Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.
Sales of new US homes unexpectedly declined to a seven-month low in June as the mix of stubbornly high mortgage rates and prices deterred prospective buyers.
Renters may finally catch a break next year
Total mortgage application volume fell 4.2% last week, compared with the previous week
Mortgage interest rates soared across the board last week, with the rate on the government’s low down payment option increasing to the highest level in 21 years
Mortgage interest rates pulled back last week after jumping sharply to start July. That lit a fire under refinance demand but did little to help potential homebuyers
After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher
Home prices hit all-time highs in 2022, with the median price increasing by 50% from January 2020.
Consumers returned from the holiday season in the United States to find mortgage rates at their lowest point since September, and they are responding in dramatic fashion