“A recent sideways trend in mortgage rates is a welcome departure from the record increases of last year,” says Freddie Mac’s chief economist. The average for the 30-year fixed-rate mortgage fell slightly to 6.35% this week, Freddie Mac reported Thursday, helping buyers save more on borrowing costs. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last y
Homebuyer applications for purchase mortgages rose 5% last week, but a strong jobs report and ongoing bank instability are pushing mortgage rates back up Homebuyer demand for purchase loans jumped last week as mortgage rates eased on hopes that the Federal Reserve is done raising rates.But mortgage rates have been climbing again this week after a strong April jobs report cast doubts on expectations that the Federal Reserve could begin r
A 'drought' of new listings is driving up prices, reversing the sluggishness of late 2022, and forcing buyers to compete fiercely for homes, according to a new analysis from Zillow A year after mortgage rates began their precipitous climb and slowed the housing market way down, a “drought” of new listings is now driving prices back up and has ultimately brought back a seller’s market.That’s according to a new report fr
Portfolios at U.S. life insurers tilted more toward mortgage investments, and away from bonds, in 2022, according to new data from the National Association of Insurance Commissioners’ Capital Markets Bureau.Life insurers ended the year with $5.3 trillion in cash and invested assets, up 2.9% from the total at the end of 2021.Life insurers’ mortgage assets increased 8.5%, to $695 billion. The share of life insurers’ assets inve
However, 31% of metros saw prices fall—some as much as 10%—amid a slowdown in sales in the first quarter, new NAR data shows. But those declines could be short-lived.In most areas of the country, home prices are still rising as buyers face higher mortgage rates, which fluctuated between 6.1% and 6.7% in the first quarter of this year, according to new National Association of REALTORS® data. The average monthly mortgage payment on a typical e
The jobs report revealed stronger-than-expected payrolls growth and a drop in the unemployment rate.The April jobs report topped economists' expectations by a wide margin and the unemployment rate ticked down to remain at 50-year lows, complicating the Federal Reserve's mission to rein in inflation.Total nonfarm payroll employment rose by 253,000 in April, the Bureau of Labor Statistics(opens in new tab) said Friday, well ahead of
Home buyers are being squeezed tighter by higher mortgage rates and home prices. What are consumers in your state paying?Higher mortgage rates and home prices are clawing away at home buyer’s budgets, with the average monthly home loan payment now at $2,317, according to a new study from LendingTree. Buyers are taking out larger mortgages to afford the costs: The average size of a LendingTree mortgage in 2022 was $333,342, the study shows. Loan
Borrowing costs are lower even after the Fed’s hike this week—but a bigger issue looms large.At 6.39% this week, the average for the 30-year fixed-rate mortgage has been settling in below the 6.5% range for some time now and is only one percentage point higher than a year ago, Freddie Mac reported Thursday. But while the outlook for borrowing costs bodes well for prospective home buyers this spring, the lack of inventory does not.The number o
U.S. job openings as recorded by the Bureau of Labor Statistics fell to 9.6 million in March, the lowest level since April of 2021. This marks the third consecutive month of decline and points to ongoing success in the cooling of the labor market. The construction sector faced similar declines with the number of openings in the industry falling from 404,000 in February to 341,000 in March.Additionally, though hires increased 33,000 in the constru
When staging a home to attract potential buyers, we really don’t know their personal preferences, so custom styling isn’t an option. On your initial walkthrough of the property, determine the style of home—whether it’s a colonial, farmhouse, Cape Cod, contemporary, etc.,—and assess the neighborhood’s features (family-friendly, first-time home buyers, retired community) and go from there. These staging tips should get you started.Neutr
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