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Homebuyer Demand

All articles tagged with #homebuyer demand

real-estate1 year ago

Mortgage Demand Surges as Rates See First Dip in Months

Mortgage rates saw a slight decrease last week, prompting a 12% increase in homebuyer demand for mortgages, according to the Mortgage Bankers Association. The average rate for 30-year fixed-rate mortgages fell to 6.86%, leading to a surge in applications, which were 52% higher than the same week last year. Despite a drop in refinance applications, the overall mortgage demand rose due to improved home inventory and a strong economy. Economic data expected on Wednesday could further influence rates.

via CNBC|
#homebuyer-demand#interest-rates#mortgage-applications
real-estate1 year ago

"Homebuyer Demand Plummets as Mortgage Rates Exceed 7%"

Mortgage rates above 7% have led to a fifth consecutive weekly drop in home-purchase applications, with the average rate for a 30-year loan at 7.04%. The Federal Reserve's aggressive tightening campaign has cooled the interest rate-sensitive housing market, with demand for both home purchases and refinancing declining. Economists expect rate cuts to begin in May or June, but high mortgage rates are also limiting inventory, leaving few options for eager buyers and resulting in a 34.3% decrease in available home supply compared to pre-pandemic levels.

via Fox Business|
#federal-reserve#homebuyer-demand#housing-market
real-estate2 years ago

"Rising Homebuyer Demand Spurs Mortgage Applications Despite Climbing Interest Rates"

Despite a slight increase in mortgage rates, homebuyer demand pushed mortgage applications for home purchases up by 8% compared to the previous week, although still 18% lower than a year ago. Meanwhile, applications to refinance fell by 7% and were 8% lower than a year ago, as rates remain higher than last year. The average contract interest rate for 30-year fixed-rate mortgages increased to 6.78%, with little incentive for most borrowers to refinance.

via CNBC|
#homebuyer-demand#housing-market#interest-rates
real-estate2 years ago

Mortgage rates continue to fluctuate, impacting homebuyer demand

Mortgage rates in the US have dropped for the second consecutive week, with the average rate on a 30-year mortgage falling to 7.5%, the largest one-week decline since November 2022. While this presents an opportunity for homebuyers, it also poses challenges as increased demand may further drive up home prices in a limited-supply market. Many buyers have been waiting for rates to drop before entering the market, and the recent decline has led to a 3% increase in mortgage applications for home purchases. However, the purchase application index remains 20% lower than last year, reflecting the worsening affordability due to elevated mortgage rates. Additionally, the shortage of housing inventory remains a problem, as many homeowners are reluctant to sell due to their historically low mortgage rates.

via Yahoo Finance|
#affordability#homebuyer-demand#housing-market
real-estate2 years ago

US Housing Construction Continues to Decline in March.

Housing starts in the US fell by 0.8% in March to an annual rate of 1.42 million units, while building permits tumbled 8.8% to an annualized rate of 1.41 million units, indicating that the housing market remains depressed. Despite a retreat in mortgage rates, builder confidence that prospective buyers will return is still low, possibly a cause of lower home construction activity. Limited inventory has also bolstered demand this month, but the interest rate-sensitive housing market has borne the brunt of the Federal Reserve's aggressive campaign to tighten policy and slow the economy.

via Fox Business|
#building-permits#construction#homebuyer-demand