The interest rate for the 30-year fixed-rate mortgage averaged 5.09% this week, continuing to inch down slightly. Still, rates are up significantly compared to a year ago. Due to the higher rates, home buyers need to earn about $30,000 more if they want to buy the typical home now compared to a year ago, Nadia Evangelou, National Association of REALTORS®’ senior economist and director of forecasting, writes on the association’s blog.The high
The housing market is showing more signs of slowing. Purchase applications fell 1% last week compared to the previous week and volume is now 14% lower than a year ago, the Mortgage Bankers Association’s latest index shows.Overall, mortgage demand, which includes applications for refinancings and home purchases, has fallen to its lowest level since December 2018.Mortgage rates have been moving higher over recent weeks, leading to the softening d
The median national home price climbed to an all-time high in May, reaching $447,000, realtor.com® reports. Buyers snatched up listings a week faster than a year ago. But despite higher prices and faster sales, housing analysts say there are signs of a slowing housing market.Active inventory rose 8% annually—the first time that benchmark has been reached in nearly three years, realtor.com®’s monthly housing trends report shows. A rising num
Inflation is running at a 40-year high, and more Americans are feeling burdened and rethinking financial plans. Inflation is currently at 8.3% and Americans are facing higher prices for food, housing, fuel, and more.Twenty-five percent of Americans say they’re postponing retirement due to inflation, according to a new BMO Harris Bank report. More than a third of consumers who earn $250,000 a year say they’re living paycheck to paycheck, accor
The Austin, Texas, suburb of Round Rock is this year’s top city for renters, a new study from RentCafe shows. Round Rock leads a list of other Southern cities—both small and large—that emerged high on the list, confirming the growing appeal of the region, the study shows. Round Rock’s highly rated schools, job growth, and large stock of high-end apartments helped it nab the top spot this year.RentCafe identified the top cities for renters
Opportunity zones are booming. From the first quarter compared to the fourth quarter of 2021, 55% of qualified opportunity zones saw a jump of at least 20% in median single-family home and condo prices, according to a new report from ATTOM Data Solutions. Home prices in distressed neighborhoods nationwide continue to keep up with the gains in the broader national housing market, the report notes.Opportunity zones, established by Congress in the T
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After weeks of rising rates, mortgage rates are now falling. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports.“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the econom
When it comes to the value of a home, yards in Hawaii get the most consideration in the U.S.Living Cozy, a homeware and furniture brand analyzed the average home value and yard size in each state to identify where the size of a yard could have the biggest impact on a property’s value. Researchers found that Hawaii is the state with the highest yard value compared to the other states.“Famous for its luxury homes with large backyards, houses in
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