February 17, 2022
Mortgage rates jumped again due to high inflation and stronger than expected consumer spending. The 30-year fixed-rate mortgage is nearing four percent, reaching highs we have not seen since May 2019. As rates and house prices rise, affordability has become a substantial hurdle for potential homebuyers, especially as inflation threatens to place a strain on consumer budgets.
Information provided by Freddie Mac.
February 10, 2022
The normalization of the economy continues as mortgage rates jumped to the highest level since the emergence of the pandemic. Rate increases are expected to continue due to a strong labor market and high inflation, which likely will have an adverse impact on homebuyer demand.
Information provided by Freddie Mac.
The number of homes for sale was down compared to this time last year. Inventory levels market-wide decreased 28.3 percent to 4,193 units.
Months’ supply of inventory was down 21.4 percent since last year at 1.1 months. That’s well below the 5 months that’s considered balanced. Percent of List Price Received at Sale remained at 100.7 percent since last year.
Months’ supply of inventory was down 23.5 percent to 1.3 months. A balanced market is about 5-6 months of supply. 1.3 months of supply indicates a pretty extreme sellers’ market.
November 10, 2021
Despite the re-acceleration of economic growth, the recent bond rally drove mortgage rates down for the second consecutive week. These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year. However, affordability pressures continue to be an ongoing concern for homebuyers.
Information provided by Freddie Mac.