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☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” 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. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ Cooler monthly inflation report pushes mortgage rates even lower
▼ + stars: | 2023-11-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The drop was due to a sharp bond market rally, after the government's monthly inflation report came in lower than analysts had predicted. As bond yields fell, so too did mortgage rates, which loosely follow the yield on the 10-year Treasury . Mortgage rates had already been declining from their recent highs. The 30-year fixed mortgage rate jumped over 8% on Oct. 19, the highest level in more than two decades. "The interest rate rises should be over, and the Fed will have to consider cutting interest rates seriously.

Persons: Matthew Graham, Lawrence Yun Organizations: Mortgage News, Treasury, National Association of Realtors, CNBC PRO Locations: Chatsworth, Los Angeles , California

☆ Home prices are falling fastest in these 25 cities, helping buyers escape the least affordable housing market since 1985
▼ + stars: | 2023-11-12 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Would-be buyers remain out of luck as property prices steadily climb. The median US home cost $406,900 in Q3, which was 2.2% higher than last year, according to the NAR's Q3 US housing market report released on November 9. 25 cities where home prices receded in Q3Contrary to some pundits' predictions , property prices didn't crater due to lofty mortgage rates. Even more striking is that 11% of metropolitan areas saw prices grow by double digits, which was more than double the prior quarter's 5% rate. Thirty-eight metro areas saw prices fall from 2022 in Q3, and 25 of those saw significant drops of over 1%.

Persons: Lawrence Yun, Yun Organizations: National Association of Realtors, NAR, Homeowners Locations: Northeast, Midwest, West

☆ Pending home sales rose in September, despite high mortgage rates
▼ + stars: | 2023-10-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US pending home sales ticked up in September despite mortgage rates surging over 7%. Pending sales were down 11% from a year ago. Pending sales had seen slight increases in June and July, despite elevated prices and higher mortgage rates. But mortgage rates topping 7% in August snapped that streak, and pending sales dropped 7% from July to August. “Because of home builders’ ability to create more inventory, new-home sales could be higher this year despite increasing mortgage rates,” said Yun.

Persons: “, ”, Lawrence Yun, Yun, They’re Organizations: DC CNN, National Association of Realtors, South, West, “, Midwest, Housing Locations: Washington, Northeast, Midwest

☆ What it will take to make homes affordable again for millions of Americans
▼ + stars: | 2023-10-25 | by ( Tim Mullaney | ) www.cnbc.com time to read: +12 min

"At the current 8% mortgage rate, mortgage payment[s] are 38% of median income," Moody's Analytics chief economist Mark Zandi said. The National Association of Realtors measures affordability through its 34-year old Housing Affordability Index, or HAI. And even if home prices do the decline, that trend won't be sustainable unless America builds millions of more homes. And spreads will likely remain extra-wide until short-term interest rates drop below the rates on longer-term treasuries, Duncan said. "Mortgage rates will not go back to 3% – we'll be lucky if we get back to 5," Yun said.

Persons: —, John Burns, maven Mohamed El, Lawrence Yun, Yun, Mark Zandi, That's, Doug Duncan, Fannie, Duncan, Daryl Fairweather, They've, Fairweather, they've, Freddie Mac, –, Zandi, it's Organizations: Nurphoto, Getty, National Association of Realtors, John Burns Real Estate Consulting, NAR, Redfin, Allianz, America, Federal Reserve, realtors, Builders, Fed Locations: Florida, Austin , Texas, Boise , Idaho, Fannie Mae, America, New York, California, Phoenix, Tampa, Louisville, Indianapolis, Chicago

Rates just keep climbing, with 30-year mortgage rates hovering near 8%. 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. 30-year Fixed Mortgage RatesLast week, the average 30-year fixed mortgage rate was 7.63%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.92% last week, a 3-point increase compared to the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.

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

☆ 3 reasons it could be the right time to buy a home, despite high interest rates
▼ + stars: | 2023-10-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Despite high prices and mortgage rates, they said homeownership will pay off for many people in the long-run. Many Americans have been left wondering when — if ever — the time will be right for them to enter the housing market. "Many homeowners first bought their home when interest rates were high — the 50-year average rate on a mortgage is 7.8%," he said. Even if cuts to interest rates cause mortgage rates to fall, they're unlikely to return to the near-zero levels they were in 2022. If and when mortgage rates fall, Yun said that some homeowners who have been eager to move — but have been reluctant to give up their low interest rates — will likely decide to sell.

Persons: homeownership, —, Andy Walden, homebuyers, Jerome Powell, Alex Wong, Daryl Fairweather, Redfin's, Lawrence Yun, Yun, Selma Hepp, Connolly, Mott aren’t, David Meyer, Redfin's Fairweather, Fairweather, There's, there's, Jenna Stauffer, Hepp, Meyer Organizations: Service, National Association of Realtors, ICE Mortgage Technology, CNBC, Federal Reserve, Reserve, CoreLogic, Brigade, Homeowners, International Realty Locations: Washington , DC

☆ Why now is actually a good time to buy a house
▼ + stars: | 2023-10-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

And yet, there's an argument to be made for getting in now if you can find something, even amid 20-year high mortgage rates and stubbornly high prices. Mortgage rates at 8% have sidelined a good portion of the competition. High mortgage rates are the new normalThat message doesn't appear to be getting through to prospective homebuyers, who have made themselves scarce as mortgage rates have continued their steady rise in 2023. AdvertisementAdvertisementFairweather sees mortgage rates staying where they are until the Fed begins to cut rates in mid-2024. That could cause mortgage rates to ease around 100 basis-points next year, dropping as low as 7%.

Persons: —, Barbara Corcoran, don't, Lawrence Yun, Daryl Fairweather, Fairweather Organizations: Service, Corcoran, National Association of Realtors, Federal Reserve

☆ The housing market was already painful, ugly and anxious. Now the 8% mortgage rate is back
▼ + stars: | 2023-10-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

watch nowToday's housing market is a toxic mix of high mortgage rates, high prices, tight supply and strangely strong pent-up demand — and it's scaring off buyers and sellers alike. Now the popular 30-year fixed mortgage rate is at 8%, the highest in decades, making things even tougher. The result was record-low mortgage rates for two solid years. That, ironically, made the housing market even more expensive. They have little desire to trade the 3% rate they currently have for an 8% mortgage rate on a new purchase.

Persons: Matthew Graham, MND's Graham, He's, Lisa Resch, What's, Lawrence Yun, Yun Organizations: Mortgage News, Federal Reserve, National Association of Realtors, Compass, Washington , D.C, NAR, Buyers Locations: Washington ,, Florida, Tampa, Jacksonville, Orlando, Houston , Texas, Memphis , Tennessee, homebuilders, Horton

☆ Treasury yields are sky high. Here's why you should care
▼ + stars: | 2023-10-20 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

It’s no longer “higher for longer,” said Steve Sosnick, chief strategist at Interactive Brokers, it’s just “high for long.”What’s happening: 10-year Treasury yields are flirting with 5% for the first time since 2007, before the global financial crisis. It also means more expensive mortgage rates. Mortgage rates tend to track the yield on 10-year US Treasuries. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Fed officials, including Powell, have indicated that rates could be high enough to help lower inflation towards their target goal of 2%.

Persons: ”, Steve Sosnick, Rob Almeida, Powell, they’re, Jerome Powell, Paul McCartney, Darrell Cronk, Anna Bahney, —, ” Lawrence Yun, Snapchat isn’t, Snapchat, Clare Duffy, Evan Spiegel Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Interactive, MFS Investment Management, US Treasury, Treasury, Economic, of New, Financial, “, National Association of Realtors, NAR, Twitter Locations: New York, Ukraine, of New York, Wells Fargo, Northeast, Midwest, South, homeownership

☆ Existing home sales dropped in September to 13-year low as surging prices and mortgage rates stymie demand
▼ + stars: | 2023-10-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median price for existing homes — which include single-family homes, townhomes, condominiums and co-ops — was $394,300 last month. That was up 2.8% from a year ago and marked the third consecutive month of year-over-year price increases, setting a record high price for homes in September. Low inventory and high prices contributed to sales of existing homes dropping 2% from August to September to a seasonally adjusted annual rate of 3.96 million units, just above analysts’ expectations. More than 90% of homeowners with a mortgage have rates at 6% or lower, according to ICE Mortgage Technology, which recently acquired mortgage data provider Black Knight. Part of this, of course, is because buyers with the means are working to avoid high mortgage rates by purchasing in cash.

Persons: —, ” Lawrence Yun, ”, Yun Organizations: DC CNN —, National Association of Realtors, NAR, Federal, ”, ICE Mortgage Technology, Black, Homeowners Locations: Washington, Northeast, Midwest, South, homeownership

“Clearly, the story of limited inventory and rising and rising mortgage rates continues to hinder the home sales market,” said Lawrence Yun, the NAR’s chief economist. Political Cartoons View All 1211 ImagesYun also said he expects mortgage rates will ease by next spring. Mortgage rates have been climbing along with the 10-year Treasury yield, which lenders use as a guide to pricing loans. That amounts to just a 3.4-month supply, going by the current sales pace. The combination of higher mortgage rates and rising prices has particularly hurt first-time homebuyers who don't have any home equity to put toward their down payment.

Persons: That’s, “, ”, Lawrence Yun, Yun, Freddie Mac Organizations: ANGELES, National Association of Realtors, Sales, Treasury, U.S, Homes, NAR Locations: U.S

☆ US existing home sales drop to 13-year low in September
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Sarah Silbiger/File Photo Acquire Licensing RightsWASHINGTON, Oct 19 (Reuters) - U.S. existing home sales dropped to a 13-year low in September as surging mortgage rates and tight supply combined to reduce affordability for many first-time buyers. Existing home sales fell 2.0% last month to a seasonally adjusted annual rate of 3.96 million units, the lowest level since October 2010, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast home sales slipping to a rate of 3.89 million units. "Higher mortgage rates are really hampering activity." At September's sales pace, it would take 3.4 months to exhaust the current inventory of existing homes, up from 3.2 months a year ago.

Persons: Sarah Silbiger, Lawrence Yun, Lucia Mutikani, Andrea Ricci Organizations: REUTERS, Rights, National Association of Realtors, Reuters, Mortgage, Association, Federal Reserve, Thomson Locations: Washington , U.S, Midwest, West, U.S

Sales rose in the Northeast but fell elsewhere, although sales were down year to year throughout the country. Sales are now running at an annual rate of 3.96 million, down 15.4% from 4.68 million a year ago. On Tuesday, the Census Bureau reported that retail sales rose by 0.7%, more than twice what had been expected, as consumers flocked to eating and dining establishments and shopped more online. Among middle-income households, 25% plan to spend more, while 16% of low-income households will increase holiday spending. “Despite a lot of the negativity you see everywhere, consumers seem pretty resilient,” Rose says.

Persons: ”, Lawrence Yun, LEI, Justyna, Monica, TransUnion, Mark Rose, ” Rose Organizations: National Association of Realtors, Federal, Conference, The Conference Board, “, The, Board, Federal Reserve Bank, Atlanta’s, Census Bureau, Labor Department

☆ September home sales drop to the lowest level since the foreclosure crisis
▼ + stars: | 2023-10-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

This is the slowest sales pace since October 2010, during the Great Recession, when the market was in the midst of a foreclosure crisis. As a comparison, just two years ago, when mortgage rates hovered around 3%, home sales were running at a 6.6 million pace. Adding to higher mortgage rates, the median price of a home sold in September was $394,300, up 2.8% year over year. That's because there is more supply at the higher price points and because higher-end buyers can often use cash. Mortgage demand is now at the lowest level since 1995, according to the Mortgage Bankers Association.

Persons: Lawrence Yun, Danielle Hale Organizations: National Association of Realtors, Mortgage News, Federal, Mortgage, Association

New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

☆ People are extending their leases and adding to the rental demand, says NAR's Lawrence Yun
▼ + stars: | 2023-10-04 | 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 EmailPeople are extending their leases and adding to the rental demand, says NAR's Lawrence YunLawrence Yun, National Association of Realtors chief economist, joins 'Squawk Box' to discuss the impact of rising Treasury yields on mortgage rates, the impact of skyrocketing mortgage rates on the housing sector, and more.

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

☆ Pending home sales plunged in August as 2-decade high mortgage rates continue to squeeze both buyers and sellers
▼ + stars: | 2023-09-28 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Pending home sales slipped 7.1% in August in another sign of the housing market's slump. Multi-decades high mortgage rates are keeping homebuyers out of the market. AdvertisementAdvertisementPending home sales slipped 7.1% in August compared to July, according to the National Association of Realtors. "Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist, in the release. Home sales dipped from August across all regions of the country, falling the most in the South, where pending sales recorded a drop of 9%.

Persons: —, Lawrence Yun, Glenn Kelman, NAR's Yun Organizations: Service, National Association of Realtors, NAR

☆ Pending home sales plunged last month as mortgage rates hit 20-year highs
▼ + stars: | 2023-09-28 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Pending sales had been on the rise the two months prior, despite elevated prices and higher mortgage rates, according to a report released Thursday by the National Association of Realtors. Pending transactions were down 18.7% from August 2022, when average weekly mortgage rates ranged between 4.99% and 5.5%. August may have been the beginning of the end of this resilient housing market — at least for a while, she added. “For others, the higher mortgage rates and general economic uncertainty are simply making them more cautious. Either way, expect the number of home sales transactions this fall to be at a decade low.”

Persons: ”, Lawrence Yun, “, Lisa Sturtevant, Sturtevant Organizations: DC CNN, National Association of Realtors Locations: Washington

☆ U.S. pending home sales fall more than expected in August
▼ + stars: | 2023-09-28 | by ( Amina Niasse | ) www.reuters.com time to read: +1 min

The National Association of Realtors' Pending Home Sales Index fell 7.1% to 71.8 from July's revised 77.3. The decrease, the largest since September 2022, exceeded the median economist forecast for a 0.8% fall, according to a Reuters poll. On a year-over-year basis, pending sales were down 18.7%. "It's clear that increased housing inventory and better interest rates are essential to revive the housing market." Pending sales of existing homes slid by the most in the South and West regions.

Persons: Lucy Nicholson, Lawrence Yun, Amina Niasse, Andrea Ricci Organizations: REUTERS, National Association of Realtors, Mortgage, Association, Federal, Thomson Locations: Los Angeles , California, U.S, South, West

Once mortgage rates start to fall, home prices could rise even faster in response to increased competition over such limited inventory. 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. 30-year Fixed Mortgage RatesLast week, the average 30-year fixed mortgage rate was 7.19%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.54% last week, a 3-point increase compared to the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022.

Persons: Lawrence Yun, you'll, Freddie Mac Organizations: National Association of Realtors . Sky, NAR, Zillow, Federal Reserve Locations: Chevron

☆ Home prices continued to climb in August as existing home sales dropped
▼ + stars: | 2023-09-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

The median price for existing homes — which include single-family homes, townhomes, condominiums and co-ops — was $407,100 last month. The median price in August was the highest price of any August on record and the fourth highest of any month. August marked the third consecutive month the median sales price was over $400,000. Sales of existing homes fell short of expectations and were down 0.7% from July to August to a seasonally adjusted annual rate of 4.04 million units. Annually, August sales were down 15.3% from a year ago when the sales pace was 4.77 million units.

Persons: —, ” Lawrence Yun Organizations: DC CNN, National Association of Realtors, NAR Locations: Washington, Northeast, Midwest, South

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers. Would-be homebuyers are also seeing their purchasing power diminish as mortgage rates push higher. Mortgage rates have been echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield has been climbing amid expectations that the Federal Reserve will keep short-term interest rates higher for longer to fight inflation. “It's possible mortgage rates may go up to 8% in the short run,” Yun said.

Persons: ”, Lawrence Yun, Yun, Freddie Mac, “, ” Yun Organizations: ANGELES, National Association of Realtors, “, Buyers, NAR, Treasury, Federal Reserve, Federal Locations: U.S, It’s

☆ Home sales stick near recent lows in August, but prices continue to climb
▼ + stars: | 2023-09-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of previously owned homes fell 0.7% in August from July to a seasonally adjusted, annualized rate of 4.04 million units, according to the National Association of Realtors. "Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run." There were just 1.1 million units for sale at the end of August, down 0.9% for the month and down just more than 14% year over year. Sales continue to be weakest on the lower end of the market, where there is the least supply. "This is true not only in tech hubs like Austin and San Francisco, but also affordable markets like Columbus, Ohio."

Persons: Lawrence Yun, Yun, Danielle Hale Organizations: National Association of Realtors, NAR, Homeowners, It's Realtors Locations: Arlington , Virginia, Austin, San Francisco, Columbus , Ohio

☆ Home prices are expected to rise in 2024: 'There are simply not enough homes' to meet demand, says economist
▼ + stars: | 2023-09-20 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Despite a recent slump, home prices are expected to continue to rise in 2024, according to a number of research firms that specialize in real estate forecasts, including Freddie Mac, Zillow and the National Association of Realtors. That's because homes aren't being built fast enough to keep up with demand, which puts upward pressure on prices, says Lawrence Yun, NAR chief economist at the National Association of Realtors. With too few homes for too many buyers, NAR expects home prices to rise by 2.6% in 2024. "There are simply not enough homes for sale," Yun said in a recent report. "The market can easily absorb a doubling of inventory."

Persons: Freddie Mac, Lawrence Yun, Yun, Freddie Mac's Organizations: National Association of Realtors, NAR Locations: United States

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