Housing Market / Mortgages

[tsptalk]

Mortgage demand drops to 27-year low as interest rates pull back

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.21% from 7.31%

Applications for a mortgage to purchase a home fell 2% for the week and were 28% lower than the same week one year ago.

https://www.cnbc.com/2023/09/06/mort...pull-back.html

[Bullitt]

Saw something like this on Redfin last week. This can't go on for much longer. The entire system is ready to blow.

The median home sale price rose 1.7% year over year to $421,872 in July—the first annual increase since the start of the year. Housing prices have remained high despite sluggish home buyer demand because there are so few homes on the market.

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Housing supply is dwindling because high mortgage rates are dissuading homeowners from selling.

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https://www.redfin.com/news/housing-...ker-july-2023/

[Bullitt]

Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall

Homebuyers on a $3,000 Monthly Budget Have Gained Nearly $40,000 in Purchasing Power Since Mortgage Rates Peaked Last Fall

Amazing how much a difference small moves make to the mortgage cost, but will this increase demand and prices with it?

[tsptalk]

Mortgage demand stalls, even as interest rates moderate

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 6.93% from 6.97%

Applications to refinance a home loan fell 2% for the week and were 9% lower than the same week one year ago.

Applications for a mortgage to purchase a home decreased 0.2% from the week before and were 16% lower year over year.

More: Mortgage demand stalls, even as interest rates moderate