Housing
Mortgage rates drop to lowest since mid-December, but demand still falls short
The home for sale at 377 Capron Ash Loop in Casselberry is pictured on Wednesday, Aug. 14, 2024. Stephen M. Dowell | Orlando Sentinel | Tribune News Service | Getty Images Mortgage interest rates dropped again last week, hitting the lowest level in two months, but demand for mortgages didn’t respond. Total mortgage application volume […]
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Home sales drop sharply as prices hit an all-time high for January
A “For Sale” sign on a house in Philadelphia, Pennsylvania, US, on Friday, Aug. 16, 2024. Joe Lamberti | Bloomberg | Getty Images The U.S. housing market continues to weaken, as potential buyers face stubbornly high mortgage rates, elevated prices and limited supply of listings. Sales of previously owned homes fell 4.9% in January from […]
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Weekly mortgage demand drops 6%, as homebuyers remain ‘on the fence’
A sign is posted in front of a home for sale in San Rafael, California, on Aug. 7, 2024. Justin Sullivan | Getty Images Mortgage rates dipped slightly last week, but so did mortgage demand, as housing affordability continues to sideline potential buyers. Total mortgage application volume fell 6.6% for the week, according to the […]
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U.S. homebuilders raise alarm over tariffs as sentiment falls to 5-month low
Sentiment among the nation’s single-family homebuilders dropped to the lowest level in five months in February, largely due to concern over tariffs, which would raise their costs significantly. The National Association of Home Builders’ Housing Market Index, or HMI, dropped a sharp 5 points from January to a reading of 42. Anything below 50 is […]
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New tariffs could raise home prices and sideline potential buyers
The U.S. housing market was already struggling under the weight of high mortgage interest rates, a low supply of existing homes for sale and historically high home prices. Now tariffs on building materials are adding even more pressure. Roughly 30% of softwood lumber consumed in the U.S. is imported, largely from Canada. Wallboard, known as […]
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L.A. wildfire victims face financial anxiety amid recovery: ‘The uncertainty is very unsettling’
Key Points The Los Angeles wildfires that started on Jan. 7 are likely to be the costliest in U.S. history. Residents impacted by the Palisades Fire and the Eaton Fire now face ample financial questions and worries, tied to issues like homeowners insurance and relocation. It will take time to sort out many of their […]
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Pending home sales drop sharply in December, as mortgage rates surge back over 7%
Signed contracts on existing homes dropped a sharp 5.5% in December from the previous month and fell 5% from the prior year, according to the National Association of Realtors. The drop followed four straight months of gains and is the index was at its lowest level since August. These so-called pending sales are an indicator […]
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Mortgage demand drops further, even as interest rates settle
A for sale sign is displayed outside of a home for sale on August 16, 2024 in Los Angeles, California. Patrick T. Fallon | AFP | Getty Images Mortgage rates didn’t move last week, but demand for new home loans continued to weaken. Both homebuyers and current homeowners are hampered by today’s higher interest rates. […]
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Mortgage rates aren’t likely to fall any time soon — here’s why
Key Points Rates on a 30-year fixed mortgage rose above 7% in the week ended Jan. 16, according to Freddie Mac data. Mortgage rates were below 3% as recently as late 2021. They are unlikely to fall below 6% until 2026, economists said. That’s partly due to investor worries tied to President Donald Trump’s policy […]
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Mortgage rates hit highest level since July, crushing application demand
Residential homes in Discovery Bay, California, US, on Thursday, Nov. 7, 2024. Mortgage rates in the US increased to the highest level since July. David Paul Morris | Bloomberg | Getty Images Mortgage rates last week moved higher for the fourth week in a row. That caused already very weak mortgage demand to drop even […]
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