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Diana Olick, NBR, CNBC.com’s Posts
National housing inventory fell 2.5% annually in September, a sharper decline than August’s 1.8% decrease, according to realtor.com
An unexpected decline in mortgage interest rates had homeowners calling their lenders last week, looking to save money on their monthly payments.
Cooler weather historically means a cooling off period in the housing market, but that is not the case this fall. After dropping to the lowest level in eight years, bidding wars are creeping back.
Lower mortgage rates are making buying a home slightly more affordable, but financial concerns are outweighing that benefit and lowering overall confidence in housing.
Fall homebuyers are getting a bonus. The sell-off in the stock market is causing an unexpected turnaround in mortgage rates.
Higher in rates over the last two weeks send mortgage applications into a slide, according to the Mortgage Bankers Association.
Sales of newly built homes in August hit the second highest level in over a decade. Those numbers were released just after a homebuilding analyst at Raymond James upgraded Toll Brothers, Lennar and KB Home to “outperform.”
Home price gains have been shrinking since March 2018, but now signs point to re-heating in the housing market.
Today’s mortgage holders saw their home equity increase by 4.8% annually at the end of the second quarter. This is a collective gain of nearly $428 billion, according to CoreLogic.
Homebuyers seemed undeterred by last week’s turnaround in interest rates, or perhaps they were spooked into action.
Strong demand from buyers easily offset the drop in demand from those wishing to refinance.
Treasury Secretary Steven Mnuchin said President Donald Trump “has approved” the Treasury’s plan to reform mortgage giants Fannie Mae and Freddie Mac.
Homebuyers are taking advantage of lower mortgage rates and a slow summer for sellers, and that is driving mortgage applications higher.
Mortgage rates are around the lowest in three years, but buyers are suddenly much more cautious about purchasing a home. Competition is cooling, and consequently sellers can no longer command any price.
The Trump administration on Thursday released its first formal plan to overhaul the housing finance system and begin the process of removing Fannie Mae and Freddie Mac from government conservatorship, where they have been for the past 11 years.
Home price gains had been shrinking over the last year, but the increases turned higher again this summer. Home prices were up 3.6% in July compared with July 2018, according to CoreLogic.