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Are we seeing a mortgage rate lockdown?

Housing Wire

The premise of a mortgage rate lockdown is simple: so many American households have such low mortgage rates that some will never move once rates rise, which then locks up housing inventory. Typically we have a natural set of new listings each year; inventory rises in the spring and summer and then falls in the fall and winter.

Mortgage 520
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Why purchase application data is below 2008 levels

Housing Wire

But I need to explain why this level has more in common with 2014 housing data than the credit stress markets of 2005-2008, and why you should care. In the summer of 2020, I talked about how the housing market would change, but it needed the 10-year yield to break over 1.94%, which roughly means 4% plus mortgage rates.

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Housing Market Tracker: Inventory finally rises

Housing Wire

We didn’t see too much volatility in mortgage rates last week, but purchase apps declined in reaction to rates rising two weeks ago. Here’s a quick rundown of the last week: Active listings rose by 8,546 , and new listing data showed some growth. Again, I am a bit mindful here due to Easter.

Inventory 545
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Can lower mortgage rates stop the housing recession?

Housing Wire

To say that mortgage rates have been on a wild Mr. Toad’s ride in 2022 is an understatement. People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% People thought the mortgage rate drama in 2013-2014 was a lot when rates went from 3.5% We saw this in 2013-2014 and 2018-2019.

Mortgage 504
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Housing Market Tracker: Spring inventory falls

Housing Wire

Just when I thought it was safe to say we were getting more traditional spring housing inventory , we hit a snag last week, as active inventory and new listings declined. We had a lot of drama over the week between Federal Reserve meetings and banking stress, and mortgage rates and purchase applications both fell.

Inventory 491
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Why home-price growth is still up 18% year over year

Housing Wire

Today, we stand at 1,310,000 active listings. NAR Total Listing Data: If we cut the timeline to the last time inventory grew, which was 2014, you can see this downtrend in inventory, unlike 2001-2005, when inventory grew from 2 million to 2.5 I don’t need to see total active listing get back to the historical range of 2-2.5

Inventory 384
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Spring forecast: More inventory and rising home sales

Housing Wire

As mortgage rates rose starting in 2022, payment affordability got dramatically worse and homebuyer demand dried up. New listing volume last week was 18% more than a year ago. Pending sales Last week saw 69,000 new contracts for single-family home purchases across the country. At the same time, seller volume dried up.

Inventory 466