An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty ImagesThe average rate on the 30-year mortgage fell 18 basis points to 7.40% on Tuesday, according to Mortgage News Daily, as...
House for sale in Millbrae, California.Xinhua News Agency | Xinhua News Agency | Getty ImagesMortgage rates saw the biggest one-week drop in over a year last week, causing the first increase in mortgage demand in a month.Total mortgage application volume rose 2.5% last week, compared with the previous week,...
A house is for sale in Arlington, Virginia, July 13, 2023.Saul Loeb | AFP | Getty ImagesAs mortgage rates hover near the highest level in more than two decades, homebuyers are turning to riskier mortgage products to help them get into a home.Last week, the average contract interest rate...
Today's housing market is a toxic mix of high mortgage rates, high prices, tight supply and strangely strong pent-up demand — and it's scaring off buyers and sellers alike.Prices were already high, driven by supercharged demand during the height of the Covid-19 pandemic. Now the popular 30-year fixed mortgage...
Sales of previously owned homes dropped 2% in September from August to a seasonally adjusted, annualized rate of 3.96 million units, according to the National Association of Realtors. Sales were 15.4% lower compared with September 2022.This is the slowest sales pace since October 2010, during the Great Recession, when...
JB Reed | Bloomberg | Getty ImagesThe average rate on the popular 30-year fixed mortgage rate hit 8% Wednesday morning, according to Mortgage News Daily. That is the highest level since mid-2000.The milestone came as bond yields soar to levels not seen since 2007. Mortgage rates follow loosely the...
Construction workers erect a building in downtown Miami, Florida, on June 14, 2023. Jim Watson | AFP | Getty ImagesArchitecture firms reported a sharp drop in business in September, indicating that the commercial real estate market could see even more pain in the next year.The AIA/Deltek Architecture Billings Index dropped...
Signage is seen at The Collection at Morristown, a housing development by Lennar Corporation, in Morristown, New Jersey, November 13, 2021.Andrew Kelly | ReutersMortgage rates last week rose for the sixth straight week, causing demand for home loans to drop to the lowest level since 1995.Total application volume fell...
A contractor works on a new home under construction in Tucson, Arizona, on Tuesday, Feb. 22, 2022.Rebecca Noble | Bloomberg | Getty ImagesBuilder confidence in the market for single-family homes dropped to the lowest level since January, as builders contend with a market dominated by high mortgage rates and...
A house for sale in Arlington, Virginia, in July of 2023.Saul Loeb | AFP | Getty ImagesThe average rate on the 30-year fixed mortgage rose to the highest level since 2000 last week, but rates on adjustable-rate mortgages fell. That caused a run on these so-called ARMs, pushing total...