Housing Market Tracker: Inventory drops as mortgage rates move higher
The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher.
The housing market experienced more volatility last week, with housing inventory dropping as mortgage rates moved higher.
Purchase applications fell 10% and housing inventory decreased by 8.664 units last week, according to the Housing Market Tracker.
Mortgage demand increased across all loan types following a slowdown in inflation growth, according to the MBA, but refinance activity remained depressed.
As mortgage rates decline, the mantra is ‘no buyers left behind’ HousingWire
The market composite index declined by 0.8% for the week ending November 25, indicating that the rates drop last week did not help spur demand.
The US mortgage market continues to see improvement in application volume as interest rates declined for the third consecutive week. Mortgage applications rose 7% on a seasonally adjusted basis – up 1% when unadjusted – for the week ending January 20, according to the Mortgage Bankers Association. Refinance applications jumped 15% from the previous week, … [Read more…]
Bond yields and mortgage rates have been falling since weaker inflation data was released, which is stabilizing the housing market. We’re on the verge of rates dropping below 6%.
Affordability has improved in the mortgage market since December due to declines in mortgage rates and slower home price appreciation.
Mortgage rates are continuing to decline, which is bringing borrowers on the sidelines back to the market.