Mortgage rates collapsed by 47 basis points. Is this a turning point?

The 30-year fixed rate decreased this week to an average of 6.61%, down from last week’s 7.08% Some lenders have experienced a spike in borrowers’ demand for mortgage loans following last week’s rate collapse due to softer inflation data. However, according to executives and loan officers, it’s too early to say that this marks a turning point … Continued

Home Prices Retreat in Nearly All Major Markets

According to the new Knock Sellers-Buyers Market Index, of the top-100 largest metropolitan markets, 98 of them reported home price declines in September, while 15 markets reported home prices falling by more than 10% from their highs set earlier this year.  So what does this mean? According to Knock, a confluence of events that led to the … Continued

Mortgage Rates Eclipse 7%

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

What’s Ahead for Home Prices?

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

What Happens to Housing when There’s a Recession?

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

Existing-Home Sales Decreased 1.5% in September

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

Is the Housing Market Correcting?

If you’re following the news, all of the headlines about conditions in the current housing market may leave you with more questions than answers. Is the boom over? Is the market crashing or correcting? Here’s what you need to know. The housing market is moderating compared to the last two years, but what everyone needs to remember is that … Continued

The One Thing Every Homeowner Needs To Know About a Recession

A recession does not equal a housing crisis. That’s the one thing that every homeowner today needs to know. Everywhere you look, experts are warning we could be heading toward a recession, and if true, an economic slowdown doesn’t mean homes will lose value. The National Bureau of Economic Research (NBER) defines a recession this way: “A recession is … Continued

Where Are Mortgage Rates Headed?

Mark Fleming got it right. Forecasting mortgage rates is an impossible task. However, it’s probably safe to assume the days of attaining a 3% mortgage rate are over. The question is whether that will soon be true for 4% rates as well.

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