The combination of skyrocketing home prices and intense competition prompted many buyers to up their down payments during the pandemic. But as the housing market cools amid high mortgage rates and economic uncertainty–and buyers can no longer afford as much as they used to–down payments are falling from their peak. The typical U.S. homebuyer who […]
Homebuyers’ Down Payments Doubled During the Pandemic Read More »
Rising rates, combined with home prices that are still higher than they were a year ago, have cut more than 400 square feet out of homes affordable to a San Diego buyer on a $3,000-per-month budget. A San Diego homebuyer with a $3,000 monthly budget can afford a 931-square-foot home at today’s 6.7% mortgage rates.
High Mortgage Rates Mean Smaller Homes For Many Buyers Read More »
A house hunter looking for a $500,000 home saw their potential total mortgage payment fall by $64,000 from July to August, and then jump by $118,000 from August to September. Seesawing mortgage rates, which have swung from nearly 6% to below 5% to above 6% in the last three months, are causing headaches for homebuyers.
Homebuyers Are Grappling With the Most Volatile Mortgage Rates in Over Three Decades Read More »
Chicago, Albany and Milwaukee are among the housing markets holding up better than others as the U.S. faces high mortgage rates and an uncertain economy. Housing markets in relatively affordable Midwest and East Coast metro areas are holding up better than anywhere else in the country as 6%-plus mortgage rates and broad economic uncertainty cool
Sun Belt cities including Phoenix, Tampa and Las Vegas attracted scores of house hunters during the pandemic, driving up home prices. Now their housing markets are among the fastest-cooling in the nation, giving buyers the flexibility to bow out. Nationwide, roughly 64,000 home-purchase agreements fell through in August, equal to 15.2% of homes that went
Just over 4 in 10 Redfin home offers faced competition in August, down significantly from a year earlier as 6% mortgage rates price buyers out of the market. Nationwide, 44.6% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in August, the lowest bidding-war rate since the beginning of the
Bidding-War Rate Drops to Lowest Level Since April 2020 As Mortgage Rates Surge Read More »
