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Diana Olick, NBR, CNBC.com’s Posts
A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.
Lower mortgage rates are likely behind a surge in housing sentiment, which could help rev up what started as a sluggish spring season.
The biggest one-week rate drop in a decade unleashed a run on refinances last week, although it did not especially spur spring buyers.
A sharp drop in interest rates last week suddenly made millions more borrowers eligible for a mortgage refinance.
The supply of homes for sale has been rising steadily, up over 3 percent in February compared with a year ago.
Applications to refinance jumped 12 percent for the week as homeowners rushed to take advantage of attractive rates.
Prices are rising, but the gains are shrinking, since fewer buyers are able to afford the homes available for sale.
Sales of existing homes skyrocketed a whopping 11.8 percent in February compared with January, according to the National Association of Realtors.
The average rate on the popular 30-year fixed rate mortgage, which had been sitting for days at 4.40 percent, fell sharply to 4.34 percent.
Snow sport seasons are getting shorter, due to warmer temperatures. That is already having a distinguishable financial impact on residential and resort properties that profit from snow.
Builders claim they’re feeling better about their business, but the sales numbers are still not reflecting that. So all eyes are on the spring market, which could determine the fate of both the stocks and the earnings of the biggest builders.
Millennials have been slow to enter the ranks of homeowners, thanks to the last recession and the housing crash that caused it. Now, as they age into marriage and parenthood, they are buying at a faster pace. Many, however, are regretting it.
The supply of homes for sale is finally rising, but fewer buyers are able to afford these homes, and that could result in a much slower spring market.
Real estate agents and analysts have long been blaming weak sales on too few listings and rising rates.
With more seniors than ever aging in place and choosing not to sell the family home, an estimated 1.6 million fewer properties are now available in a marketplace already experiencing a critical shortage, according to Freddie Mac.