Home sales are falling from their pandemic-fueled highs as home buyers tighten up their budgets. “Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” says Lawrence Yun, chief economist for the National Association of REALTORS®. Movement in both single-family and condo sales are nearly equal, Yun adds, “possibly...
Many service members know little about the benefits of VA mortgages or may even hold negative views about them, according to a Spotlight on VA Loans report commissioned by Navy Federal Credit Union and Operation Homefront. The survey was based on responses from about 1,000 active-duty service members and veterans nationwide. Nearly half of active-duty respondents believe VA loans have higher interest...
The Federal Reserve unleashed another hike to its short-term benchmark rate Wednesday. The increase, the Fed’s largest since 1994, likely will have an impact on the housing market, economists say. The Fed’s key rate often influences mortgage rates, though it doesn’t directly affect them. Rates are moving at a much faster clip than most housing analysts forecast. On Wednesday, the central bank’s...
From volunteering at local homeless shelters to community cleanup efforts, REALTORS® turned out in large numbers during the nationwide REALTOR® Volunteer Days, and the results of their giveback efforts are rolling in. At least half of the nation’s 1,138 local and state REALTOR® associations planned volunteer projects and invited their members to join the efforts during the week-long nationwide event....
Following three weeks of declines, mortgage rates reversed course and headed back up this week. The 30-year fixed-rate mortgage averaged 5.23% for the week ending June 9; a year ago, it averaged below 3%. Increased economic activity and incoming inflation data were behind the most recent rate increases this week, says Sam Khater, Freddie Mac’s chief economist. “The housing market is incredibly rate...
Rising home prices keep pushing up equity for homeowners. The average homeowner gained about $64,000 in equity from the first quarter of 2021 to the first quarter of this year, according to a new report from CoreLogic. About 62% of all properties nationwide saw an increase in annualized equity gains in the first quarter. California, Hawaii and Washington posted the highest average equity increases at...
Inflation is running at a 40-year high as the costs of everyday goods rise. Americans are increasingly concerned about how inflation will affect their personal finances and their long-term financial goals, including homeownership. More than half of about 1,000 U.S. adults surveyed in March said that higher costs may have a “big negative impact” on plans like buying a home or retiring comfortably,...
Signs of a rebound are emerging in the number of house listings in the real estate market. The number of active listings recently posted the smallest annual decline since December 2019, a possible sign that a turnaround is taking root, according to realtor.com®’s Monthly Housing Trends Report. “April data suggests a positive turn of events is on the horizon for weary buyers: If the trends we’re...
The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports. “Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but...
Sixty-six percent of buyers of new-construction homes say they feel some form of regret about the process. Twenty-six percent wish they had purchased an existing home instead, according to a new survey conducted by Clever Real Estate. Clever Real Estate surveyed 1,000 Americans who purchased a new-construction home or were in the process of building one. New-home buyers described feeling stressed,...