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Mortgage rates surge to highest level since 2000

Housing Wire

“The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” Sam Khater, Freddie Mac’s chief economist said. However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. Other indices showed significantly higher mortgage rates this week.

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Homeowners Have Zero Incentive to Upsize in This Current Housing Market  

Appraisal Buzz

Compare this to 2000-2022, when upgrading to a 25% more expensive home would have required the average homeowner to increase their principal and interest payment by only 40%, or about $400 per month, according to the report.

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Working with buyers in the nation’s hottest housing market

Housing Wire

Austin, Texas might be the hottest housing market in the country. If they get a higher offer that has financing, then when appraisal comes back, the buyer is going to renegotiate the sales price to be closer to appraised value.”. Garrett said aside from cash buyers, he also has clients who have money to offset any appraisal gap.

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You can’t buy what’s not for sale in the housing market

Housing Wire

The housing market functions differently than other markets because it can be characterized as a heterogeneous, thinly traded, illiquid market. In other words, it’s a diverse market with a wide variety of different homes of varying ages and levels of repair, and sales happen very rarely. The result is fewer sales.

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Lower mortgage rates are stabilizing the housing market

Housing Wire

million, the equilibrium balance between a buyer and seller marketplace that has been here for four decades. This time the hit on demand is much more challenging as we are working from a savagely unhealthy rise in home prices since 2000, and mortgage rates have skyrocketed in the most prominent fashion in modern history.

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Tight credit, high rates and low inventory add to buyers’ affordability struggles 

Housing Wire

In a sense, the gridlocked housing market has been feeding on itself,” Andy Walden , VP of enterprise research strategy at Black Knight, said. This is compounding the challenges for potential home buyers and the origination market alike, Walden said.

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Equity surge boosts homeowner net worth by $208K: John Burns 

Housing Wire

Meanwhile, homeowners who bought in January 2000, January 2006 and January 2013 have received boosts of $414,000, $338,000, and $343,000, respectively. trillion in home equity at the end of 2023, up from $15 trillion in 2006, the previous peak of the housing cycle. Overall, U.S. homeowners held $31.8 Overall, U.S. homeowners held $31.8

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