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Report: Mortgage Rates Ease
HousingWire’s Mortgage Rate Center reported a modest decline in mortgage rates, showing the average 30-year fixed rate for conventional loans at 7.08% on Tuesday, down slightly from 7.17% the previous week. This decrease offers a brief respite for borrowers; however, the relief may be short-lived, as strong inflation data released on Tuesday is expected to […]
Challenges in Housing Affordability
Experts point to several factors beyond high mortgage rates contributing to housing affordability challenges for many Americans. Income and Housing Cost Disparity: While the typical household income has increased to about $81,000 a year in 2024 from $66,000 in 2020, wages have not kept pace with rising housing costs. A household now needs to earn […]
Baltimore Real Estate Sees Largest Price Jump Since 2022
In February, the Baltimore metro area’s real estate market experienced a substantial 9.4% increase in the median sold price, marking the largest year-over-year gain since May 2022. The median sold price reached $360,000, indicating ongoing price pressure and a swift market pace, with half of all homes selling in 16 days or less. Despite an […]
Analysis: March Jobs Report Impact on Mortgage Rates
The March jobs report garnered significant attention as analysts awaited its impact on mortgage rates, particularly after last month’s notable rate increase following a similar report. Despite initial expectations, the 10-year yield showed only a muted response to the report, which revealed a mix of positive and negative indicators for the labor market. One of […]
President Biden Outlines Housing Proposals in State of the Union Address
President Joe Biden’s State of the Union address on Thursday night took a substantive dive into housing issues, offering proposals aimed at easing the burden on American homeowners and renters. In his speech, Biden highlighted the importance of housing affordability, acknowledging the challenges faced by many Americans. He announced plans for a $400 monthly tax […]
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