Mortgage rates plummeted last week in the latest sign rising interest rates have started to temper demand in the booming housing market, but experts note plunging demand won't quickly pull prices down due to historically low levels of inventory.
Mortgage application rates plummeted last week in the latest sign rising interest rates have started to temper demand in the booming housing market, but experts note plunging demand won’t quickly pull prices down due to historically low levels of inventory, with some forecasting prices should continue to rise throughout the year.... [+]Mortgage applications fell 6.
Though they plunged early in the pandemic, mortgage rates have skyrocketed since the Fed started hiking rates in April, with the“Persistently low” housing inventory has also fueled prices and stunted demand, Kan said, adding that the"worsening affordability challenges have been particularly hard on prospective first-time buyers.”
In a note last week, Bank of America economists told clients that affordability has fallen to lows last seen during the housing crisis that spurred the Great Recession and warned that low supply will likely drive prices up another 15% this year. The latest data comes after S&P CoreLogic reported last week that home prices skyrocketed at the highest rate in 35 years in March, with S&P DJI managing director Craig LazzaraSurprising Fact
The median new house price hit a record $450,600 in April, soaring nearly 20% year over year, according to the Census Bureau.Historically high savings rates, government stimulus measures, low supply and interest rates helped ignite a home buying frenzy during the pandemic, but signs of a slowdown have
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ERCOT: Electricity demand broke June records this week, could break all-time records this weekendDemand for electricity set daily and monthly records this week as temperatures across...
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California Market Update: Plentiful Office Openings, Strong Associate Demand - Above the LawIn the midst of the pandemic-fueled narrative about an exodus from California, a funny thing happened: several Biglaw firms took the opportunity to enter the California market for the first time. [Sponsored by LateralLink]
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