21% of owners are considering selling their homes in the next three years, a Zillow survey shows. Currently, mortgage rates look to be less of a determining factor when considering a sale." Prices and mortgage rates are expected to continue easing slightly this year, Redfin economists predicted.

Persons: Zillow, —, That's, Sylar Olsen, Freddie Mac Organizations: Service

Last year, it seemed like rates would never stop climbing, with 30-year mortgage rates reaching a more than two-decade high in October 2023. The latest housing market predictions for 2024 see home prices rising this year as lower mortgage rates drive an increase in homebuying demand. High mortgage rates have kept a lot of would-be buyers out of the market over the past couple of years. 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. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac, they've, it's Organizations: Zillow, Federal Reserve Locations: Chevron

After dropping substantially toward the end of 2023, experts believe that mortgage rates will go down further in 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.87% last week, according to Freddie Mac data, which is a two-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: there's, Freddie Mac Organizations: Federal Reserve, Fed, Zillow Locations: Chevron

Mortgage rates dropped substantially toward the end of last year, but it could be a few months before we see them ease further. This week, average 30-year mortgage rates inched up to 6.66%, according to Freddie Mac, a four-basis-point increase from the week before. Though we may need to wait a bit longer for the Fed to start cutting rates, once it does, mortgage rates should recede somewhat. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Dividend stocks could see a revival in 2024
▼ + stars: | 2024-01-12 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Dividend stocks fell out of favor in 2023, even as all three major US indexes overcame regional banking turmoil, high interest rates and geopolitical tensions to notch double-digit returns. As interest rates rose to a 22-year high, investors favored bonds at attractive yields over riskier stocks offering smaller payouts. Some traders believe that dividend stocks could make a comeback this year. Larry Adam, chief investment officer at Raymond James, favors dividend stocks in sectors like tech and healthcare for their growth qualities, over traditionally defensive categories like utilities. His firm only invests in dividend stocks that have that growth component, he says.

Persons: ”, Morgan Stanley, Larry Adam, Raymond James, Adam, Elisabeth Buchwald, John Cochrane, Anna Bahney, Freddie Mac, who’ve, Sam Khater, Freddie Mac’s, Read Organizations: CNN Business, Bell, New York CNN, Mastercard, Companies, Hoover Institute, “ Locations: New York

☆ Mortgage rates inch up for the second week in a row, landing at 6.66%
▼ + stars: | 2024-01-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked up this week for the second week in a row, but remain more than a full percentage point lower than their high last year. The 30-year fixed-rate mortgage averaged 6.66% in the week ending January 11, up from 6.62% the previous week, according to data from Freddie Mac released Thursday. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Lower mortgage rates expected to bring new inventoryWhile mortgage rates trending lower is welcome news for homebuyers, those in the market are still dealing with the double whammy of low inventory and high home prices that continue to rise. But, she added, the pace of mortgage rates declining is likely to be slower going forward than the dramatic nine-week drop at the end of 2023.

Persons: Freddie Mac, who’ve, ”, Sam Khater, Freddie Mac’s, That’s, Jiayi Xu, Xu Organizations: DC CNN —, “, Federal, Treasury Locations: Washington

☆ US home prices jump another 5% on tumbling mortgage rates and tight supply
▼ + stars: | 2024-01-10 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

US home prices climbed 5.2% year-over-year in November, according to CoreLogic. Falling mortgage rates and a dwindling supply have helped prop up the market. AdvertisementUS home prices have continued to climb, according to CoreLogic data, with tumbling mortgage rates helping prop up the nation's supply-starved housing market. The US housing market stagnated last year – but there have been signs of a thaw in recent months, with mortgage rates falling away from 23-year highs. Home prices rose the most in the US's northeastern region in November – with the Rhode Island, Connecticut, and New Jersey housing markets each experiencing double-digit year-over-year growth.

Persons: Selma Hepp, —, Freddie Mac Organizations: Service, Biden Administration, National Association of Realtors Locations: –, Rhode Island , Connecticut, New Jersey, Idaho , Utah, Washington

☆ Sliding mortgage rates are helping to thaw the frozen housing market, Redfin says
▼ + stars: | 2024-01-05 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

There's finally a glimmer of hope for the housing market, according to Redfin. AdvertisementThere are signs the frozen housing market is starting to thaw after a year where higher mortgage rates drove potential buyers away, according to Redfin. Still, the flare-up fueled a slowdown in housing market activity, with potential buyers disenchanted by higher rates and would-be sellers opting to stay put to take advantage of being locked in at a lower mortgage rate. Mortgage rates still look high compared to historic levels despite the recent pick-up in demand, according to real-estate agents. "There have been more tours and more offers on my listings since mortgage rates started declining," said Shay Stein, who works for Redfin in Las Vegas.

Persons: There's, —, Freddie Mac, Redfin, Shay Stein Organizations: Service, Federal Reserve, Redfin Locations: Las Vegas

☆ The state of the US housing market in 5 charts
▼ + stars: | 2024-01-05 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Read previewThe US housing market is facing historic unaffordability and it's kept countless Americans sidelined or forced to face hefty monthly home payments. This lock-in effect has created a tale of two markets: those who have been crushed by high mortgage rates and those who have mostly gotten by unaffected. Many Americans secured lower mortgage rates during the pandemic. AdvertisementBut in 2023, that dearth of supply for existing homes was a boon for homebuilders — and Wall Street took notice. William BlairFreddie Mac Multi-family Home Serious Delinquency Rate William Blair, Freddie MacUltimately, in 2024 William Blair forecasts supply to improve, mortgage rates to fall, and existing homeowners to return to the market out of necessity.

Persons: —, it's, William Blair, Richard de Chazal, homebuilders, William Blair's, de Chazal, William Blair Freddie Mac, Freddie Mac Organizations: Service, Industry, Business, National Association of Realtors, Federal, Wall, Bloomberg

Rates have plunged in recent weeks, and 30-year mortgage rates are already half a percentage point down from their November average. 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. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.56% last week, an 11-basis-point drop from the previous week, according to Freddie Mac data. But experts believe the central bank is done raising rates, which means mortgage rates should ease somewhat. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: it's, you'll, Freddie Mac Organizations: Federal Reserve, Zillow Locations: Chevron

Average 30-year mortgage rates finally fell below 7% in mid-November, the first time they've been that low since late September. And as we head into 2024, mortgage rates are expected to fall even further as inflation continues to slow. 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 6.56% last week, according to Freddie Mac data, which is an 11-basis-point drop from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: they've, Freddie Mac Organizations: Zillow, Fed Locations: Chevron

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. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Decline (-0.16%)The current average 30-year fixed mortgage rate is 6.75%, down 16 basis points since this time last week. 20-Year Fixed Mortgage Rates Go Down (-0.18%)The average 20-year fixed mortgage rate is down 18 basis points from last week and sits at 6.40%. 15-Year Fixed Mortgage Rates Decrease (-0.17%)The average 15-year mortgage rate is 6.12%, down a bit from last week. Mortgage rates have risen throughout 2023, and they're higher than they were in November 2022.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, It's, refinance Organizations: Zillow, FHA Locations: Chevron

☆ Fed Chair Powell: Too early to say when to expect rate cuts
▼ + stars: | 2023-12-01 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

While Powell and other officials say they’re not even thinking about cutting rates just yet, some investors expect cuts to begin around the middle of next year. With Treasury yields sliding in recent weeks, so have mortgage rates, and rate cuts next year would help that along. Inflation, spending and mortgagesConsumer spending and inflation both eased in October, the Commerce Department reported Thursday. What Fed officials are sayingFed officials have broadly acknowledged that economic conditions are setting the stage for inflation to continue its descent. While some Fed officials have expressed optimism, others remain unconvinced that the Fed’s job is done.

Persons: Jerome Powell, ” Powell, ”, Powell, they’re, Freddie Mac, Christopher Waller, John Williams, “ We’ve, Michelle Bowman, “ Organizations: DC CNN — Investors, Federal, Spelman College, Treasury, Fed, December’s Fed, Commerce Department, ”, Washington . New York Fed, New York Fed Locations: Washington, Atlanta, September’s, America, doldrums, Washington . New, Salt Lake City

☆ Pending home sales drop to a record low, exceeding the decline seen during the 2008 housing collapse
▼ + stars: | 2023-11-30 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

Pending home sales dropped to their lowest level on record in October as mortgage rates remain high. The decline in pending home sales exceeds the drop seen during the 2008 housing bust. AdvertisementPending home sales fell in October to its lowest level on record, exceeding the decline seen during the 2008 housing collapse. But a decline in interest rates since then has pushed mortgage rates back down to about 7.3%. That slight decline in mortgage rates should help open up the housing market, but it's likely still not enough to completely thaw the frozen market.

Persons: —, Lawrence Yun, Freddie Mac, Yun Organizations: Service, National Association of Realtors

Average 30-year mortgage rates have dipped even further below 7% and are holding steady today. Now that inflation is nearing the Fed's target, it's likely we'll see some more substantial mortgage rate drops in 2024. This would give mortgage rates time to recede ahead of the spring buying season, providing more affordability for home shoppers. 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 RatesAverage 15-year mortgage rates fell to 6.67% last week, according to Freddie Mac data.

Persons: you'll, Freddie Mac, it's Organizations: Federal, Investors, Zillow, Federal Reserve Locations: Chevron

The latest decline brought the average rate on a 30-year mortgage down to 7.22% from 7.29% last week, mortgage buyer Freddie Mac said Thursday. The average rate on a 30-year mortgage is now at the lowest level it’s been in 10 weeks, when it was 7.19%. “Market sentiment has significantly shifted over the last month, leading to a continued decline in mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since. The elevated mortgage rates and a near-historic-low supply of homes on the market have held back the housing market this year.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “ Organizations: ANGELES, Mortgage Bankers Association, Treasury, Federal Reserve Locations: U.S

☆ Mortgage rates drop for fifth straight week
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

It’s the fifth straight week rates have moved lower. 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. According to a forecast from Realtor.com, the average mortgage rate is projected to be 6.8% in the next year. “As mortgage rates are expected to remain elevated, current homeowners with low mortgage rates are expected to stay put, leading to a decline in for-sale inventory,” said Xu.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Khater, Jiayi Xu, Xu, ” Xu, Joel Kan, ” Kan Organizations: DC CNN —, Inflation, Federal, Realtor.com, Treasury, Mortgage, Association Locations: Washington

☆ Average homebuyers are beating out Wall Street landlords
▼ + stars: | 2023-11-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The shutdowns of 2020 created a perfect storm for the housing market — and supercharged the clash between Wall Street and regular homebuyers. Given the attention these markets received during the pandemic, it's no wonder that the battle between Wall Street and Main Street became the dominant story of COVID-era homebuying. Advertisement"If Wall Street was really gobbling up Main Street," Sharga told me, "we would see homeownership rates go down." Wall Street landlords have also been increasingly selling off homes to regular people, a Business Insider analysis found. Still circlingWhile average homebuyers have staged a comeback over the past three years, Wall Street isn't ready to jump out of the housing market altogether.

Persons: homebuyers, That's, Wall, elbowed, Rick Sharga, CJ Patrick Company, they're, who've, Axios, Sharga, CoreLogic, Pretium —, John Voorheis, Voorheis, —, Freddie Mac, James Rodriguez Organizations: Rage, Federal Reserve Bank of Philadelphia, Parcl Labs, Labs, National Association of Realtors, Wall Street, Investor, Wall, Tricon, Associates, Investors, Center for Economic Studies, Census Locations: Phoenix, Chicago, homebuilders, homeownership, Dallas, Charlotte, North Carolina, Atlanta

Mortgage rates have dropped dramatically this month, with 30-year mortgage rates now around 60 basis points lower than where they were at the start of November. 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. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.67% last week, a nine-basis-point drop from the previous week, according to Freddie Mac data. But experts believe the central bank is done raising rates, which means mortgage rates should ease somewhat. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac Organizations: Federal Reserve, Federal, Zillow Locations: Chevron

Average 30-year mortgage rates continue to hover right around 7%, which is significantly lower compared to where they were a month ago. Once we get a clearer picture of when the Fed might start seriously considering cutting rates, mortgage rates could fall further. 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 6.67% last week, according to Freddie Mac data, which is a nine-basis-point drop from last week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac Organizations: Fed, Mortgage, Zillow Locations: Chevron

☆ US new home sales fall more than expected in October
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

New home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month, the Commerce Department said on Monday. September's sales pace was revised lower to 719,000 units from the previously reported 759,000 units. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, would fall to a rate of 723,000 units. Most homeowners have mortgage rates under 3%, making many reluctant to sell, boosting demand for new construction. Mortgage rates soared as the Federal Reserve aggressively raised interest rates to fight inflation.

Persons: Sarah Silbiger, Freddie Mac, Torsten Slok, Lucia Mutikani, Paul Simao Organizations: REUTERS, Rights, U.S, Commerce Department, Reuters, National Association of Realtors, Federal Reserve, Treasury, Apollo Global Management, Thomson Locations: Washington , U.S, U.S, New York

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