Seattle, San Jose, Austin and Phoenix are among the metros with the fastest-slowing housing markets as high mortgage rates, tech turmoil and the lack of homes for sale deter buyers. Connecticut, upstate New York and parts of the Midwest are holding up best. Housing markets in tech hubs and pandemic migration hotspots are cooling more
Homebuying demand persisted as mortgage rates declined for the second week in a row after the Fed announced it will only modestly hike interest rates. But limited supply is another barrier for buyers, who are competing for the few homes on the market. This week’s news that the Fed is modestly hiking interest rates and
The typical U.S. homebuyer made a $42,000 down payment in January, the lowest level in nearly two years, amid rising mortgage rates and low competition The median down payment was equal to 10% of the purchase price, down from 14% a year earlier. Nearly one-third home purchases were paid for in cash, the highest share
Whether more buyers return to the market depends largely on how the Fed reacts to unrest in the banking industry alongside persistent inflation. If the Fed presses pause on interest-rate hikes next week or announces just a small increase, mortgage rates will drop. Some homebuyers are returning to the market as mortgage rates decline from
Many homebuyers and sellers have backed off as persistent inflation and mixed economic signals send mortgage rates up. But for people who are moving now, Redfin’s economists provide tips on getting a lower rate and negotiating in a confusing market. Today’s housing market is confusing. Mortgage rates have gone up and down and back up
Elevated mortgage rates, along with prices that remain high–despite posting a 1% annual drop– pushed monthly housing payments to a record high of nearly $2,600. That’s dampening demand and preventing many would-be sellers from listing their homes. The typical homebuyer’s monthly payment hit a new all-time high of $2,563 this week, up 29% from $1,988
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