Despite headwinds to economic growth, namely inflation, the housing market continues to show strength. Most recently we saw reports come out on home price appreciation. Core Logic reported a 20.6 percent increase in home prices year over year and prices are increasing in all 50 states. We haven’t seen these levels of price appreciation, this
Well, never a dull moment in the housing and mortgage market! Last week Freddie Mac actually reported a slight decrease in the interest rate trend. Interesting! And according to Chief Economist at Freddie, Sam Khater, we’re likely to continue to see mortgage rate volatility as a result of continued economic uncertainty, purchase demand slowing, and
It’s in times like these, with rates moving consistently higher, it makes publishing this weekly newsletter difficult because I wish I had some fantastically good news to share with you. BUT, I actually do have some good news and some real talk too. First, we saw some slight improvement in rates last week, which has
Well, Cinco de Mayo was no party for the mortgage market as Freddie Mac reported on May 5th that average rates for a 30-year fixed-rate mortgage have reached their highest level since 2009. Regardless, people still need to buy homes, and the housing market is expected to remain strong, although we’re starting to see price
This week’s Fed Meeting is taking center stage as a driver of the direction of markets and mortgage rates. As a move to combat inflation, the Fed is anticipated to raise the Fed Funds Rate (the lending rate it charges banks) by .50 percent. This will likely ripple through the lending and investment markets. To
As expected, mortgage rates continued their persistent march higher last week. According to Freddie Mac’s weekly survey, rates have moved higher for seven consecutive weeks. No, none of us likes higher rates but remember there is always a silver lining and in this case, we are starting to see some volatility in housing demand which
These are interesting times in the housing market and we’re seeing lots of speculation around what it all means and how it’s all going to shake out. According to Freddie Mac’s weekly survey of average rates, the average for a 30-year fixed mortgage has now officially hit 5.0 percent on the survey, a level not
It’s probably not a surprise to you, but mortgage rates continued to increase this past week clocking the fastest three-month rise since May of 1994, according to Freddie Mac’s latest survey of average mortgage rates. The survey also reported – and I will corroborate – that purchase activity is softening, which, if you’ve been on
Last week mortgage rates had their best week in terms of improvement since early March, which offered a breather from rising rates and opportunities to lock in slightly lower rates. The catch is that overall for March, rates are at their highest levels since 2018. This week’s rates have continued their move higher making it
Wild times we’re living in! Last week’s events including rising inflation, continued geopolitical uncertainty, and the Fed’s move to raise its key interest rate, drove mortgage rates higher at a pace not seen in a long time. According to Freddie Mac’s weekly survey, which came out last Thursday, the average rate for a 30-year fixed-rate
