By the Numbers

The 30-year mortgage fell to its lowest level since May 2023, which “should begin to pique their interest in making a move” — but buyers might not be ready.

The latest sentiment survey from Fannie Mae shows declining optimism, with more consumers now saying they plan to rent when they make their next move.

A Redfin survey found that younger buyers are more willing to sacrifice safety, and overall, proximity to amenities was lower on the list of must-haves.

The jobs report was the biggest surprise, and it had an immediate impact on mortgage rates. Meanwhile, inventory continues to build.

Many homebuyers are waiting to see who the next president will be before continuing their home search, but it’s really the Fed that they should be watching.

As expected, the Fed held steady on rates today, but signaled the possibility of cuts in September. That might not mean big drops in mortgage rates, however.

While still sluggish, it’s a sign that demand is lurking, and sales “would have been even higher” if buyers weren’t waiting for mortgage rates to drop.

Since the beginning of the year, fewer investors appear to be jumping into the market, and many report dissatisfaction with managing tenants and properties.

Affordability has remained a problem in much of the country, even as supply has increased. But a few areas, led by Tampa, are becoming more accessible.

Mortgage rates remained nearly flat as the market awaits the Fed’s next move. Meanwhile, inventory is still growing — but “sellers are pulling back.”

Upward of 56,000 home purchase contracts — nearly 15% of all such contracts from June — were canceled, a new report found, largely due to affordability issues.

At $426,900, the median sale price for existing homes set another record in June, but inventory also rose, suggesting a “slow shift” to a buyer’s market.

Despite falling rates, homebuyer demand remains weak. Now could be a chance to make offers before inventory tightens and prices rise further, one expert says.

High mortgage rates, which increase the cost of buying, should push prices down — right? But the relationship between rates and home prices isn’t that simple.

The Fed is expected to cut rates in September, which may spur buyer activity — but after Canada’s central bank cut rates for the first time in June, sales fell.

Biden calls out corporate profits in pitch for targeted rent limits, while the FHFA unveiled new tenant protections on Fannie- and Freddie-financed housing.

So much for that housing market recovery everyone was expecting. Builders and boomers could provide bright spots, but what about the NAR settlement?

Mortgage rates dipped this week, and the latest inflation and jobs data increase the chance of a rate cut in September.

Supply is well above last year’s levels, but lower mortgage rates will be key to luring buyers into the market.

Bucking industry trends, consumer sentiment is at the highest level in more than two years, according to Fannie Mae’s latest survey.