Weekly Market Update

The weekly average mortgage rate fell to a 3-year low, nudging some house hunters and sellers off the sidelines.  U.S. pending home sales fell 2.9% year over year during the four weeks ending January 18, the smallest decline in over a month, as mortgage rates declined. Mortgage-purchase applications rose 5% week over week to their […]

House hunters are getting some relief as mortgage rates dip. The median U.S. monthly housing payment dipped to $2,413 during the four weeks ending January 11, near the lowest level in two years and down 5.5% from a year earlier. That’s the biggest decline since October 2024.  Housing payments are coming down because mortgage rates

Despite lower monthly mortgage payments, a holiday hangover is muting homebuying demand.  The median U.S. monthly housing payment fell to $2,365 during the four weeks ending January 4, down 4.7% from a year earlier and the lowest level since the start of 2024.  Monthly payments fell largely because the weekly average mortgage rate dropped to

House hunters are retreating amid high housing costs and a seasonal slowdown, leading prospective sellers to pull back, too.  U.S. pending home sales fell 5.8% from a year earlier during the four weeks ending December 14, the biggest decline since the start of 2025. On a metro level, pending sales declined in all but six

Would-be home sellers and buyers are retreating as we enter the holiday season, with both new listings and pending sales falling. New listings of U.S. homes for sale fell 1.7% year over year during the four weeks ending December 7, the biggest decline in over two years. Would-be home sellers are pulling back partly because

Even though mortgage rates have come down from their peak, housing costs are still too high for many would-be buyers.  Housing inventory is losing momentum, with growth in total supply slowing down, new listings stalling, and delistings becoming more common.  The supply of U.S. homes for sale rose 5.1% year over year during the four