5/8/2024 0 Comments Targus driver mac![]() Market holidays and trading hours provided by Copp Clark Limited. ![]() All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Sign in to your CNN account This story has been updated with additional developments and context. Rates are down from 7.79% in late October, the highest in two decades, but above anything seen from 2008 to 2022.Įconomists don’t expect mortgage rates to fall below 6% this year. “Despite elevated rates, homebuilders are displaying renewed confidence in the housing market, focusing on the fact that there is a good amount of pent-up demand, an ongoing supply shortage and expectations that the Federal Reserve will cut rates later in the year,” Sam Khater, Freddie Mac’s chief economist, said in a release. The Fed doesn’t directly set mortgage rates, but its action do influence them. Mortgage rates track the benchmark 10-year Treasury yield, which slipped Wednesday after Federal Reserve officials reflected in their latest economic projections that they still expect three rates cuts this year. Mortgage rates ticked back up to levels seen a few weeks ago, after tumbling in the beginning of the month. The 30-year fixed-rate mortgage averaged 6.87% in the week ending March 21, according to Freddie Mac. Mortgage rates rise after falling for two weeks Homeowners who want or need to move for various reasons such as a marriage, divorce or new children are contending with the reality that mortgage rates are not likely to fall to the ultra-low levels that existed before the Federal Reserve began to raise interest rates in 2022, Yun said. “They said ‘I have my 3% mortgage rate, I don’t want to give it up,’ so many people simply delayed. “What happened in the past two years when we had a historically low inventory level is that many people who would have moved in normal circumstances just delayed,” Yun said. Related article US new home construction surged last month, as mortgage rates stayed highĪ rebound in inventory has long been overdue, Yun said in a conference call with reporters, as some Americans finally begin to give up their coveted low mortgage rates. (Photo by Mario Tama/Getty Images) Mario Tama/Getty Images increased 1.9 percent in July following five straight months of declines, which was the longest stretch of declines in 11 years, amid high-interest rates. According to the National Association of Realtors, the median existing home sale price in the U.S. LOS ANGELES, CALIFORNIA - SEPTEMBER 08: An aerial view of existing homes near new homes under construction (BOTTOM) in the Chatsworth neighborhood on Septemin Los Angeles, California. From a year ago, inventory was up 10.3% last month, giving buyers more choice and easing the pressure of a historically tight market. Total housing inventory rose 5.9% in February from the prior month, to 1.07 million units. “Housing demand has been on a steady rise due to population and job growth, though the actual timing of purchases will be determined by prevailing mortgage rates and wider inventory choices.”Ī major driver for last month’s jump in sales was a sharp increase in the number of homes that came to market. “Additional housing supply is helping to satisfy market demand,” said Lawrence Yun, NAR’s chief economist, in a release. It was the highest median home price for any February on record. Meanwhile, the median national price of an existing home rose 5.7% in February from a year earlier, to $384,500, a bigger annual rise than in the prior month. ![]() Home sales have rebounded since dropping to the lowest levels in decades last fall as mortgage rates shot up. Related article The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement The National Association of Realtors announced a settlement that eliminates rules on commissions. ![]()
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