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Diana Olick, NBR, CNBC.com’s Posts
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 3.99% from 3.98% for loans with a 20% down payment.
The number of homes for sale at the end of November was the lowest on record for the month, according to the National Association of Realtors, which began tracking this metric in 1999.
Total mortgage application volume fell 5% from the previous week, according to the Mortgage Bankers Association.
Strong reads on the economy have researchers at mortgage giant Fannie Mae revising their 2020 housing forecast much higher.
A stronger economy and a severe housing shortage have the nation’s homebuilders feeling better than they have in two decades.
Generation Z’s spending is now at approximately $143 billion per year, and these teens influence an additional $450.5 billion in spending by others, according to a CBRE report, which uses data from eMarketer.
Sales of existing homes will fall 1.8% from 2019, according to the forecast.
Pending home sales, which measure signed contracts, fell 1.7% in October month-to-month, according to the National Association of Realtors.
On a national level, prices rose 3.2% annually in September, up from a 3.1% gain in August, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
At the end of October, inventory nationwide fell to a 3.9-month supply, according to the National Association of Realtors.
After a huge jump the week before, mortgage refinance demand pulled back sharply last week, likely because borrowers were less worried about rising rates.
Anyone out shopping for an entry-level home knows the prices are high and the pickings are slim. Now, the same is holding true for rentals. As more Americans find it harder to afford a home, rental demand is soaring, especially for single-family homes.
The nation’s single-family homebuilders are feeling very positive about their business, but a monthly sentiment indicator fell in November from a recent high.
Mortgage rates are turning higher again, and that was likely behind a major surge in mortgage application volume last week.
Warehouse tenants soaked up about 41 million square feet of space in the third quarter of this year, a 23% drop from the previous quarter and less than half as much as a year ago, according to a new report from Transwestern.