March 28, 2024
Mortgage rates moved slightly lower this week, providing a bit more room in the budgets of some prospective homebuyers. Additionally, encouraging data out on existing home sales reflects improving inventory. Regardless, rates remain elevated near seven percent as markets watch for signs of cooling inflation, hoping that rates will come down further.

Information provided by Freddie Mac.

March 21, 2024
After decreasing for a couple of weeks, mortgage rates are once again on the upswing. As the spring homebuying season gets underway, existing home inventory has increased slightly and new home construction has picked up. Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year.

Information provided by Freddie Mac.

March 14, 2024
The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time. Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation. In this environment, there is a good possibility that rates will stay higher for a longer period of time.

Information provided by Freddie Mac.

March 7, 2024
Evidence that purchase demand remains sensitive to interest rate changes was on display this week, as applications rose for the first time in six weeks in response to lower rates. Mortgage rates continue to be one of the biggest hurdles for potential homebuyers looking to enter the market. It’s important to remember that rates can vary widely between mortgage lenders so shopping around is essential.

Information provided by Freddie Mac.

February 29, 2024
Mortgage rates continued their ascent this week, reaching a two-month high and flirting with seven percent yet again. The recent boomerang in rates has dampened already tentative homebuyer momentum approaching the spring, a historically busy season for homebuying. While sales of newly built homes are trending in a positive direction, higher rates and elevated prices continue to pose affordability challenges that may leave potential homebuyers on the sidelines.

Information provided by Freddie Mac.

February 22, 2024
Strong incoming economic and inflation data has caused the market to re-evaluate the path of monetary policy, leading to higher mortgage rates. Historically, the combination of a vibrant economy and modestly higher rates did not meaningfully impact the housing market. The current cycle is different than historical norms, as housing affordability is so low that good economic news equates to bad news for homebuyers, who are sensitive to even minor shifts in affordability.

Information provided by Freddie Mac.

February 15, 2024
On the heels of consumer prices rising more than expected, mortgage rates increased this week. The economy has been performing well so far this year and rates may stay higher for longer, potentially slowing the spring homebuying season. According to Freddie Mac data, mortgage applications to buy a home so far in 2024 are down in more than half of all states compared to a year earlier.

Information provided by Freddie Mac.

February 8, 2024
Mortgage rates remain stagnant, hovering in the mid-six percent range over the past several weeks. The economy and labor market remain strong with wage growth outpacing inflation, which is keeping consumer spending robust. Meanwhile, affordability in the housing market is an ongoing issue due to continued high home prices, elevated mortgage rates and low supply of homes on the market, particularly for first-time and low-income homebuyers.

Information provided by Freddie Mac.