It was the biggest one-week decline since mid-January.
Investors are assessing the fallout from four bank failures and the potential impact of the Federal Reserve’s latest interest-rate bump. Policymakers announced a quarter-point increase Wednesday, while sticking to their outlook that more hikes might be needed to tame inflation.
For the housing market, “the news is more positive” as demand ticks up and prices stabilize, Sam Khater, Freddie Mac’s chief economist, said in the statement. “If mortgage rates continue to slide over the next few weeks, look for a continued rebound during the first weeks of the spring homebuying season.”
So far, the season is off to a slow start, with buyers put off by still-high prices and current owners reluctant to trade away mortgages they may have locked in when rates were at historic lows. At the current 30-year average, the monthly payment on a $600,000 loan would be $3,761. That’s up from $3,012 a borrower would have paid a year ago, when rates were two percentage points lower.
“Home shoppers are looking to find the optimal combination of prices and mortgage rates before entering the market,” said Hannah Jones, economic data analyst at Realtor.com. “However, elevated rates and high prices mean that point doesn’t yet exist in the market for many would-be buyers.”
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Mortgage demand rises for third week in a row as rates continue to fallMortgage applications rose 3% in the latest week, the Mortgage Bankers Association said. The average rate for a 30-year mortgage is 6.48%.
Weiterlesen »
US home sales surged in February as mortgage rates dippedLOS ANGELES (AP) — Sales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates. The nation’s median price also edged lower, its first annual drop since 2012.
Weiterlesen »
U.S. home sales surged in February as mortgage rates dippedSales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and slight pullback in prices.
Weiterlesen »
US home sales surged in February as mortgage rates dippedSales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and a slight pullback in prices, but the first annual drop since 2012.
Weiterlesen »
US home sales surged in February as mortgage rates dippedSales of previously occupied U.S. homes surged in February to the fastest pace in six months as homebuyers seized on a modest drop in mortgage rates and slight pullback in prices.
Weiterlesen »
Mortgage demand increases again, but interest rates are risingMortgage demand rose last week, but rising interest rates may stand in the way of stronger application volume.
Weiterlesen »