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Thread: Housing Market / Mortgages

  1. 09-06-2023, 12:26 PM #1
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    Default Housing Market / Mortgages

    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
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  2. 09-06-2023, 06:54 PM #2
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    Default Re: Housing Market / Mortgages

    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.
    185013.jpg

    Housing supply is dwindling because high mortgage rates are dissuading homeowners from selling.
    Screen-Shot-2023-08-23-at-9.20.44-AM.png

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