Home Prices

The topic centers on the current state of the U.S. housing market, with a particular focus on home prices, mortgage rates, and their impact on buyers and sellers. Despite a slowdown in home sales, prices remain high due to low inventory and high demand. Mortgage rates have fluctuated, impacting affordability and buyer behavior. The content also explores practical advice for prospective buyers, from the importance of location and school districts to considerations like crime rates and long-term value. Additionally, it touches on the economic dynamics affecting housing affordability, including the impact of inflation, the Federal Reserve's interest rate policies, and the mismatch between housing supply and demand. The articles provide insights into both the challenges and opportunities in the housing market, offering guidance for navigating these complex conditions.

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Mortgage payments are falling in some major metros

But lower mortgage payments are a small silver lining since housing costs are still too high

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A recent drop in monthly mortgage payments in some big housing markets is good news for homebuyers looking for deals.

Monthly mortgage payments fell in March from a year prior in 12 of the 50 most populous metropolitan areas, including Jacksonville, Fla., San Francisco, Calif. and Austin, Texas, according to an analysis by real-estate brokerage Redfin.

Lower mortgage payments are a sign that home prices have fallen or stayed flat.

The biggest drop in mortgage payments was i...

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Mortgage rates fell for another week

Slowly but surely, the average mortgage rate continues to lose altitude, giving a little more hope to people who have been waiting to purchase a home.

Freddie Mac reports the average 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week, to 6.77%.

“Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs for the housing market,” said Sam Khater, Freddie Mac’s chief economist. “However, homebuyers have yet to respond to lower rates, as purchase application demand is still roughly 5% below spring when rates were approximately the same. 

Khater said that’s not uncommon, noting that sometimes as rates decline, demand weakens, and the apparent paradox is driven by buyers making sure rates don’t decline further before they decide to purchase.

Home prices are also a major factor. Real estate broker Redfin recently reported that on a national basis, the typical home is selling for 0.4% less than its list price. That’s significant because it’s the first time that has happened since July 2020, when the rapid escalation in home prices began.

While 6.77% is the average mortgage rate, terms will vary depending on a number of factors. ConsumerAffairs researchers show you how to look for a mortgage here.

Slowly but surely, the average mortgage rate continues to lose altitude, giving a little more hope to people who have been waiting to purchase a home.F...