Today's Headlines - Realty Times

While U.S. home prices have come down from recent highs, they remain relatively steep. Despite this, homeownership rates have gone up in recent years.

More specifically, according to a LendingTree analysis of the latest housing data, the share of owner-occupied homes in the nation’s 50 largest metropolitan areas increased by 108 basis points from 2012 to 2022. In other words, our findings indicate that even though home values in some areas have more than doubled since 2012, more people have become homeowners.

  • As of 2022, almost 43.5 million of the 70.4 million occupied housing units in the nation’s 50 largest metros were owner-occupied. The overall homeownership rate across these metros is 61.72%.
  • Homeownership rates are highest in the Detroit, Minneapolis and Pittsburgh metros. The homeownership rates in these metros are 71.49%, 70.54% and 70.45%, respectively.
  • Homeownership rates are lowest in the Los Angeles, New York, and San Diego metros. At 47.94%, Los Angeles is the only metro among the 50 largest where the homeownership rate is lower than 50.00%. 
  • From 2012 to 2022, the homeownership rate rose by 108 basis points from 60.64% to 61.72%. That’s an increase of 6,155,379 owner-occupied housing units. 

You can check out our full report here: https://www.lendingtree.com/home/mortgage/homeownership-rates-study/

LendingTree's Senior Economist and report author, Jacob Channel, had this to say:

"In simplest terms, homeownership rates have gone up despite rising prices because low pandemic-era mortgage rates helped offset increased home values and incentivize homeownership. Remember that while home prices play a role in how feasible homebuying is, mortgage rates are often just as important. Over the coming years, homeownership rates may decline in some areas as the nation continues to adjust to our higher-rate housing market."

Posted On Sunday, 07 April 2024 07:23 Written by

Americans report skipping meals, working overtime, and delaying medical care to afford housing

Half of U.S. homeowners and renters (49.9%) sometimes, regularly or greatly struggle to afford their housing payments, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Many report making sacrifices to cover their housing costs.

The most common sacrifice was taking no or fewer vacations. More than one-third of homeowners and renters (34.5%) who struggle to afford housing indicated that they skipped vacations in the past year in order to afford their monthly costs.

But many people who struggle to afford housing made more serious sacrifices: 22% skipped meals and 20.7% worked extra hours at their job. A similar share (20.6%) sold belongings.

These responses are based on a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to roughly 3,000 U.S. homeowners and renters. Most of Redfin’s report focuses on the 1,494 respondents who indicated that they sometimes, regularly or greatly struggle to afford regular rent or mortgage payments.

More than one of every six people (17.9%) who struggle to afford housing borrowed money from friends/family, and 17.6% dipped into their retirement savings. Over one in seven (15.6%) delayed or skipped medical treatments.

“Housing has become so financially burdensome in America that some families can no longer afford other essentials, including food and medical care, and have been forced to make major sacrifices, work overtime and ask others for money so they can cover their monthly costs,” said Redfin Economics Research Lead Chen Zhao. “Fortunately, the country’s leaders are starting to pay attention, and homebuyers may get a reprieve in June if the Federal Reserve cuts interest rates, which would bring down the cost of getting a mortgage.”

Mortgage payments are near their all-time high due to rising prices and elevated mortgage rates: The median U.S. home sale price is up about 5% from a year ago, and mortgage rates are hovering around 7%, not far from the 23-year high of roughly 8% hit in October. The typical household earns roughly $30,000 less than it needs to afford the median-priced home, and rents are on the rise again.

14% of Millennials Dipped Into Retirement Savings to Afford Housing Payments

Nearly one of every seven millennials (13.5%) who struggle to afford their housing payments have dipped into retirement savings to cover their monthly costs.

Most millennials are not retired, but housing affordability has become so strained that some are resorting to outside-the-box strategies to cover expenses. Millennials are the largest adult generation, and many are aging into their homebuying years at a time when home prices and mortgage rates are high.

The income needed to afford a starter home is up 8% from a year ago, prompting some young buyers to use family money to cover their down payment.

Baby boomers who struggle to afford housing were most likely to dip into retirement funds, with over one-quarter (27.5%) saying they did so to cover housing expenses. That makes sense, as many baby boomers are already retired, and it’s common for retirees to put their retirement savings toward housing.

Roughly 1 in 6 (15.5%) Gen Xers who struggle to afford housing dipped into retirement savings to afford monthly housing costs. The share was lowest among Gen Z respondents (6.5%), many of whom don’t yet have retirement savings.

The IRS typically taxes people who make withdrawals from their retirement accounts before the age of 59.5, but makes an exception for qualified first-time homebuyers, who are allowed to borrow up to $10,000 tax free.

Broken down by race/ethnicity, white respondents who struggle to afford housing were most likely (20.7%) to use retirement savings to cover housing costs, followed by Asian/Pacific Islander respondents (14%), Hispanic/LatinX respondents (13.6%) and Black respondents (12.6%).

Black Respondents Most Likely Work Extra Hours to Afford Housing; Gen Zers Most Likely to Sell Belongings

While pressing pause on vacations was the most common sacrifice for respondents as a whole, it wasn’t the top answer choice for every demographic. People of color and younger generations often made more serious sacrifices.

For example, Black respondents who struggle to afford housing were most likely to say they worked extra hours (25.9%) to cover their monthly costs, while Hispanic respondents were most likely to say that they sold belongings (28.2%). Skipping vacations was the most common answer among Asian/Pacific Islander respondents (43.8%) and white respondents (39.6%).

Black millennials are half as likely to own homes as white millennials, according to a separate Redfin analysis, though the racial homeownership gap exists across every generation due to decades of racist policies and discrimination.

When it came to age groups, skipping vacations was the top choice for baby boomers (42.8%), Gen Xers (36.8%) and millennials (31.3%) who struggle to afford housing. But for Gen Zers, the most common sacrifices were working extra hours, selling belongings and skipping meals, all of which clocked in at roughly 27%.

White Respondents, Baby Boomers and Homeowners Most Likely to Afford Housing Easily

Of the roughly 2,995 people who took the survey, half (50.1%) said they can easily afford their regular rent or mortgage payments, and half (49.9%) said they sometimes, regularly or greatly struggle to do so.

But the results vary by demographic. For example, 54.5% of white respondents said they can easily afford their housing payments, compared with 37.8% of Hispanic/LatinX respondents, 46.6% of Black respondents and 47.4% of Asian/Pacific Islander respondents.

Baby boomers were most likely to say they easily afford housing payments (61.9%), followed by Gen Xers (48.7%), millennials (40.2%) and Gen Zers (26.9%).

And homeowners (59.9%) were roughly twice as likely as renters (30.8%) to indicate that they easily afford their housing payments.

To view the full report, including charts and a detailed methodology, please visit: https://www.redfin.com/news/homebuying-sacrifices-survey-2024

Posted On Sunday, 07 April 2024 06:45 Written by
Posted On Saturday, 06 April 2024 16:04 Written by

March data shows the largest share of price reductions since 2019 with 34 out of the 50 largest metros showing an uptick in drops 

According to the Realtor.com® March housing report, buyers are looking at an optimistic mix of increasing inventory and an uptick in price reductions going into the Spring season. In March, the percentage of homes with price reductions increased to 15.0% - the largest share in 5 years -  and the total number of homes actively for sale grew by 23.5% compared to last March (but remains well below pre pandemic levels).

“Sellers are starting to warm up to the current environment, wading into the market in increasing numbers despite market mortgage rates that are likely above their existing rate, if they have a mortgage.  As a result, data shows surprisingly competitive pricing trends among sellers, especially in the lead up to this year’s Best Time to Sell, which Realtor.com® reported will be between April 14th - 20th,” said Danielle Hale, Chief Economist of Realtor.com®. “As seller optimism swells, we may see even further inventory gains later in the season that will  likely create a more balanced environment for hopeful homebuyers.”  

List of the 10 Metro Areas with Largest Share of Price Reductions of Total Inventory 

  1. Tampa-St. Petersburg-Clearwater, Fla. – 27.6%
  2. Phoenix-Mesa-Chandler, Ariz. – 23.0%
  3. Austin-Round Rock-Georgetown, Texas – 22.3%
  4. Jacksonville, Fla. – 22.1%
  5. San Antonio-New Braunfels, Texas – 21.8%
  6. Orlando-Kissimmee-Sanford, Fla. – 20.2%
  7. Portland-Vancouver-Hillsboro, Ore.-Wash. – 20.1%
  8. Miami-Fort Lauderdale-Pompano Beach, Fla. – 19.7%
  9. Dallas-Fort Worth-Arlington, Texas – 19.5%
  10. Memphis, Tenn.-Miss.-Ark. – 19.3%

Across the country, price reductions were up compared with last year. In the South it was up 3.5 percentage points, +1.0 percentage points in the Midwest, +0.5 percentage points in the Northeast, and +0.2 percentage points in the West. 

Sellers Turned Out as Home Listing Activity Continued to Climb

Between January 2024 and March 2024, the inventory of homes actively for sale was at its highest level since 2020. While inventory looks to be on the upswing, it’s important to note that the market is still down 37.9% compared to pre-pandemic levels. Like in February 2024, one price range in particular has outpaced all other price categories as home inventory between $200,000 and $350,000 grew by 30.5% compared to March 2023. A few metros experienced huge gains in active inventory for sale including Tampa (+58.3%), Orlando (53.3%), and Miami (48.2%).

Median List Price is in Flux; Up From Last Month, But Not Much has Changed from Last Year 

The national median list price increased from $415,500 to $424,900 between February and March 2024. But, when compared to last year, the median list price only increased by 0.2% from March 2023. In two weeks of March, the median list price even dipped below last year’s levels. Out of the 50 largest metros, 18 saw their median list price decline compared to last year including Miami (-8.4%), Oklahoma City (-8.3%), and San Francisco (-7.6%), while Los Angeles (+15.1%), Richmond (+11.8%), and Pittsburgh (+11.6%) saw the biggest increases.  As prices fluctuate, so do the requirements for financing a home. With mortgage rates hovering between 6.6% and 7% for the past three months, the cost of financing a home (assuming a 20% down payment) increased by $63 compared to last March. 

March 2024 Housing Metrics – National

Metric

Change over Mar 2023

Change over Mar 2019

Median listing price

+0.2% (to $422,700)

+38.9%

Active listings

+32.5%

-37.7%

New listings

+16.5%

-17.2%

Median days on market

-2 days (to 50 days)

-15  days

Share of active listings with price reductions

+2.2 percentage points 

(to 15.0%)

+0.0  percentage points

Additional details and full analysis of the market inventory levels, price reductions, fluctuations and stabilization can be found in the Realtor.com® March Monthly Housing Report

March 2024 Housing Overview of the 50 Largest Metros, Ranked by Largest Price Reduction

Metro Area

Median Listing Price

Median Listing Price YoY

Median Listing Price per Sq. Ft. YoY

Active Listing Count YoY

New Listing Count YoY

Median Days on Market

Median Days on Market Y-Y (Days)

Price Reduced Share

Price Reduced Share Y-Y (Percentage Points)

Tampa-St.

  Petersburg-Clearwater, Fla.

$419,000

2.2%

3.0%

58.3%

29.3%

51

0

27.6%

8.3 pp

Phoenix-Mesa-Chandler,

  Ariz.

$535,000

7.1%

4.1%

16.9%

9.7%

49

-1

23.0%

-2.0 pp

Austin-Round

  Rock-Georgetown, Texas

$550,000

0.0%

2.0%

15.8%

19.0%

40

-11

22.3%

-4.5 pp

Jacksonville,

  Fla.

$415,000

3.9%

4.6%

38.6%

22.1%

47

-5

22.1%

4.6 pp

San

  Antonio-New Braunfels, Texas

$340,000

-1.9%

-1.4%

36.8%

16.9%

57

2.5

21.8%

3.1 pp

Orlando-Kissimmee-Sanford,

  Fla.

$439,000

-0.4%

2.0%

53.3%

14.6%

54

1

20.2%

6.2 pp

Portland-Vancouver-Hillsboro,

  Ore.-Wash.

$605,000

-1.6%

2.2%

26.7%

7.7%

45

1.5

20.1%

9.7 pp

Miami-Fort

  Lauderdale-Pompano Beach, Fla.

$549,000

-8.4%

-3.6%

48.2%

16.6%

58

-2

19.7%

5.5 pp

Dallas-Fort

  Worth-Arlington, Texas

$440,000

-0.5%

1.4%

38.0%

16.7%

40

-5.5

19.5%

3.5 pp

Memphis,

  Tenn.-Miss.-Ark.

$327,000

2.5%

2.3%

38.2%

16.1%

51

-1.5

19.3%

4.8 pp

Nashville-Davidson-Murfreesboro-Franklin,

  Tenn.

$559,000

6.0%

6.9%

9.3%

3.6%

32

-3

18.8%

0.6 pp

New

  Orleans-Metairie, La.

$329,000

-0.3%

-0.5%

27.7%

-4.8%

67

9

17.8%

-0.6 pp

Oklahoma

  City, Okla.

$321,000

-8.3%

-1.5%

22.9%

17.4%

45

-5.5

17.2%

5.2 pp

Denver-Aurora-Lakewood,

  Colo.

$620,000

-5.4%

2.6%

48.1%

19.4%

30

3.25

17.2%

4.1 pp

Houston-The

  Woodlands-Sugar Land, Texas

$363,000

0.7%

1.3%

23.5%

20.1%

43

-3.5

16.7%

2.4 pp

Charlotte-Concord-Gastonia,

  N.C.-S.C.

$410,000

2.1%

5.8%

19.9%

1.2%

38

-3.5

16.5%

4.1 pp

Indianapolis-Carmel-Anderson,

  Ind.

$330,000

5.5%

5.8%

23.5%

8.3%

42

-4.25

16.2%

2.6 pp

Atlanta-Sandy

  Springs-Alpharetta, Ga.

$410,000

0.0%

4.0%

22.1%

11.9%

41

-5

15.7%

2.6 pp

Columbus,

  Ohio

$380,000

0.8%

6.8%

20.2%

9.7%

29

-0.5

14.2%

2.0 pp

Las

  Vegas-Henderson-Paradise, Nev.

$470,000

4.4%

5.8%

-33.1%

8.4%

38

-15

13.7%

-6.4 pp

Louisville/Jefferson

  County, Ky.-Ind.

$315,000

2.3%

3.6%

14.5%

5.9%

40

4

13.6%

0.6 pp

Virginia

  Beach-Norfolk-Newport News, Va.-N.C.

$391,000

4.8%

6.4%

14.3%

2.2%

34

-4

13.2%

2.3 pp

Birmingham-Hoover,

  Ala.

$290,000

4.0%

5.3%

27.6%

12.6%

50

-1

13.1%

-0.1 pp

Riverside-San

  Bernardino-Ontario, Calif.

$599,000

7.1%

7.1%

7.5%

15.2%

47

-7

13.0%

0.4 pp

Pittsburgh,

  Pa.

$240,000

11.6%

9.9%

10.8%

1.3%

55

-9

12.9%

0.8 pp

Baltimore-Columbia-Towson,

  Md.

$335,000

-3.8%

2.4%

11.6%

6.5%

36

-7

11.3%

1.1 pp

Raleigh-Cary,

  N.C.

$450,000

0.0%

5.9%

6.1%

18.1%

42

-9.5

11.2%

-1.5 pp

Kansas

  City, Mo.-Kan.

$425,000

-6.6%

-4.0%

8.1%

20.7%

51

-19.75

11.2%

2.9 pp

Cincinnati,

  Ohio-Ky.-Ind.

$350,000

-4.7%

6.2%

28.1%

17.0%

37

-1

11.1%

3.0 pp

Sacramento-Roseville-Folsom,

  Calif.

$635,000

1.3%

4.2%

16.9%

32.5%

36

-6.5

11.1%

1.0 pp

Philadelphia-Camden-Wilmington,

  Pa.-N.J.-Del.-Md.

$350,000

6.6%

7.2%

-1.3%

1.6%

43

-6.5

11.0%

0.0 pp

Cleveland-Elyria,

  Ohio

$230,000

8.4%

9.2%

0.4%

2.4%

42

-1.5

11.0%

1.5 pp

San

  Diego-Chula Vista-Carlsbad, Calif.

$998,000

5.1%

11.1%

26.3%

25.9%

32

-5

10.9%

1.2 pp

St.

  Louis, Mo.-Ill.

$292,000

4.7%

4.8%

14.2%

4.9%

39

-7.5

10.3%

0.8 pp

Detroit-Warren-Dearborn,

  Mich.

$240,000

1.2%

1.7%

3.6%

4.1%

42

-3.5

9.8%

-2.3 pp

Boston-Cambridge-Newton,

  Mass.-N.H.

$880,000

6.9%

10.0%

0.9%

7.3%

24

-4

9.7%

1.3 pp

Minneapolis-St.

  Paul-Bloomington, Minn.-Wis.

$445,000

-1.4%

-0.2%

24.3%

16.8%

34

-4

9.5%

2.3 pp

Richmond,

  Va.

$450,000

11.8%

8.7%

8.8%

-9.4%

44

3

9.1%

1.3 pp

Los

  Angeles-Long Beach-Anaheim, Calif.

1150000

15.1%

8.1%

5.4%

17.8%

42

-3.5

9.0%

-0.4 pp

Seattle-Tacoma-Bellevue,

  Wash.

$768,000

-2.7%

1.4%

20.3%

19.5%

29

-3

8.7%

-0.8 pp

Washington-Arlington-Alexandria,

  DC-Va.-Md.-W. Va.

$604,000

0.8%

6.6%

2.2%

3.2%

31

-3

8.7%

0.9 pp

San

  Francisco-Oakland-Berkeley, Calif.

$999,000

-7.6%

-1.2%

13.4%

21.7%

27

-6.5

8.6%

-0.3 pp

Milwaukee-Waukesha,

  Wis.

$365,000

-0.3%

5.2%

9.9%

12.4%

29

-3.5

7.9%

0.7 pp

Chicago-Naperville-Elgin,

  Ill.-Ind.-Wis.

$375,000

6.4%

7.3%

-7.7%

2.0%

33

-7

7.8%

-1.8 pp

New

  York-Newark-Jersey City, N.Y.-N.J.-Pa.

$760,000

8.8%

15.2%

-4.3%

2.6%

50

-5

6.8%

-0.4 pp

Providence-Warwick,

  R.I.-Mass.

$500,000

-2.8%

-1.7%

0.1%

12.1%

35.5

-5.75

6.3%

0.6 pp

San

  Jose-Sunnyvale-Santa Clara, Calif.

1481000

-0.9%

1.1%

2.2%

21.5%

22

-5

5.8%

-1.6 pp

Buffalo-Cheektowaga,

  N.Y.

$270,000

9.7%

9.6%

4.2%

3.7%

38

-6.5

5.3%

-0.3 pp

Hartford-East

  Hartford-Middletown, Conn.

$400,000

-0.7%

4.7%

6.1%

6.5%

37

8

5.1%

0.6 pp

Rochester,

  N.Y.

$280,000

8.7%

7.1%

-4.0%

9.0%

22

-2

4.3%

-2.5 pp

Methodology

Realtor.com housing data as of March 2024. Listings include the active inventory of existing single-family homes and condos/townhomes/row homes/co-ops for the given level of geography on Realtor.com; new construction is excluded unless listed via an MLS that provides listing data to Realtor.com. Realtor.com data history goes back to July 2016. 50 largest U.S. metropolitan areas as defined by the Office of Management and Budget (OMB-202003). 

Posted On Friday, 05 April 2024 07:40 Written by
Posted On Thursday, 11 April 2024 00:00 Written by

When it comes to the concept of disruptions in this world, we tend to focus on all the new digital tools that are creating ripples in headlines. From generative AI to digital currency, these digital disruptions are definitely leaving their impact. But instead, the focus of today should be on the very concept of disruption itself, not just digital disruption.

The word “disruption” is a key stumbling point for many. Having worked with businesses and organizations of varying sizes worldwide, what I have discovered is that while most have a heavy focus on digital disruptions, others do not consider the many other disruptions this world is throwing our way.

 To help the world while leveraging disruptions, we must better understand the term “transformation” as well. What we are aiming to do is transform the world instead of merely changing it. In today’s world of accelerating disruptions of any kind, if you are only aiming to change something, you are falling further and further behind.

Transformation and Change Have Never Been the Same

To account for those aforementioned disruptions, being agile is important. But no matter how agile you are, reacting quickly is not an effective strategy. You want to implement a strategy that takes into consideration the long-term vitality of your business and one that betters humankind!

We now need to become much more Anticipatory than ever before, using Hard Trends based on future facts to anticipate disruptions before they disrupt. This is how you create more long-term significance in your organization and the world overall.

I always explain this in the form of a two-sided strategic coin. Agility represents a defensive strategy on one side of the strategic coin, and anticipation represents the offensive side. Leveraging disruptions to create transformation is an Anticipatory competency that is vital in many ways. This competency is quite different from making changes to your business strategy to respond to said disruptions with agility.

 When you create a change, you generally are making some type of nominal adjustment. A transformation has a much larger impact on both your organization and the world. We want to make differences that better the lives of our current and future customers.

Create Transformation to Address Problems of Sustainability

If we do not become Anticipatory and look for ways to transform our world instead of trying to change them in an agile way, we will have an increasing number of problems to solve.

Many have said that when dealing with a problem, sometimes the answer is right in front of your eyes. This is true, but I have found that in many cases, the answer may be in the opposite direction.

The Law of Opposites is an Anticipatory competency that helps you and your team see opportunity in the most inconspicuous places. This law encourages you to look in the opposite direction to find solutions to problems that seem overwhelming and often impossible to solve.

SpaceX is a company that leveraged this Anticipatory competency and created a transformation in an industry that others, even NASA themselves, thought to be unrealistic.

Rockets launched into space leave a trail of space junk that, in most cases, burns up upon re-entry into the Earth’s atmosphere. Most of the rockets proved to be a one-time use. Elon Musk and his team at SpaceX went the route of building reusable rockets. This nearly eliminates the issue of space junk and creates a level of sustainability for their organization and the aerospace industry. They are the first to do this and have become a staple in space exploration, launching and servicing satellites, and now are involved in our next moon mission.

So, how did the Law of Opposites help this prolific company create a transformation in their industry?

Instead of looking at the obvious problem, they took a look in the opposite direction. The issues, including cost, that were plaguing space travel were not the right problem. The problem was how to continue space exploration in the most sustainable way. In turn, SpaceX built something sustainable for themselves and our world. 

Actionable Insights for Your Organization

I want your organization to be able to sustain growth and its significance in the world. Likewise, I want your organization to be a beacon of transformation that benefits humankind in whatever way you can!

It all starts on a very simple and small scale. I encourage everyone to be both agile and Anticipatory in thinking and practice to create transformations.

As I said earlier and will say again, agility and anticipation are like two sides of a strategic coin. The agility side represents playing defense — a fast, reactive strategy that is good for changes that seem to come out of nowhere. The other half of the strategy coin is anticipation — playing offense, anticipating disruptions before they disrupt, and as the case with SpaceX, going opposite to pre-solve problems before they occur. Both are needed to leverage disruptions to your organization’s advantage.

Will your organization transform your processes, products, and services to build a sustainable practice? Or will you stick to changing them on an as-needed basis? The answer is a Soft Trend — it is up to you to take charge!

Posted On Tuesday, 09 April 2024 00:00 Written by

Sometimes you say something and you later regret having said it. Sometimes you think you are helping, but then say something that only makes things worse! We have all been in or seen that situation and understand how it happens. But when the person who says it is in a position of power, it can really have drastic consequences. In the past few days, we saw just that, the president was out on a campaign event and said that he was pretty sure the FED would be cutting rates soon. While he smiled, the markets knew that this was going to become an issue!

The FED has always tried to maintain at least the appearance of being apolitical and independent. The job is to navigate the economy without yielding to political pressure. While not easy, it becomes even more challenging in a presidential election year and it’s the president suggesting that rate cuts are soon to follow. The knee jerk reaction in the markets and likely the FED is to now anticipate even a longer pause in any potential rate cuts to give the appearance of not succumbing to political pressure from the president. When you add that to the surprising data we have seen over the last couple of weeks, future rate cuts may very well get pushed pretty far down the road. This week we have the jobs report on Friday and another strong report could significantly impact the markets even further than expected.

We also have seen a great deal of conversation about the NAR settlement across the board. I caution everyone to remember that NOTHING has been signed off by a judge yet, so we still have all the specifics going forward. While there is certainly a framework, it’s not a done deal. We also saw the first response from the mortgage side of the equation as FHA 2024-12 was published last week and said that from the FHA point of view, the seller may still pay the buyer’s agent if it is normal and customary in that market and that that it would NOT be considered part of a seller’s concession. So at least there is that. Clearly, there is much more to be addressed on that front down the road.

We have continuing and initial jobless claims today and the March jobs report Friday morning. Could certainly be market moving, so be aware and don’t be blindsided by the news! Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.

Posted On Monday, 08 April 2024 00:00 Written by

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing the 30-year fixed-rate mortgage (FRM) averaged 6.82 percent.

"Mortgage rates showed little movement again this week, hovering around 6.8 percent,” said Sam Khater, Freddie Mac’s Chief Economist. “Since the start of 2024, the 30-year fixed-rate mortgage has not reached seven percent but has not dropped below 6.6 percent either. While incoming economic signals indicate lower rates of inflation, we do not expect rates will decrease meaningfully in the near-term. On the plus side, inventory is improving somewhat, which should help temper home price growth.”

News Facts

  • The 30-year FRM averaged 6.82 percent as of April 4, 2024, up from last week when it averaged 6.79 percent. A year ago at this time, the 30-year FRM averaged 6.28 percent.
  • The 15-year FRM averaged 6.06 percent, down from last week when it averaged 6.11 percent. A year ago at this time, the 15-year FRM averaged 5.64 percent.

The PMMS® is focused on conventional, conforming, fully amortizing home purchase loans for borrowers who put 20 percent down and have excellent credit. For more information, view our Frequently Asked Questions.

Freddie Mac’s mission is to make home possible for families across the nation. We promote liquidity, stability, affordability and equity in the housing market throughout all economic cycles. Since 1970, we have helped tens of millions of families buy, rent or keep their home. Learn More: Website

Posted On Thursday, 04 April 2024 09:22 Written by
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