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US Mortgage Rates Hit Four-Month High, Signaling Potential Challenges for Housing Market Recovery
US mortgage rates reached a four-month high last week, with the 30-year fixed mortgage rate climbing to 7.13% and the effective rate, including fees and compound interest, rising to 7.32%, according to Mortgage Bankers Association data. Despite the increase in rates, purchase activity stabilized, with the index of mortgage applications for home purchases rising 5%, […]
2024 Mortgage Rate Forecast: Market Trends
At the close of 2023, housing experts projected a modest improvement in 2024 compared to the previous year, anticipating a decline in mortgage rates in the latter half of the year. Initial enthusiasm for rate cuts was fueled by the Federal Open Market Committee’s prediction of three rate reductions in 2024, with some experts even […]
Analysis: Cities with Decreasing Home Prices and Great Value
The affordability of homeownership remains a significant challenge for many Americans, with only 1% of the country deemed affordable for the average family, according to a recent report by ATTOM. While the median list price for homes in New York City stands at $727,695, the staggering cost of living in San Francisco sets the bar […]
The Dual-Track Housing Market: A Closer Look at America’s Real Estate Divide
A recent report from Zillow highlights a stark contrast in America’s housing market, with 550 cities boasting median home prices of $1 million, yet none of them appearing on the list of Zillow’s top ten hottest housing markets of 2024. This disparity underscores a growing divide, where some Americans can afford million-dollar homes, often with […]
Homebuilder Stocks Dip as Housing Sentiment Stalls Amid Mortgage Rate Concerns
Homebuilder stocks experienced a decline on Monday as the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) maintained a flat reading of 51 for April, breaking a four-month streak of gains. This stagnant sentiment reflects buyer hesitation amidst uncertainty over the direction of mortgage rates, according to NAHB chief economist Robert Dietz. […]
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