The median U.S. first-lien mortgage holder in September had a 3.5% rate, according to one data firm.
Mortgage rates are at their highest level in 23 years. Many U.S. homeowners who have locked-in their costs, however, have reason to be thankful: the median mortgage holder’s rate is still below 4%.
For those homeowners in no rush to unload their property, news of rising mortgage rates have little consequence—except, perhaps, to push off the thought of selling even further. The median U.S. first-lien mortgage holder in September had a 3.5% rate, according to loan-level data from ICE Mortgage Technology, a mortgage analytics and technology division of the Intercontinental Exchange. The last time weekly rates measured by Freddie Mac were that low was in the beginning of 2022.
That plays an important role in the unusual dynamic in the housing market today. While prospective buyers are stretched thin by higher rates, sellers have fewer incentives to list, a consequence of rapidly-rising rates known as the mortgage rate lock-in effect. That’s helped keep the number of previously-owned homes for sale low. There were 1.13 million homes for sale at the end of September, less than half of the prepandemic average of about 2.
Home prices will be in the news again this coming week, when the S&P CoreLogic Case-Shiller Indices for August are released on Tuesday. Economists expect that the S&P index measuring home prices in 20 of the nation’s large cities will gain 0.9% from July’s levels, and will be 1.6% higher than one year prior.
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