“The U.S. housing market is stuck, and we are not convinced it will become unstuck anytime soon,” economists at Bank of America Global Research say of ongoing affordability issues.
Category: Markets & Economy
Homebuyers jump at lower mortgage rates, but will they last?
Purchase loan applications have surged for two weeks in a row, but rates for conforming mortgages are inching back up toward 7 percent this week as investors weigh the odds of Fed rate cuts.
Jackson Hole agents brace for impact as key road collapses
A portion of Teton Pass connecting workers who live in Idaho with the tony tourist town of Jackson, Wyoming, collapsed over the weekend.
Nine out of 10 Americans agree: May was a bad time to buy a home
Elevated mortgage rates and home prices are creating challenges for many homebuyers, and 86% said May was a bad time to buy — a new high in Fannie Mae surveys dating to 2010.
Mortgage rates are spiking on Friday’s blowout jobs report
Employers added 272,000 jobs in May, far exceeding the consensus view among economists that payrolls would rise by 180,000 and the average of 232,000 over the past year.
Hometown Lenders’ national expansion collided with rising rates
In bankruptcy court, the Huntsville, Alabama-based mortgage lender says it plans to repay creditors by claiming more than $20 million in tax credits and clawing back $1 million from warehouse lenders.
Opendoor rolls out mobile truck with instant offers in Nashville
“The Offer Mobile” is driving around neighborhoods in Nashville, Tennessee, to literally bring Opendoor’s instant offers to consumers’ front doors.
Rates ease as inflation gauge moves in the right direction
Mortgage rates have some room to come back down in June after PCE price index shows annual inflation easing to 2.65 percent in April, and Q1 2024 GDP growth revised downward to 1.3 percent.
More delistings show buyers may have reached their limit on price
Sky-high numbers of delistings and price corrections may mean that buyers have finally had their fill of homes that are priced too high, according to Mike DelPrete.
Xome’s DIY platform lets investors sell homes without an agent
Homeowners can’t sell a primary residence through Xome’s seller portal without a listing agent, but can hire an agent on their own or ask Xome to match them with one.