Tax and Fed News Bumps Mortgage Rates, But They Remain in Narrow Range
The prime 30-year fixed mortgage rate quoted on Zillow edged slightly higher mid-week last week. However, it remained in the 10-basis point range where it has been since the end of October.
Low Inventory, Sluggish Building Defined Housing in 2017; Expect 2018 to Look Similar
Persistently low inventory of homes for sale, and low levels of single-family home building activity in particular, proved the most surprising housing trends to a majority of experts in 2017 – and they say neither is particularly likely to reverse course in 2018, nor is homeownership expected to rise much.
Thanksgiving Break Makes for Quiet Mortgage Markets
The Thanksgiving holiday made for a quiet market late last week, with most lenders closed and activity being fairly subdued when the market was open on Friday.
Worsening Affordability Costs Renters Nearly $2,000 a Year
Rising rents are eating up an increasingly large share of tenants’ incomes, costing the typical U.S. renter almost $2,000 more per year than they would if renters were devoting the same-sized chunk of their paychecks to their landlord as they used to.
Case-Shiller September Results and October Forecast: Underbuilding Continues to Take a Toll
Home prices have grown at roughly the same pace for the past year or more. The real action is on the sidelines: Demand is coming first and foremost from buyers in the entry-level and mid-market segments, but available inventory is largely concentrated at the high end – causing the nation’s most affordable homes to grow in value at more than twice the pace of homes at the top of the market.
October New Home Sales: Gains Across the Country
New home sales rose 6.2 percent from September to October to 685,000 units, the most sales in a single month since October 2007.
Rapid Reaction: October New Home Sales
October new home sales jumped 6.2 percent from September, to 685,000 units (SAAR), beating expectations and turning in a second straight strong month.
Mortgage Rates Might Climb on Fed Interest Rate Signals
With a shortened Thanksgiving week, the main news regarding mortgage rate movement revolved around the likelihood of a rate hike in December.
October 2017 Market Report: Home Values Growing at Twice the ‘Normal’ Rate
October was the 15th consecutive month in which home values rose by at least 6 percent, which is double the roughly 3 percent annual rate of appreciation we might expect in a more “normal” market.
Rapid Reaction: October Existing Home Sales
October existing home sales grew 2 percent from September, to 5.48 million units (SAAR), the strongest showing since June but still down 0.9 percent from a year ago.
