Mortgage Rates Fall As Inflation Reports Easing Pressures
Mortgage rates fell sharply this week after a blockbuster report on inflation showed that price pressures may finally be easing.
Market Trends
Midweek Price Cuts Offer Black Friday Bargains for Home Shoppers
With Black Friday coming up, shoppers of all kinds have their eyes peeled for great deals – including home shoppers. While the housing market rebalances, home shoppers who are able to afford today’s market may be wondering when the best time is to look for a discount on their dream home. As the share of listings with a price cut reaches new heights, now may be the best time to find that deal on a house you love.
Prospective Buyers: Results from the Zillow Consumer Housing Trends Report 2022
A global pandemic, historic economic change and an unprecedented shift in the housing market have been hallmarks of the past year. But while these large-scale changes have shifted the landscape and have the potential to reshape buyers’ preferences over the longer term, many behaviors and attitudes remain the same.
Mortgage Rates Up Slightly Despite Midterms and Job Figures
Mortgage rates were up slightly this week, holding firm near 20-year highs after an eventful seven days filled with key monetary policy, economic and political updates. After rising strongly in response to comments from the Federal Reserve indicating that more rate hikes and policy tightening were likely in the coming months, mortgage rates had a muted reaction to the October jobs figures, which showcased a resilient, but softening labor market.
Mortgage Rates Enjoy a Calm Period, but Choppier Waters are Likely Ahead
Mortgage rates ticked up slightly this week and enjoyed a period of relative calm, as markets eagerly anticipated Federal Reserve policy updates and gauges of the economy for where to head next. But more pronounced movements are likely in the coming days.
The typical age of inventory is up 45% from last year, and is 30% less than the pre-pandemic average.
Mortgage Rates Reverse as Investors Expect Moderation
Mortgage rates fell this week, touching 20-year highs before retreating considerably in recent days. The sharp reversal over the past few trading sessions – a rarity these days – suggests that investors may finally be expecting some moderation in the Fed’s pace of monetary policy tightening and some softening in key economic data releases – the two factors that have combined to push rates firmly higher this year.
September New Home Sales: New Sales Back Down With Rates Climbing
Mortgage rates spiked in September, leading to a slowdown in new construction sales compared to August when rates took a slight dip down.
Mortgage Rates Rise on Persistent Inflation
Mortgage rates continued to increase last week as economic data showed more persistent inflation than expected.
