Weekly Market Update

The Iran war is a major factor pushing up mortgage rates. Some would-be buyers are backing off amid high costs and uncertainty stemming from the war.  The median U.S. monthly mortgage payment is $2,742, up 0.4% year over year. While that’s a small increase, it’s the first in nearly six months.  Housing payments are climbing

Higher housing costs, along with economic uncertainty that comes with the Iran war, are causing some house hunters to think twice.  The weekly average mortgage rate has hit a three-month high of 6.22% as the Iran war and jitters about inflation rattle markets. The daily average mortgage rate rose as high as 6.55% on Tuesday. 

A Redfin agent in Austin said the upside of higher mortgage rates is that they decrease competition, allowing house hunters to negotiate prices down and ask for concessions.  Mortgage rates are bouncing back up and home-sale prices are rising.  The weekly average mortgage rate rose to 6.11% last week, the highest level since the start

After several months of declines, new listings are posting a small improvement. Sellers are betting on mortgage rates that are closer to 6% than 7% bringing buyers off the sidelines.  New listings of U.S. homes for sale rose 0.5% from a year earlier during the four weeks ending March 8, the first increase since November. 

High prices and economic uncertainty kept demand muted; now, rates are already rising again and global tensions could add to homebuyer hesitation.  The median monthly housing payment was $2,591 during the four weeks ending March 1, down 2.8% year over year.  Payments are falling largely thanks to the weekly average mortgage rate dropping to 5.98%