Freddie Mac reported that the average 30-year fixed mortgage rose from 6.27% the previous week to 6.39%. While the mortgage rate had fallen by almost half a percentage point since early March, the trajectory of the mortgage rate changed once several Federal Reserve officials hinted that further interest rates may be implemented going forward as a means of further fighting inflation.

“We had a surge of buyers probably a month and a half ago, but that’s waned,” Sean Dycus, a realtor at Mainstreet Properties said of the effect of the mortgage rate increase. “Buyers are still out there, but we’re going to have less listings coming on. That’s the big prediction: Homeowners are going to hold back from listing this year because of rates.”

A survey by the Mortgage Bankers Association found that the number of property purchase applications declined by 10% from the week ending April 14. Furthermore, demand was 36% lower than the same week a year earlier.

The post Mortgage Rates Increase After Weeks of Declines appeared first on theprimarymarket.com.

Existing home sales fell to 4.44 million, a decline of 2.4% compared to February and a 22% fall from March last year. According to FactSet, economists were expecting 4.5 million home sales for the month.

The number of homes readily available for purchase on the market rose by 1% from February to 980,000 properties. This marks a 5.4% increase from March of 2022. The national median home price for March 2023 was $375,000; a decline of 0.9% from March 2022.

Although the median home price was on the decline, mortgage rates continued to rise in March. By the second week of March, the 30-year mortgage hit 6.73%

The post Domestic U.S. Home Sales Decline in March appeared first on theprimarymarket.com.

Freddie Mac reported that the average 30-year fixed mortgage rose from 6.27% the previous week to 6.39%. While the mortgage rate had fallen by almost half a percentage point since early March, the trajectory of the mortgage rate changed once several Federal Reserve officials hinted that further interest rates may be implemented going forward as a means of further fighting inflation.

“We had a surge of buyers probably a month and a half ago, but that’s waned,” Sean Dycus, a realtor at Mainstreet Properties said of the effect of the mortgage rate increase. “Buyers are still out there, but we’re going to have less listings coming on. That’s the big prediction: Homeowners are going to hold back from listing this year because of rates.”

A survey by the Mortgage Bankers Association found that the number of property purchase applications declined by 10% from the week ending April 14. Furthermore, demand was 36% lower than the same week a year earlier.

The post Mortgage Rates Increase After Weeks of Declines appeared first on theprimarymarket.com.

Existing home sales fell to 4.44 million, a decline of 2.4% compared to February and a 22% fall from March last year. According to FactSet, economists were expecting 4.5 million home sales for the month.

The number of homes readily available for purchase on the market rose by 1% from February to 980,000 properties. This marks a 5.4% increase from March of 2022. The national median home price for March 2023 was $375,000; a decline of 0.9% from March 2022.

Although the median home price was on the decline, mortgage rates continued to rise in March. By the second week of March, the 30-year mortgage hit 6.73%

The post Domestic U.S. Home Sales Decline in March appeared first on theprimarymarket.com.