Average homeowner equity per borrower dropped by 1.9% in the first quarter of 2023 For the first time in more than a decade, the average U.S. homeowner with a mortgage has less home equity than they did a year earlier.Among the roughly 63% of U.S. homes with a mortgage, average homeowner equity per borrower was $274,070 in the first quarter, down 1.9% from the same quarter last year, according to real estate data tracker CoreLogic.The last t
As inflation decelerates, the potential for lower mortgage rates is becoming a greater possibility.Mortgage rates decreased for the second consecutive week but still remain above 6.5%, a far cry from a year ago, muting any celebration from borrowers. Freddie Mac reports the 30-year fixed-rate mortgage averaged 6.69% this week.The weekly drop comes on the heels of better economic news: The Federal Reserve on Wednesday voted to pause hikes to its b
Several economic indicators are showing improvement, but the Fed warns that two more rate increases are likely this year. That has some economists concerned.Ending a cycle of 10 consecutive rate hikes, the Federal Reserve voted this week to hold off on another increase to its key short-term interest rate. The news fueled hopes that borrowing costs for home buyers could cool in the coming weeks, but only if the Fed continues to pause rate hikes. M
According to Splitero CEO Michael Gifford, we’re still in an affordability crisis and unlikely to see a complete housing market tumble in 2023 It’s been a housing market roller coaster the past few years with no shortage of news about record-high prices, outrageous negotiations (like all-cash deals and cars), and questions about if there’s a bubble and if it’ll burst. The pendulum swung from a buyer’s market to a sellerâ€
US-home values grew 1.4% between April and May of 2023 — slower than the past 2 springs but faster than both the 2018 and 2019 spring markets Ultra-low inventory was a primary driver of price growth during the Spring market, according to a report released Monday by Zillow.Typical U.S.-home values grew 1.4 percent between April and May of 2023 — slower than the past two springs but faster than both the 2018 and 2019 spring
Regions include Austin, San Francisco and San Jose Since the beginning of the pandemic, the real estate market has followed an unpredictable course. Some cities and regions have seen significant booms, while the value of property in others has declined. As revealed by a new report on home prices from Zillow, some of those changes might surprise you — including year over year price drops in the tech hubs of San Francisco and Austin.Acc
Borrowing costs are not the most pressing issue for home shoppers.After recent increases, the mortgage rate for the 30-year fixed loan pulled back this week, giving home shoppers a slight reprieve on borrowing costs. Still, rates remain above 6.5% for the third consecutive week: The 30-year fixed-rate mortgage averaged 6.71% this week, Freddie Mac reports. “While elevated rates and other affordability challenges remain, inventory continues to b
The housing market is short more than 300,000 homes in price points middle-income buyers can afford, shows research from NAR and realtor.com®.The national housing shortage is most acute in price points that middle-income buyers can afford, according to new National Association of REALTORS® data. The market is short about 320,000 listings worth up to $256,000—which is considered the affordability range for households earning up to $75,000 annu
Friday's strong jobs report renews worries that the Federal Reserve is not done hiking rates to combat inflation as policymakers face June 14 decision to 'hike, skip or pause'Mortgage rates retreated from 2023 highs this week as a last-minute debt ceiling deal averted a crisis, but could quickly rebound on a strong jobs report Friday that’s renewed worries about inflation.The Optimal Blue Mortgage Market Indices show that rates on 30-
Nearly 5.5 million more households are priced out of the housing market today than a year ago, NAR data shows.The 30-year fixed-rate mortgage rose again this week, averaging 6.79% and forcing more home buyers to recalculate their budget. Mortgage applications for home purchases are falling—down 31% year over year, according to the Mortgage Bankers Association. But economists say mortgage rates are likely to drop in upcoming weeks, which could h
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