Home Resales Fall 2.7% as a Surge in Mortage Rates Erodes Affordability
Sales of previously owned homes declined as a shortage of listing inventory and the highest mortgage rates in more than a decade made it tougher to purchase a property.
Sales of previously owned homes declined as a shortage of listing inventory and the highest mortgage rates in more than a decade made it tougher to purchase a property.
Groundbreakings in March reached the highest level since June 2006 led by a surge in the construction of multifamily units, according to a government report.
Homebuilder sentiment dropped to the lowest level since September as higher mortgage rates eroded affordability for buyers, according to a report.
“A reprieve in gas prices was immediately recognized by consumers,” Wells Fargo economists said.
The average U.S. 30-year fixed rate for so-called conforming loans given to the best-qualified borrowers is the highest since February 2011.
The CFPB sued TransUnion, one of the nation’s largest credit bureaus, claiming it violated a 2017 consent order.
The so-called core reading of the consumer price index, stripping out volatile energy and food prices, showed a glimmer of good news, economists said.
Almost three-quarters of American consumers in March said they believed now is a “bad time to buy” real estate, a record high, according to a report from Fannie Mae.
The daily average rate for a 30-year fixed mortgage rose above 5% on Wednesday for the first time since 2018, according to Optimal Blue rate-lock data.
The share of sellers who had to reduce asking prices is rising at the fastest pace since August, Redfin said in a report.