NAR economist says homebuying costs have increased $800 every month so far this year. Mortgage rates inched closer to 6% this week. The 30-year fixed-rate mortgage averaged 5.81%, up modestly from 5.78% last week, according to Freddie Mac. Borrowing costs are mounting higher and higher for potential home buyers, who now find themselves squeezed both …
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Feb 29
Rapid Rise in Mortgage Rates Stalls
The interest rate on the 30-year fixed mortgage fell this week, offering relief to home buyers who are reeling from escalating costs. The quick rise in mortgage rates over the last few weeks is taking a pause. The 30-year fixed-rate mortgage averaged 5.7% this week, dropping from last week’s 5.81%, according to Freddie Mac. Still, …
Feb 29
Home Buying Is 5% Cheaper Than a Week Ago
Mortgage rates are dropping as concerns mount over a possible economic recession. Mortgage rates are falling—at least for now—after posting rapid jumps in June. Over the last two weeks, the 30-year fixed-rate mortgage has dropped by one-half of a percentage point. Home buying is about 5% more affordable than a week ago, translating to about …
Feb 28
Fed Inflation Policy May Catapult Mortgage Rates
With inflation reaching a new high in June, the Federal Reserve will likely take more aggressive action. And that could influence even higher mortgage rates, says NAR Chief Economist Lawrence Yun. Inflation rose to a new 40-year high in June and is accelerating even faster than expected, according to data from the Bureau of Labor …
Feb 28
Volatility in Mortgage Rates as Recession Fears Grow
Borrowing costs tick up again as the Federal Reserve’s inflation policy has economists bracing for even higher rates in the future. Mortgage rates are showing volatility as the economy slows and recession fears take center stage. The 30-year fixed-rate mortgage rose to an average of 5.51% this week, up from 5.3% last week, according to …
Feb 28
New Listing Broomall Home – 79 2nd Ave, Broomall, PA. 19008
79 2nd Ave, Broomall, PA. 19008 Listing courtesy of Richard Diprimio – Keller Williams Real Estate – West Chester $405,000 Est. Mortgage $2,803/mo*3 Beds2 Baths1250 Sq. Ft. Description about this home for sale at 79 2nd Ave, Broomall, PA. 19008 Welcome to 79 2nd Avenue in Broomall! This well maintained, 3 bed, 2 bath home …
Feb 27
Mortgage Rates Rise
The Federal Reserve is expected to raise its key benchmark rate this coming week. What impact could it have on mortgage rates? Mortgage rates rose slightly this week ahead of the Federal Reserve’s highly anticipated meeting next Tuesday, when it is expected to increase its benchmark rate by up to a full percentage point. What …
Feb 27
Inching Closer to Recession
The next downturn may be different than the last. Look to commercial real estate for clues about the direction of the economy. The U.S. gross domestic product contracted in the first quarter by 1.5%. The stock market has been tumbling. Inflation is stubbornly high. The Federal Reserve plans to continue raising interest rates. Pending home …
Feb 26
Dip in Mortgage Rates Little Consolation to Squeezed Buyers
Record-high home prices, declining consumer confidence and fears of recession are taking their toll on aspiring homeowners. With volatile mortgage rates driving home buyers from the market, economists are skeptical that a dip in borrowing costs this week will have a meaningful impact. The 30-year fixed-rate mortgage fell to an average of 5.3%—still nearly double …
Feb 23
Fed Rate Hike Unlikely to ‘Further Damage’ Mortgage Borrowers
The market has mostly priced in current and future Fed actions, so mortgage rates shouldn’t rise dramatically, says NAR Chief Economist Lawrence Yun. With skyrocketing inflation and mounting recession fears, the Federal Reserve made another aggressive move Wednesday, raising its benchmark rate by three-quarters of a percentage point for the second time this year to …
Feb 23
Market to Ease Despite High Home Prices
A housing slowdown precipitated by low inventory and rising mortgage rates will open opportunities for some buyers, NAR Chief Economist Lawrence Yun predicts. Even though national GDP contracted for the second quarter in a row and home sales have fallen for five straight months, property prices are likely to continue growing because of low inventory, …
Feb 22
Economic Downturn Likely to Be Mild
A contracting economy typically means a recession, but other economic indicators are likely to mitigate the effects of the slowing economy, says NAR’s chief economist. The country isn’t officially in a recession yet, despite two consecutive quarters of national contraction of the gross domestic product, a commonly cited indicator of an economic downturn, says Lawrence …
