Mortgage Demand Rebounds as Interest Rates Slide In a sign that the housing market may be starting to pick up some momentum, mortgage demand rose last week as interest rates continued to decline. According to the Mortgage Bankers Association’s seasonally adjusted index, total application volume increased by 3% from the previous week. The average contract…
Today’s housing market is causing concern for both buyers and sellers. The combination of high mortgage rates, high prices, tight supply, and strong pent-up demand is creating a toxic environment that is scaring off potential participants. The 30-year fixed mortgage rate has reached 8%, the highest in decades, making it even more challenging for buyers…
Net worth for the average American family saw a significant surge during the pandemic, according to the Federal Reserve’s triennial Survey of Consumer Finances. This increase was primarily driven by higher home and stock prices, as well as government stimulus measures. After adjusting for inflation, median net worth jumped by 37% to $192,900 from 2019…
Builder Confidence in Housing Market Drops to Lowest Level Since January Builder confidence in the market for single-family homes has dropped to its lowest level since January. Builders are facing challenges in a market dominated by high mortgage rates and financing costs. The monthly National Association of Home Builders/Wells Fargo Housing Market Index dropped four…
