Current Market Data
The largest single-week decline in conventional mortgage rates since July brought the first increase in home-loan applications since September, the Mortgage Bankers Association said.
It’s not the only metric decelerating in today’s market. Inflation is also starting to slow which is helping bring down mortgage rates.
From dropping home prices, increased inventory and homes staying on the market longer, today’s buyers should look at the upside to what the market means for their prospects.
Homebuyer demand is starting to stabilize as October home sales posted the largest decline since 2015, according to a new report.
The 44th edition of the in-depth forecast report examined 80 cities to determine trends in the real estate industry for 2023.
Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023.
September is the fourth month in a row to see declining sales activity.
A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate.
Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.
At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.