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☆ Existing home sales rose 3% to start the year, but higher mortgage rates are already hurting
▼ + stars: | 2024-02-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of previously owned homes rose 3.1% in January to 4 million units on a seasonally adjusted annualized basis, according to the National Association of Realtors. The count is based on closings, so the contracts were likely signed in November and December, when mortgage interest rates backed off their October high of 8%. "Listings were modestly higher, and home buyers are taking advantage of lower mortgage rates compared to late last year." While lower mortgage rates helped boost January sales, today's higher rates are already once again weighing on the market. Correction: The 32% all-cash share of January 2024 home sales was up from 29% in January 2023.

Persons: Lawrence Yun, Yun, It's Organizations: National Association of Realtors, Mortgage News, NAR, Redfin

☆ Mortgage demand takes a massive hit as interest rates cross back over 7%
▼ + stars: | 2024-02-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates surged last week to the highest level since early December, and that hit mortgage demand hard. "Potential homebuyers are quite sensitive to these rate changes, as affordability is strained with both higher rates and higher home values in this supply-constrained market," Fratantoni added. With rates higher, the adjustable-rate mortgage (ARM) share of activity increased to 7.4% of total applications. ARMs offer lower interest rates but are considered more risky because they can adjust higher after a fixed period. Mortgage rates jumped even higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected.

Persons: Mike Fratantoni, Fratantoni Organizations: Woodland, Lifestyle Homes, Mortgage Locations: Cold Springs , Nevada

☆ Mortgage rates shoot to 2-month high after new report shows inflation is still hot
▼ + stars: | 2024-02-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates shot higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected. Mortgage rates hit their last high in October but then fell sharply over the next two months, leveling out at around 6.6% in December. In February's report, builders said they expected mortgage rates to continue to moderate in the coming months. "And while mortgage rates still remain too high for many prospective buyers, we anticipate that due to pent-up demand, many more buyers will enter the marketplace if mortgage rates continue to decline this year."

Persons: Matthew Graham, Alicia Huey Organizations: Mortgage News, . Census, National Association of Home Builders Locations: Albany , California, Birmingham , Alabama

☆ Mortgage rates surge higher again, causing homebuyers to pull back
▼ + stars: | 2024-02-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a brief reprieve in December and January, mortgage rates are moving higher again, and that is taking its toll on mortgage demand. Total mortgage application volume fell 2.3% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "That's because mortgage rates are climbing again and winter weather has been harsher than usual in much of the country, keeping some house hunters at home." Mortgage rates surged even higher Tuesday after a government report on inflation showed it was still stubbornly higher than expected. "The bond market (which underlies mortgage rates) reacted immediately and forcefully when the numbers came out.

Persons: Joel Kan, Chen Zhao, Bonds, Matthew Graham Organizations: Mortgage, Mortgage News Locations: Pico Rivera , California, Redfin

☆ Weekly mortgage demand from homebuyers is flattening as interest rates rise
▼ + stars: | 2024-02-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand is struggling to contend with what appears to be another upswing in interest rates. Total mortgage application volume rose 3.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Together, those two jumps made for the third-biggest increase in mortgage rates since March 2020. The refinance share of mortgage activity increased to 35.4% of total applications from 34.2% the previous week. Mortgage rates fell back slightly on Tuesday, but the move higher was an adjustment to surprisingly strong economic data, according to Matthew Graham, chief operating officer at Mortgage News Daily.

Persons: Joel Kan, Matthew Graham, They've Organizations: Mortgage, U.S . Labor Department, Mortgage News Daily, Mortgage News, CNBC PRO

☆ Mortgage rates jump back over 7% as stronger economic data rolls in
▼ + stars: | 2024-02-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Mortgage rates have been on a wild ride since the summer, briefly crossing to a 20-year high of 8% in October. Mortgage rates do not follow the Fed directly, but they follow loosely the yield on the 10-year Treasury, which is heavily influenced by the central bank's impression of the economy at any given time. As mortgage rates fell over the past two months, buyers seemed to be returning to the market. Mortgage applications to purchase a home had been rising steadily, but fell back in the last few weeks, as mortgage rates edged higher. "If we see more data like last Friday's jobs report, rates will have a hard time getting back below 7%.

Persons: Li Jianguo, Matthew Graham, Michael Fratantoni, Graham Organizations: National Association of Realtors, Getty, Mortgage News, Federal, Treasury, Fed, Mortgage, Association . Mortgage, CNBC PRO Locations: Millbrae , California, United States, Xinhua

☆ Weekly mortgage demand drops as buyers struggle to find affordable homes
▼ + stars: | 2024-01-31 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After rising for several weeks, mortgage demand fell last week as buyers faced increased competition for a limited supply of homes. Total mortgage application volume fell 7.2% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Lower mortgage rates are putting more pressure on home prices, and are bringing more buyers into the market, increasing competition. Mortgage rates have barely moved in the last two weeks, but that could soon change. Friday's monthly employment report could also impact markets and swing mortgage rates in either direction depending on what it says about the broader economy.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Clarksburg , Maryland

☆ Home prices began to cool in November after nine straight months of gains, S&P Case-Shiller says
▼ + stars: | 2024-01-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Home prices in November fell 0.2% from October, according to the S&P CoreLogic Case-Shiller national home price index. Prices nationally were still higher than the year before, and those annual gains increased again relative to the prior month. They rose 5.1% from November 2022, up from a 4.7% annual increase in October. "The rate has since fallen over 1%, which could support further annual gains in home prices." Prices rose 8.2% in November, followed again by San Diego with an 8% increase.

Persons: Freddie Mac, Brian Luke, Luke Organizations: Federal Reserve, Detroit, Midwest Locations: Lake Pointe Subdivision, Austin , Texas, Seattle, San Francisco, Miami, Tampa, Atlanta, Charlotte , New York, Cleveland, San Diego, Portland , Oregon

☆ Homebuyer demand pushes mortgage applications higher, even as interest rates inch up again
▼ + stars: | 2024-01-24 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates rose slightly last week, but that did not seem to deter homebuyers who have come back after the holidays. Mortgage applications to purchase a home rose 8% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand, however, was still 18% lower than the same week one year ago, when rates were lower. "Mortgage rates increased slightly last week, but there continues to be an upward trend in purchase activity," said Joel Kan, an MBA economist, in a release. Mortgage rates moved higher at the start of this week, although there appears to be no particular reason for the increase.

Persons: homebuyers, Joel Kan Organizations: Mortgage, Mortgage News, CNBC PRO Locations: Alhambra , California

☆ December home sales slump to close out worst year since 1995
▼ + stars: | 2024-01-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Sales were 6.2% lower than in December 2022, marking the lowest level since August 2010. Full-year sales for 2023 came in at 4.09 million units, the lowest tally since 1995. Regionally, on a month-to-month basis, sales were unchanged in the Northeast and fell 4.3% in the Midwest. There were 1 million homes for sale at the end of December, making for a 3.2-month supply at the current sales pace. Individual investors, who make up a large share of all-cash sales, bought 16% of homes, down from 18% in November.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Midwest ., Mortgage News, Homes Locations: Northeast, West

☆ Homebuilder sentiment improves for second straight month, following drop in mortgage rates
▼ + stars: | 2024-01-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Homebuilder sentiment improved in January, jumping 7 points to 44 on the National Association of Home Builders monthly index. Anything below 50 is still considered negative, but the index has now moved 10 points higher in the last two months. The increase coincides with a big drop in mortgage interest rates from around 8% in mid-October to the 6% range in December. Regionally, on a three-month moving average, builder confidence increased the most in the Northeast, the only area now in positive territory at 55. Sentiment was flat in the Midwest and rose slightly in the South and West.

Persons: Alicia Huey Organizations: National Association of Home Builders, Builders Locations: Birmingham , Alabama, Midwest, South, West

☆ Mortgage demand surges more than 10% as lower interest rates lure homebuyers
▼ + stars: | 2024-01-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

(Photo by ROBERTO SCHMIDT / AFP) (Photo by ROBERTO SCHMIDT/AFP via Getty Images)Another drop in mortgage interest rates caused a run on loans last week. Mortgage rates were about half a percentage point (52 basis points higher) one year ago. Nakita Bell, who is currently renting in Detroit, said the recent drop in rates prompted her to consider buying. Lower rates are also giving some current homeowners an opportunity to save money. While the vast majority of current borrowers have rates lower than those offered today, the recent drop is still having some effect on those whose loans carry higher rates.

Persons: Homeownership, Joe Biden, ROBERTO SCHMIDT, Joel Kan, Nakita Bell, I'm Organizations: AFP, Getty, Mortgage Locations: Clarksburg , Maryland, Detroit

☆ Mortgage demand jumps nearly 10% to start the year, even as interest rates tick up again
▼ + stars: | 2024-01-10 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Real estate agents, however, say they are starting to see a new surge in demand from buyers who were sidelined by the higher rate environment. More consumers also said they expect mortgage rates to fall further, according to a recent report from Fannie Mae. Mortgage rates increased again slightly to start this week, but remain in the 6% range. If it is higher than expected, signaling there is more to do to curb inflation, mortgage rates could move up even more.

Persons: Joel Kan, Fannie Organizations: Mortgage, New, CNBC PRO Locations: Hercules , California, Fannie Mae

☆ Home prices are surging — and Detroit gained the most in November, beating Miami for the first time
▼ + stars: | 2024-01-09 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Home prices are rising faster and faster each month, fueled by a decline in mortgage rates. Areas seeing year-over-year price declines in November were Idaho (-1.3%); Utah (-0.4%); and Washington, D.C. (-0.2%). The lower the mortgage rate, the greater the buying power for consumers. While prices are expected to soften slightly later next year, much of that will depend on supply. At current low supply levels and demand increasing due to lower mortgage rates, for now at least, prices have nowhere to go but up.

Persons: Selma Hepp, CoreLogic Organizations: Northeast, Rhode, D.C Locations: Connecticut, New Jersey, Idaho, Utah, Washington

☆ This startup is removing carbon from the air — and here's why JetBlue is backing it
▼ + stars: | 2024-01-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

One of the newest and fastest-growing weapons in the fight against global warming is technology to remove carbon dioxide from the atmosphere, known as direct air capture. Direct air capture is already a growing business, and governments around the world are adding to it, providing tax incentives and grants to help spur the industry forward. Some of the first firms to do it, such as Climeworks and Carbon Capture, use massive fans in the process. Similar to other direct air capture companies, Avnos is benefiting from both government tax credits and direct funding. In addition to JetBlue Ventures, Avnos is backed by Shell Ventures, the Grantham Foundation's Neglected Climate Opportunities Fund and Rusheen Capital Management.

Persons: it's, Will Kain, Avnos, Kain, Amy Burr Organizations: JetBlue Ventures, Avnos, Shell Ventures, Rusheen Capital Management, CNBC PRO Locations: California, Grantham, VCs

☆ Mortgage rate decline pulls buyers back into the housing market
▼ + stars: | 2024-01-08 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

watch nowA sharp drop in mortgage interest rates in December may have kickstarted this year's spring housing market early. Optimism about mortgage rates increased sharply in December, according to a monthly consumer survey by Fannie Mae. "This significant shift in consumer expectations comes on the heels of the recent bond market rally," said Palim. "Notably, homeowners and higher-income groups reported greater rate optimism than renters." The average rate on the 30-year fixed has been on a wild ride since the start of the Covid pandemic.

Persons: Fannie Mae, Mark Palim, Ryan Paredes, Ariadna Paredes, Ryan Ratliff, Joe Raedle, Paul Legere Organizations: Max Advance Realty, Getty, . Washington , D.C Locations: Cutler Bay , Florida, . Washington ,

☆ Mortgage demand down 9.4% for final week of 2023, despite recent drop in interest rates
▼ + stars: | 2024-01-03 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage demand ended 2023 on a sour note, despite a sharp drop in mortgage interest rates during December. Total application volume was down 9.4% for the week ended Dec. 29, compared with two weeks earlier, according to the Mortgage Bankers Association's seasonally adjusted index. The average rate on the 30-year fixed ended the year at 6.76%, lower than where it was two weeks ago, but higher than it was a week ago. The builders are a bright spot, especially because they can buy down mortgage rates, but new homes do come at a price premium. Mortgage rates started this week higher after also edging up on Friday.

Persons: Joel Kan, refinanced, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Daily, Reserve, CNBC PRO Locations: Miami , Florida

☆ November pending home sales were unchanged, despite a sharp drop in mortgage rates
▼ + stars: | 2023-12-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Mortgage rates are key in this report, with the average rate on the 30-year fixed mortgage soaring over 8% in mid-October before dropping sharply to 7.5% in the first week of November, according to Mortgage News Daily. Analysts had expected the drop to cause a slight gain in pending sales, but apparently it wasn't enough, given steep home prices and tight supply. Regionally, pending sales rose 0.8% month over month in the Northeast and 0.5% in the Midwest. Mortgage rates are now solidly in the mid-6% range, but the supply of homes for sale is still very low. "With mortgage rates falling further in December – leading to savings of around $300 per month from the recent cyclical peak in rates – home sales will improve in 2024," Yun added.

Persons: Lawrence Yun, –, Yun Organizations: National Association of Realtors, Mortgage News, Midwest ., Builders, CNBC PRO

☆ Nashville's real estate boom has builders scrambling and residents facing sky high prices
▼ + stars: | 2023-11-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +6 min

The Nashville building boom is in full effect, despite higher interest rates, higher home prices and a weaker national economy. During the Great Recession after the 2008 financial crisis, workers were looking for an urban vibe but with cheaper housing. While home prices nationally are up 47% from the start of the pandemic, Nashville prices are up 55%, according to ICE Mortgage Technology. "What we're seeing housing prices and rents go to is very foreign to what they would call affordable," said Eldridge. Gallagher has been working in Nashville's commercial real estate sector since moving to the city over a decade ago.

Persons: We've, John Eldridge, Eldridge, John Burns, CNBC he's, haven't, It's, Madison Cartularo, I've, Cartularo, Janelle Gallagher, Nashville . Gallagher, she's, that's, Gallagher, Bill Lee Organizations: Istock, Getty Images Nashville, E3 Construction, John Burns Research, Consulting, CNBC, Nashville, ICE Mortgage Technology, ICE, CBRE Locations: Nashville , Tennessee, Nashville, Los Angeles, Redfin, United States, New Yorker, Tennessee

☆ Pending home sales drop to a record low, even worse than during the financial crisis
▼ + stars: | 2023-11-30 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Pending home sales, a measure of signed contracts on existing homes, dropped 1.5% in October from September. They hit the lowest level since the National Association of Realtors began tracking this metric in 2001, meaning it's even worse than readings during the financial crisis over a decade ago. Because the index measures signed contracts, it is the most recent indicator of housing demand. The realtors continue to say it's not just high rates but still very low supply of homes for sale that is deflating activity. The Realtors noted that sales of homes priced above $750,000 have been increasing simply because there is more supply on the high end of the market.

Persons: it's, Lawrence Yun Organizations: National Association of Realtors, Mortgage News, The realtors, NAR, Realtors Locations: Northeast

☆ Mortgage demand from homebuyers gets a boost as interest rates continue to fall
▼ + stars: | 2023-11-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates fell last week for the fourth time in five weeks, and homebuyers appear to be responding. That left total mortgage application volume essentially flat last week, up just 0.3% from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home rose 5% for the week but were still 19% lower than the same week one year ago. Mortgage rates are now 88 basis points higher than they were a year ago, but most current homeowners refinanced when rates were at record lows two years ago. "With rates already at two-month lows last week, the result is gentle descent to slightly lower two-month lows."

Persons: Joel Kan, Matthew Graham, Graham Organizations: Mortgage, Mortgage News, CNBC PRO Locations: refinance

☆ Home prices kept rising even as mortgage rates surged, S&P Case-Shiller says
▼ + stars: | 2023-11-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Higher mortgage rates appear to be doing very little to cool home prices. Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. "We've commented before on the breadth of the housing market's strength, which continued to be impressive," Craig Lazzara, managing director at S&P DJI, said in a release. "Although this year's increase in mortgage rates has surely suppressed the quantity of homes sold, the relative shortage of inventory for sale has been a solid support for prices." "Unless higher rates or exogenous events lead to general economic weakness, the breadth and strength of this month's report are consistent with an optimistic view of future results," Lazzara added.

Persons: We've, Craig Lazzara, DJI, Lazzara Locations: Detroit, San Diego, New York, Las Vegas, Phoenix, Portland , Oregon

☆ Mortgage demand jumps to six week high as interest rates continue to drop
▼ + stars: | 2023-11-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Total application volume increased 3% last week from the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most mortgage rates in our survey decreased, with the 30-year fixed mortgage rate decreasing to the lowest rate in two months," said Joel Kan, MBA's deputy chief economist. Applications to refinance a home loan increased 2% for the week and were just 4% lower than the same week one year ago. Applications for a mortgage to purchase a home increased 4% week to week but were still 20% lower than one year ago. Mortgage rates moved slightly lower this week, but analysts are not expecting any major moves in the near future.

Persons: Joel Kan, Kan, Matthew Graham Organizations: U.S . Mortgage, Mortgage, National Association of Realtors, Mortgage News Locations: Columbus , Ohio, U.S

☆ Home sales fell to a 13-year low in October as prices rose
▼ + stars: | 2023-11-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The October sales count is based on closings from contracts likely signed in August and September. At the end of October there were 1.15 million homes for sale, down 5.7% from a year earlier. Sales fell in all price categories up to $750,000, but there was an increase in sales of higher end homes. Yun also noted that there are more homes available for sale on the higher end of the market. First-time buyers represented 28% of October sales, unchanged from a year ago and still significantly lower than the 40% share they have represented historically.

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

☆ Look inside this startup's self-propelled RV, as camping goes electric
▼ + stars: | 2023-11-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The $50 billion travel trailer industry is finally hitching up to the electric vehicle ecosystem. As more Americans move to electric cars, the trailer industry has to evolve because the towing runs down the battery quickly. The drag on battery power can make towing an RV long distances with an EV prohibitive. In addition to UpHonest, Pebble is backed by Lightspeed and Vision Plus. With the solar and battery power, the Pebble makers say it can live off the grid for seven days, without propane or a generator required.

Persons: Bingrui Yang, Ellen Ma, Yang, —, Lisa Rizzolo Organizations: Pebble Mobility, Mobility, Apple, UpHonest, Lightspeed, Vision, CNBC PRO Locations: Winnebago, California

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