![]() The Median US Home Prices The NAR said on Tuesday that it rose 15% year-on-year to $ 407,600 in May, surpassing $ 400,000 for the first time. According to Freddie Mac data dating back 50 years, 30-year fixed mortgages reached a record low of 2.65%. Higher funding will be in addition to the record surge in home prices during the Covid-19 pandemic after the Federal Reserve’s bond purchase program sent borrowing costs to new lows more than 12 times in 2020. Sam Carter, Freddie Mac’s Chief Economist, said: “But in reality, many potential homebuyers are still interested in buying a home, keeping the market competitive and leveling off the fierce activity of the last two years.” Soaring house prices ![]() This may open the door to some less competitive buyers as the housing on the market has been scarce for years. According to data from the National Association of Real Estate Agents, high funding has left some buyers out of the market and home sales have fallen monthly since the beginning of the year. Interest Mortgage rates are skyrocketing Mortgage investors demand higher yields when inflation rises for 40 years, as they fear eating up their returns. US mortgage rates this week reached their highest level since 2008, rising almost three-quarters of a percentage point from the beginning of June, according to a Freddie Mac report on Thursday.Īverage rate 30-year fixed mortgage It increased from 5.78% last week to 5.81%.Average rate 15 year fixed loan According to Freddie Mac, it rose from 4.81% last week to 4.92%, the highest since 2009.
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