Homeowners with variable-rate mortgages are cutting back on household spending and planning to look for a second job, according to a survey by the Bank of Canada (BoC). The central bank said on June 30 that higher interest rates have weighed heavily on the finances of Canadians, with the impact “more acute” for homeowners with…
Homeowners Cutting Back on Spending, Plan to Look for Second Job: Bank of Canada Survey
Mortgage Demand Slumps Despite Drop in Mortgage Rates
Despite the 30-year mortgage rate falling to a seven-week low, applications to purchase a residential property tumbled for the first time in a month. For the week ending March 31, U.S. mortgage applications declined 4.1 percent, the first weekly drop since the week ending Feb. 24, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage…
What’s Going on With Mortgage Rates in 2023?
With the 2022 mortgage rate peaking at 7.12 percent and inflation at 6.5 percent by the end of December 2022, it was a tumultuous economic year. The hot housing market slowed down in many markets primarily due to high mortgage rates. But what will 2023 bring for mortgage rates? Is there relief on the way?…
US Mortgage Rates Continue Upward Trend, Weighing on Housing Affordability
A new survey revealed that U.S. mortgage rates continue to rise as interest rates adjust in response to stronger-than-expected economic growth. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.5 percent for the week ending Feb. 23, up 18 basis points from 6.32 percent in the previous week….
Lumber Prices Hit 2022 Low as Homebuilder Sentiment Collapses
December 23, 2022
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Business & Marketseconomic policieseconomyhome builder sentimentinflationlumber pricesmortgage ratereal estaterecessionUSUS Real Estate
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Lumber prices hit an all-time low after homebuilder sentiment tumbled for the twelfth straight month in December. The building commodity peaked at $1,336 per thousand board feet in late February, but has settled to around $379, as of Dec. 22, to its lowest level since the pandemic in June 2020. The price of lumber is down…
California Leads US in Slumping Luxury Home Sales
September 27, 2022
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California housing marketeconomyLocal Newsluxury homesmortgage rateNorthern CaliforniaRegional NewsRegional-Local NewsSouthern CaliforniaUS
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California leads the U.S. in plunging luxury-home sales, according to a recent report by the national real estate service Redfin. The City of Oakland experienced the most dramatic drop in luxury home sales, decreasing by 70 percent in the three months prior to Aug. 31 compared to the same time last year. In San Jose…
Average US Homes Selling Below Listed Price as Market Slowdown Continues
September 7, 2022
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Business & Marketseconomyhome priceinflationInvestmentMarketsmortgage ratereal estateUSUS NewsUS Real Estate
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The average American home is now selling below its asking price for the first time since March 2021, according to data from online brokerage Redfin. According to Redfin, the average sale-to-list price ratio fell to 99.8 percent in the four-week period ended Aug. 28—the first time it was below 100 percent in almost 18 months. The number of listings…
Record Numbers of US Homeowners Slashed Sales Prices in July, Says Redfin
August 27, 2022
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Business & Marketseconomic policieseconomyHome salesinflationInvestmentMarketsmortgage ratepersonal financereal estaterecessionUSUS Real Estate
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A record number of home sellers dropped their asking price in July, as the U.S. housing market began to tank rapidly, according to new data from Redfin. July saw the biggest annual decline in U.S. home sales in more than a year. Many buyers have fled the housing market amid high mortgage rates and rising…
New Home Sales Sink to Six-Year Low as ‘Housing Recession’ Deepens
August 24, 2022
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Business & MarketseconomyHome salesinflationMarketsmortgage ratepersonal financereal estaterecessionUS Real Estate
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U.S. home sales fell more than expected in July, to their lowest level in six years, due to a rise in mortgage rates and a surge in housing prices, forcing prospective homebuyers out of the market, according to July data from the U.S. Census Bureau. New single-family home purchases dropped 12.6 percent, to a seasonally adjusted…
Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR
August 18, 2022
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Business & Marketseconomic policieseconomyhome priceshousing marketinflationInvestmentMarketsmortgage ratereal estaterecessionUSUS Real Estate
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Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.” At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago. “The ongoing…
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