Dana Peterson, chief economist at the Conference Board, said the leading indicators are great for the commodity economy when it comes to “making money.”
Mortgage rates fell slightly this week, but this slight drop is of little consolation to potential home buyers and sellers as demand remains largely stagnant.
Freddie Mac’s latest primary mortgage market study, released Thursday, found that the average benchmark interest rate 30 year fixed mortgage This week it fell to 6.63%, down from 6.69% last week, but still significantly up from 6.09% a year ago.
Mortgage rates fell slightly this week, but demand cooled further. (Justin Sullivan/Getty Images)
15-year fixed mortgage rates also fell slightly, to an average rate of 5.94.% Last week it was 5.96%. A year ago, the average interest rate on a 15-year fixed bond was 5.14.%.
Existing home sales fell to their lowest level since 1995 last year.
Mortgage rates for 30-year bonds have hovered in the mid-6% range in recent months, and although there are occasional signs of a resurgence in demand, activity in the housing market has slowed.
The latest data from the Mortgage Bankers Association shows demand for mortgages fell last week. (Nathan Howard/Bloomberg/Getty Images)
The Mortgage Bankers Association (MBA) reported Wednesday that the number of purchase applications fell last week due to continued inventory shortages that continue to drive up home prices as the affordability crisis worsens. It is said that it is.
Record number of renters in the US unable to afford housing
Data from Realtor.com shows that a roughly 1% drop in interest rates since October has led to an increase in pending home sales and new home sales, as well as an increase in the number of listings. However, volume is still about 18% lower than a year ago, with many buyers and sellers still on the sidelines due to high prices and rising interest rates.
Realtor.com’s chief economist analyzes home prices on “Maria Bartiromo’s Wall Street.”
“Despite expectations for increased listing activity, inventory may remain low as sellers may not react as quickly as expected,” Realtor.com economist Jiayi Xu said in a statement. “It’s very sexual,” he said.
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“In other words, we need more substantial improvements in mortgage rates to attract more sellers to the market,” Xu continued. “If for-sale inventory fails to meet buyer demand, prices may begin to rise again and home price increases may continue.”
