Borrowing costs have dropped for the fifth-straight week and are expected to go lower through the end of the year.Falling mortgage rates are bringing holiday cheer to home buyers. The 30-year fixed-rate mortgage, which has been backing away from its near-8% high in October, dropped to 7.22% this week, marking the fifth consecutive week of declines, Freddie Mac reports.“Market sentiment has significantly shifted over the last month, leading to a
Inflation as measured by personal spending increased in line with expectations in October, possibly giving the Federal Reserve more incentive to hold rates steady and perhaps start cutting in 2024, according to a data release Thursday.The personal consumption expenditures price index, excluding food and energy prices, rose 0.2% for the month and 3.5% on a year-over-year basis, the Commerce Department reported. Both numbers aligned with the D
There were 7.5% more home sellers listing their homes in November 2023 than in November 2022, according to Realtor.com, with total inventory up as well, ending a 4-month slide Prospective homebuyers got a piece of good news during November: More people listed their homes this month than they did at the same time last year, marking the first time in well over a year that inventory has shown year-over-year improvement.According to a report&nbs
US consumer confidence rose for the first time in four months in November, aided by more optimistic views about the outlook for the labor market.The Conference Board’s index increased to 102 this month from a downwardly-revised 99.1 in October, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 101.A measure of expectations advanced amid a rebound in consumers’ assessme
A turnaround may be insight as mortgage rates retreat from their peak—but another issue is coming into focus for home buyers.As mortgage rates rose to their highest averages in October—nearing 8%—many home buyers backed away from the housing market. As a result, contract signings for existing homes dipped to their lowest number in more than 20 years, the National Association of REALTORS® reported Thursday.NAR’s Pending Home Sales&nb
In line with rising home prices, federally-backed loans will adjust for borrowers in the new year.Conforming loan limits are rising in the new year to keep up with escalating home prices, both the Federal Housing Administration and Federal Housing Finance Agency announced Tuesday.The new conforming loan limit set by the FHFA for 2024 is $766,550 (a hike of $40,350 compared to 2023’s baseline amount of $726,200). FHFA is the regulator of Fannie
Higher mortgage rates appear to be doing very little to cool home prices.Nationally, prices were 3.9% higher in September compared with the same month a year earlier, up from a 2.5% annual gain in August, according to the S&P CoreLogic Case-Shiller Index. This occurred as the average rate on the 30-year fixed mortgage climbed toward 8%.Of the 20 metropolitan markets highlighted in the report, Detroit saw the biggest annual increase
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Requests for purchase loans were up 4% last week compared to the week before, but down 20% from the same time a year ago, Mortgage Bankers Association's weekly survey of lenders finds Applications for purchase mortgages surged last week as mortgage rates hit their lowest levels in two months, with rates continuing to trend down this week as bond market investors digest data that shows inflation cooling.Requests for purchase loans were up by a sea
Existing-home sales fell 4% last month, but the market is not slowing for buyers, who are still seeing plenty of competition.Home sales may have fallen last month, but home sellers still appear to hold the upper hand. Existing-home sales for single-family homes, townhomes, condos and co-ops dropped 4.1% in October and are down nearly 15% compared to one year ago, the National Association of REALTORS® reported Tuesday. Despite slowing sales, buye
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