For the first time in two-plus decades, the 30-year fixed-rate mortgage (FRM) has passed the 7% mark, as Freddie Mac reported the 30-year FRM averaging 7.08% with an average 0.8 point for the week ending October 27, 2022, up from last week when it averaged 6.94%. A year ago at this time, the 30-year FRM averaged more than half … Continued
As the housing market cools in response to the dramatic rise in mortgage rates, home price appreciation is cooling as well. And if you’re following along with headlines in the media, you’re probably seeing a wide range of opinions calling for everything from falling home prices to ongoing appreciation. But what’s true? What’s most likely to happen moving forward? … Continued
Since the 2008 housing bubble burst, the word recession strikes a stronger emotional chord than it ever did before. And while there’s some debate around whether we’re officially in a recession right now, the good news is experts say a recession today would likely be mild and the economy would rebound quickly. As the 2022 … Continued
Key Highlights Existing-home sales sagged for the eighth consecutive month to a seasonally adjusted annual rate of 4.71 million. Sales slipped 1.5% from August and 23.8% from the previous year. The median existing-home sales price increased to $384,800, up 8.4% from one year ago. The inventory of unsold existing homes declined for the second straight … Continued