The August jobs report keeps the probability of the Fed hiking interest rates in September very low. That could be promising for homebuyers watching for mortgage rates to come down. This week’s jobs report is seemingly weak at first blush, but it’s actually fairly good news for homebuyers waiting for mortgage rates to come down.
Despite the fact that promising inflation data has led to expectations that the Fed will cut interest rates soon, mortgage rates remain above 7%. That’s because the 10-year treasury yield is high, which generally means mortgage rates are high, too. Daily average mortgage rates have hit 7.26%, their highest level since October, driving mortgage-purchase applications
The total worth of U.S. homes hit a record $47 trillion in June as a scarcity of houses for sale propped up values. Affordable markets including Little Rock and Milwaukee saw the biggest jumps in value, while pricey West Coast metros and pandemic boomtowns faced large drops; L.A. has shed $153 billion since last summer.
This morning’s report on consumer prices came in exactly in line with expectations: The consumer price index (CPI) rose 0.2% month over month in July for both headline inflation and core inflation. That’s the same increase we saw in June, which I interpret as continued good news on inflation. Based on the July data so
Some homebuyers in pandemic boomtowns and expensive coastal markets have lower monthly housing costs than they would have a year ago. That’s because home prices have come down enough to offset rising mortgage rates in many of those places. Nationwide, just 7% of for-sale homes cost less than a year ago. One-quarter of homes for
The Bay Area housing market has lost more value in percentage terms than anywhere else in the country amid sluggish demand. Florida continues to see large gains. Home values are holding up better in the suburbs than in cities, which have seen an exodus of residents due to remote work. Millennials, who are now in
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