U.S. mortgage rates have recently seen a slight decrease after a continuous rise over the past weeks. According to Freddie Mac, the average 30-year fixed-rate mortgage (FRM) dropped to 7.09% from 7.22% the previous week, as noted by Chief Economist Sam Khater. This marks the first reduction in rates after five consecutive weeks of increases, influenced by a weaker-than-expected jobs report. Despite this decrease, rates remain high, with expectations from a New York Fed survey suggesting they could rise to nearly 10% within the next three years. The high rates have significantly impacted housing affordability, making it challenging for many to enter the market, with the monthly mortgage payment on a median-priced home reaching a record high of $2,890, marking the lowest home-buying affordability since 1985.
CMBS delinquency rate highest since 2021 @TreppWire #CMBS https://t.co/avFz0YvnY0
🇺🇸SURVEY: INFLATION HAS DESTROYED THE HOUSING MARKET 44% of Americans would purchase their family home if not for soaring living costs. Manny Garcia, Zillow: "It appears younger generations aren't just nostalgic for low-rise jeans and Barbie, but for a simpler time when… https://t.co/gzsudoz3yc
Per Zillow: 1. Income needed to afford a home in 2024 is 80% more than what was needed in 2020. 2. In the same period median income has arisen 23%. Cumulative inflation up 20%. 3. You need to make $106000 today to afford a home. This is $47000 more than what u needed in 2020.
In reality, “Bidenomics” has made the American Dream unaffordable for millions. According to a Zillow report, a household income of $106,000 a year is now needed to “comfortably afford the monthly mortgage on a typical U.S. home.” Under President Trump, that number was $59,000. https://t.co/lC3mnCU1Wr
#New: Renters need to make $80,000 annually to afford the typical one bedroom U.S. rental. In the San Francisco Bay Area, you need to make $121,000 per year to rent (or get roommates). -@zillow
Monthly mortgage payment needed to buy the median priced home for sale in the US... April 2020: $1,480 April 2021: $1,690 April 2022: $2,400 April 2023: $2,550 April 2024: $2,890 (record high) That's a 95% increase over the last 4 years. Video: https://t.co/40SrybRzjO https://t.co/VmyCIiBbHC
Aspiring homeowners face the lowest home-buying affordability since 1985. The median household now needs more than 40% of its income to cover payments on a median-priced home, per WSJ.
U.S. mortgage rates fell this week for the first time in more than a month amid signs of slowing economic activity, but remain too high to provide a significant boost to the housing market. https://t.co/5I09Edd7ML
Rightmove sees higher mortgage rates weighing on UK housing market https://t.co/Kw59yzfiJb https://t.co/2F1xtx5ASt
The cost of borrowing for the “American Dream” has now made it 2X the cost to rent in the top 50 cities in America. This is the highest disparity between rent & ownership since the 1980’s. The current rate for a 30-year fixed mortgage is now 7.55%. Down from a recent peak of…
The cost of borrowing for the “American Dream” is now 2X the cost to rent in the top 50 cities in America. This is the highest disparity between rent & ownership since the 1980’s. The current rate for a 30-year fixed mortgage is now 7.55%. Down from a recent peak of 8% in…
Mortgage rates inch down but stay over 7%, with home-buying sentiment at a record low https://t.co/WCVHQOhcAl
The average fixed rate on 30-year mortgages just went above 7.2%. It's expected they will rise to nearly 9% by next year, & to 10% over the next three. @JoeBiden & @RubenGallego have created a generation of perpetual renters. Because of them & their inflationary #Bidenomics… https://t.co/mN5Q1drn5G
The average fixed rate on 30-year mortgages just went above 7.2%. It's expected they will rise to nearly 9% by next year, & to 10% over the next three. @JoeBiden & @RubenGallego have created a generation of perpetual renters. Because of them & their inflationary #Bideomics… https://t.co/wN9PxWYn8Q
"Housing has hit rock bottom:" Top real estate CEO says high home prices are shutting people out of the market. https://t.co/1mjbctGNlR
US 30-year fixed-rate mortgage falls to 7.09%, still too high to boost housing https://t.co/WDkZO7LxDs https://t.co/102U1oj0j6
Mortgage rates drop for the first time in five weeks with experts adjusting their forecasts https://t.co/NgEeeSGNBp by @RebeccaChenP
Mortgage rates tick down to 7.09% https://t.co/6WPiwo6MQA
The avg. 30yr FRM falls to 7.09% https://t.co/K9HBh1pgw5 Chief Economist @TheSamKhater: “After a five week climb, mortgage rates ticked down following a weaker than expected jobs report."
Mortgage Rates Hit Lowest Level in a Month. That’s Not a Sign to Jump Into the Market. https://t.co/q31S9VuDHs
US 30-YEAR FIXED RATE MORTGAGES 7.09% MAY 9TH WEEK VS 7.22% PRIOR WEEK - FREDDIE MAC
US Freddie Mac 30-Year Fixed Rate Mortgages 09-May Wk: 7.09% (prev 7.22%)
US 30-YEAR FIXED RATE MORTGAGES 7.09% MAY 9TH WEEK VS 7.22% PRIOR WEEK - FREDDIE MAC.
Mortgage rates hit highest level since at least August 2017 https://t.co/op1QT8lZQ5
If you bought into the adage "marry the house, but date the rate," you may be in for a long courtship. Consumers in a NY Fed survey said they expect lending rates to rise to nearly 10% in the next 3 years. https://t.co/XNpEhu9Jlt