Existing Home Sales
Mortgage Rates Exceed Four Percent
March 17, 2022
The 30-year fixed-rate mortgage exceeded four percent for the first time since May of 2019. The Federal Reserve raising short-term rates and signaling further increases means mortgage rates should continue to rise over the course of the year. While home purchase demand has moderated, it remains competitive due to low existing inventory, suggesting high house price pressures will continue during the spring homebuying season.
Information provided by Freddie Mac.
Mortgage Rates Rise
March 10, 2022
Following two weeks of declines, mortgage rates rose this week as U.S. Treasury yields increased. Over the long-term, we expect rates to continue to rise as inflation broadens and shortages increasingly impact many segments of the economy. However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short-term.
Information provided by Freddie Mac.
Mortgage Rates Fall
March 3, 2022
Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates. While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty. Consequently, rates are expected to stay low in the short-term but will likely increase in the coming months.
Information provided by Freddie Mac.
Mortgage Rates Decrease Slightly
February 24, 2022
Even with this week’s decline, mortgage rates have increased more than a full percent over the last six months. Overall economic growth remains strong, but rising inflation is already impacting consumer sentiment, which has markedly declined in recent months. As we enter the spring homebuying season with higher mortgage rates and continued low inventory, we expect home price growth to remain firm before cooling off later this year.
Information provided by Freddie Mac.
January Monthly Skinny Video
For many buyers, 2022 marks a new opportunity to make their home purchase dreams a reality. But it won’t be without its challenges.
Inventory of existing homes was at 910,000 at the start of the new year, the lowest level recorded since 1999, and competition remains fierce.
Pending Sales decreased 13.0 percent from January 2021 to 3,122 for the month. Closed Sales decreased 16.7 percent from January 2021 to 2,810 for the month. Inventory levels market-wide decreased 30.1 percent to 3,894 units.
Existing Home Sales
Mortgage Rates Continue to Jump
February 17, 2022
Mortgage rates jumped again due to high inflation and stronger than expected consumer spending. The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.
Information provided by Freddie Mac.
Existing Home Sales
Mortgage Rates Jump
February 10, 2022
The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic. Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.
Information provided by Freddie Mac.
