mortgage rates

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What You Must Earn to Afford a Home in America

Individuals need $114K annually to afford a house worth $430K, the national median

(Newser) - Homeownership is receding further out of reach for most Americans, as elevated mortgage rates and rising prices stretch the limits of what buyers can afford. A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home—the national median listing price in April,...

Spring Home Sales Off to Surprisingly Weak Start

March numbers see biggest monthly decline in 2 years

(Newser) - Homebuyers appear to willing to wait it out on the sidelines even longer: The latest numbers reveal an unexpectedly slow start to the season amid high prices and mortgage rates. The National Association of Realtors said Thursday that existing home sales in March fell 5.9% from February to...

Mortgage Rates Head Toward Unwanted Threshold

They're back up near 7%, putting a damper on an expected housing resurgence

(Newser) - Homebuyers, builders, Realtors, and pretty much everyone connected to the housing industry hoped this spring would be a robust one for sales because of declining mortgage rates. But as the Wall Street Journal reports, things are going in the opposite direction. Rates are now heading back toward 7%, a threshold...

Report Illustrates How Sharply Home Costs Have Risen

Americans need to earn six figures in 23 states and territories to afford a house

(Newser) - Anxiety over the US housing market's surging prices is summed up succinctly in a new report from Bankrate . They write that since 2020, the number of households needing to earn six figures to afford a home has skyrocketed from seven states and territories to 23 today. The five highest:...

Home Sales Miss Expectations
Home Sales Hit 13-Year Low
Nov 21, 2023 2:11 PM CST

Home Sales Hit 13-Year Low

Rising mortgage rates and inventory shortage slow pace

(Newser) - Sales of previously occupied US homes slumped in October to the slowest pace in more than 13 years, as surging mortgage rates and rising prices kept many prospective homebuyers on the sidelines. Existing home sales fell 4.1% last month from September to a seasonally adjusted annual rate of 3....

'Basic Homeownership' Now Costs a Third of Your Paycheck

Home prices are rising along with mortgage rates, pricing out potential buyers: ATTOM

(Newser) - "Home ownership keeps getting tougher," according to real estate data provider ATTOM, which finds the average American can't afford to buy a home in communities across the country. In a new report , researchers examined median 2022 home prices in 575 US counties and found 99% of prices...

As Mortgages Slow, Zillow Offers 1% Down Payments
Zillow to Offer
1% Down Payments
Aug 25, 2023 3:40 PM CDT

Zillow to Offer 1% Down Payments

Program will begin in Arizona before expanding

(Newser) - With interest rates at their highest point in more than 20 years , Zillow is planning to boost the real estate market by offering offering homebuyers a deal: a down payment of 1%. And Zillow will kick in 2% of that down payment at closing, CBS News reports. The program will...

Mortgage Rates at Highest Level Since 2001

30-year figure jumps to 7.23%, and it may keep rising

(Newser) - The average long-term US mortgage rate climbed further above 7% this week to its highest level since 2001, another blow to would-be homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market. Mortgage buyer Freddie Mac said Thursday that the average rate on the...

Higher Mortgage Rates Drive Home Prices Down

Index nevertheless shows a monthly increase

(Newser) - For the first time in 11 years, home prices have shown a year-over-year price decline nationally. The S&P CoreLogic Case-Shiller National Home Price Index recorded a 0.2% drop in April, the Wall Street Journal reports. April 2012 was the last time prices had fallen from a year before....

Americans Have Some Big Housing Misconceptions

Mortgage rates aren't historically high, for one

(Newser) - The housing market isn't great, but neither is Americans' understanding of it. So finds a NerdWallet survey released Tuesday. Three standout findings from the survey:
  • About 11% of respondents, which NerdWallet equates to 28 million American adults, say they intend to buy a home over the next 12 months.
...

For Buyers, Mortgage Rates Hit Unwelcome Milestone

Average 30-year rate is now 7% for the first time in 2 decades

(Newser) - Average long-term US mortgage rates topped 7% for the first time in more than two decades this week, a direct result of the Federal Reserve's aggressive rate hikes intended to tame inflation not seen in some 40 years, per the AP . Mortgage buyer Freddie Mac reported on Thursday that...

Home Sales in US Slow to 2012 Pace
Home Sales in US
Slow to 2012 Pace
Oct 20, 2022 4:50 PM CDT

Home Sales in US Slow to 2012 Pace

Totals drop for 8th straight month

(Newser) - Sales of previously occupied US homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices, and a still tight supply of properties on the market. The National Association...

For 6th Straight Week, US Mortgage Rates Rise

The average on the key 30-year rate currently stands at 6.7%

(Newser) - Average long-term US mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession. Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate climbed to 6.70%...

Mortgage Rates Reach an Unwanted Milestone

Average rate hits 6% for the first time since 2008

(Newser) - Someone who closes on a house this month will be paying twice the mortgage rate of a year ago. The average rate on a 30-year fixed-rate mortgage reached 6% this week for the first time since the recession days of 2008, reports the New York Times . That's up from...

Mortgage Rates Near 6%
Mortgage Rates Hit 2008 Levels
Sep 8, 2022 4:50 PM CDT

Mortgage Rates Hit 2008 Levels

Climb is tied to Powell's stay-the-course comment, analyst says

(Newser) - A year ago, mortgage rates were below 3%. On Thursday, Freddie Mac data showed the average rate for a 30-year fixed mortgage was up to 5.89%, the highest point since 2008, NBC News reports. Rates briefly dropped this summer as the Federal Reserve raised the key interest rate in...

Mortgage Demand Hits 22-Year Low
Mortgage Demand
Hits 22-Year Low
Jul 20, 2022 10:50 AM CDT

Mortgage Demand Hits 22-Year Low

The real estate market is cooling amid high rates, high inflation, high prices

(Newser) - While heat waves and wildfires have dominated recent headlines, there’s a major cooling trend in the US housing market. According to the Mortgage Bankers Association's weekly survey, mortgage applications dropped a seasonally adjusted 6.3% last week, per CNBC. That puts mortgage demand at its lowest point since...

Mortgage Rates Highest in a Decade
Mortgage Rates
Highest in a Decade
Apr 21, 2022 12:27 PM CDT

Mortgage Rates Highest in a Decade

30-year is now 5.21%, and the effects on housing market already are surfacing

(Newser) - The news won't come as a shock to those currently in the market to buy a house and calculating their monthly expenses—mortgage rates have reached a 12-year high. CNN puts the rate on a 30-year fixed mortgage at 5.11% for the week ending Thursday, the highest since...

Rising Mortgage Rates Throw Complicated Wrench in Market

They make it more expensive to buy but also could lead to lower prices

(Newser) - Mortgage rates on a 30-year loan just clocked in at 4.72%, the highest since 2018, reports the Wall Street Journal . That's up from 3% last summer, which translates into a quite a dent in prospective homeowners' wallets, notes NPR . "It added like $700 a month in monthly...

US Mortgage Rate Hits 'Tremendous Benchmark'

'It's also an indication that we remain in a crisis here,' says an economist at Zillow Group Inc

(Newser) - Looking to buy a house? The average 30-year fixed mortgage has sunk below 3% for the first time in Freddie Mac's long history of tracking America's most beloved home loan, the Wall Street Journal reports. It's a "tremendous benchmark," says a Zillow Group Inc economist...

Home Prices See Biggest Jump Since 2005

Growing shortage sends prices upward

(Newser) - House prices had their biggest jump in years in the second quarter of 2012, mainly because of a big shortage of houses for sale, reports the Wall Street Journal . Officials from data firm CoreLogic say it was the biggest jump since 2005, while Freddie Mac, using different methodology, says the...

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