There are an estimated 1.43 million homebuyers in the U.S. housing market—the lowest level in records dating back to 2013 aside from the start of the pandemic. That’s making sellers skittish; the number of sellers has dipped by roughly 14,000 since May, falling for the first time in two years. Still, there are 36% more […]
The difference between mortgage rates and the 10-year treasury yield has narrowed, signaling a potential boost for homebuyers. A decrease in the mortgage spread can cause mortgage rates to fall, even without the Fed cutting interest rates. The gap between 10-year treasury yields and mortgage rates (known as the mortgage spread) has dropped to its […]
But there are bright spots emerging on the affordability horizon, which could make it easier for young Americans to afford housing in the near future. Seven in 10 Gen Z and millennial renters struggle to afford their regular housing payments, as do 41% of homeowners in that age group, according to a recent Redfin survey. […]
A late-summer window of opportunity with relatively low mortgage rates is upon us, but it may be short-lived. Late August is typically a slow time for housing activity, with people on vacation and preparing kids to return to school. With mortgage rates now falling on news coming out of a Fed meeting in Jackson Hole, […]
15% of home purchases fell through last month—the highest July rate on record—as high homebuying costs made buyers skittish. Cancellations were most common in Texas and Florida. Roughly 58,000 U.S. home-purchase agreements were canceled in July, equal to 15.3% of homes that went under contract last month. That’s up from 14.5% a year earlier and […]
Monthly payments are falling primarily because mortgage rates have dipped to a 10-month low. But home sales are still lackluster, declining slightly from a year ago. The typical homebuyer’s monthly mortgage payment is $2,614, the lowest level since January and down $224 from May’s all-time high. Housing payments are falling mainly because mortgage rates are […]