After two consistent months of modest increases, pending home sales fell to their third-lowest level over the past year. NAR Chief Economist Lawerence Yun explained that the market will also experience difficulties this summer as home buyers combat gas prices, low supply and rising mortgage rates.
The yield on the benchmark 10-year U.S. Treasury note fell to its lowest level ever Tuesday, signaling that this extremely low interest rate environment isn’t going anywhere quickly. Mortgage applications already surged on Wednesday, and that didn't even include this new record low in yields.
Since home-price appreciation is expected to finally slow down, homebuyers are starting to look at jumping into the housing market again, especially first-time buyers who have struggled to find a home.
Lots of changes in markets foreign and domestic are aligning that could press the Fed into admitting weak US data, with a resulting impact on interest rates. Plus, Ginnie Mae has a glitch, and much more. Read on.
Home affordability continues to challenge first-time, young and middle-class buyers, with some of the warmer climes generally making for the hottest — and least affordable — housing markets. But good news if you like the cold — the most affordable markets are near the Great Lakes.
Mortgage applications continued their decline after last week’s 9.2% free fall, dropping another 1% for the week ending June 20. This comes despite mortgage rates continuing their decline, and a serious slowdown in home price appreciation.
With the recent turnover in leadership at the Federal Housing Finance Agency, we may be standing at the precipice of great change in the government’s role in supporting the mortgage market through Fannie Mae and Freddie Mac.