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The mortgage rate lock-in didn’t start in 2022

Housing Wire

This is an excerpt of a HousingWire Research report titled: What Everyone Needs to Know about Mortgage Rate Lock-in, by Altos President Mike Simonsen. housing market saw dramatic changes in affordability as mortgage rates skyrocketed 500 basis points. million in January 2021 (when mortgage rates were 2.7%) fell to 3.9

Mortgage 334
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Midwest housing markets good for first-time homebuyers: Zillow

Housing Wire

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Headwinds like mortgage rates , low inventory and rising rents are still strong, but easing,” Zillow Senior Economist Orphe Divounguy, said in a statement.

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Pending home sales surged in December: NAR

Housing Wire

month over month in December, according to the newest data from the National Association of Realtors (NAR). The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a statement. But new listings activity grew by 9.1%

Contracts 458
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Existing-home sales have nowhere to go but up in 2024? 

Housing Wire

Elevated mortgage rates and high home prices pushed sales of existing homes down again in October to the lowest monthly pace since August 2010. million, according to the N ational Association of Realtors. Existing-home sales dropped 4.1% in October from the prior month , reaching a seasonally adjusted annual rate of 3.79

Inventory 410
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Don’t get too excited about the jump in existing home sales

Housing Wire

Existing home sales showed a jump in sales, which was anticipated by most as we had positive, forward-looking housing data due to mortgage rates falling from 8.03% to 6.63%. This is nothing dramatic, but similar to what we saw in 2023 when mortgage rates rose from 5.99% up to 7.25%. From NAR : Total existing-home elevated 3.1%

Inventory 473
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Existing home sales ended the year with a whimper in 2022

Housing Wire

million, according to a report from the National Association of Realtors (NAR) released Friday. December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement. from November to a pace of 4.02 A total of 5.03

Inventory 384
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Existing home sales data shows extent of housing inflation

Housing Wire

Today the National Association of Realtors reported that existing home sales fell once again to 4.80 Even though this was a beat of estimates, the sales decline trend due to higher mortgage rates and home prices continues. Existing home sales have more legs to go lower, especially now that new listing data is falling.

Inventory 458