November 9, 2023
As Treasury yields decline, the 30-year fixed-rate mortgage dropped a quarter of a percent, the largest one-week decrease since last November. Incoming data show that household debt continues to rise, primarily due to mortgage, credit card and student loan balances. Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.
Information provided by Freddie Mac.
For Week Ending October 28, 2023
Elevated mortgage rates have surpassed high home prices as the primary barrier to housing affordability, according to Fannie Mae’s latest Home Price Sentiment Index (HPSI), which fell by 2.4 points to 64.5 in September. The monthly decrease in HPSI was attributed to net decreases in 5 of the Index’s 6 components—Buying Conditions, Selling Conditions, Mortgage Rate Outlook, Job Loss Concern, and Change in Household Income—with the majority of consumers reporting that they expect mortgage rates will continue to rise over the next 12 months.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING OCTOBER 28:
FOR THE MONTH OF SEPTEMBER:
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.
November 2, 2023
The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent. The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.
Information provided by Freddie Mac.
