Whirlpool CEO Mark Bitzer has cited soft guidance for 2024 and when residential overhangs will impact the Claman countdown.
Mortgage rates continued to rise, rising again for the fourth consecutive week.
Freddie Mac’s latest primary mortgage market study, released Thursday, found that the average benchmark interest rate 30 year fixed mortgage This week’s rate rose to 6.94% from 6.90% last week. A year ago, the average interest rate on a 30-year loan was 6.65%.
A “For Sale” sign outside a home in Atlanta, Georgia, USA on Friday, February 17, 2023. (Dustin Chambers/Bloomberg via Getty Images/Getty Images)
However, the average interest rate on a 15-year fixed mortgage fell slightly to 6.26% from 6.29% last week. A year ago, interest rates on 15-year fixed bonds averaged 5.89%.
Home prices hit record high in December
“As we approach spring, historically a busy season for homebuying, the recent spike in interest rates is already dampening the momentum of tentative homebuyers,” Freddie Mac Chief Economist Sam Cater said in a statement. Stated.
Homes for sale in Cupertino, California, USA on Wednesday, February 7, 2024. (Lauren Elliott/Bloomberg via Getty Images/Getty Images)
“While new home sales are trending positively, rising interest rates and soaring prices continue to pose affordability challenges that can keep potential homebuyers on the sidelines. ” Carter added.
Do you have children?Good luck with buying a house this year
Home buying activity tends to pick up in the spring after a winter slump, but rising interest rates and soaring home prices are causing prospective buyers and sellers to lower their prices or choose not to move. As a result, the housing market has stagnated.
An “Open House” flag flies in front of a home for sale in Alhambra, California on January 18, 2024. (Frederick J. Brown/AFP via Getty Images)/Getty Images)
As interest rates rise, demand for housing has stopped. The number of applications for mortgages to buy homes fell 5% from the previous week, the Mortgage Bankers Association said Wednesday.
CLICK HERE TO GET FOX BUSINESS ON THE GO
The number of applications decreased by 12% compared to the same period last year.
FOX Business’ Megan Henney contributed to this report.
