Long-term Mortgage Rates Fall, Revitalizing Housing Market

📆 30/11/2024 3:00 AM
📰 FOXLA

⏱ Reading Time:
13 sec. here
7 min. at publisher
📊 Quality Score:
News: 25%
Publisher: 53%

Finance News

Long-Term Mortgage Rates,Housing Market,Mortgage Applications

Long-term mortgage rates have decreased, boosting home purchase interest and improving the stagnant housing market. Mortgage applications surged 6.3%, with purchase demand up 52% from last year. Though rates declined slightly, affordability remains a challenge.

Long-term mortgage rates fell over the past week, sparking renewed interest in home purchases and revitalizing the stagnant housing market. The Mortgage Bankers Association (MBA) reported a 6.3% increase in mortgage applications, with purchase demand surging 52% from a year ago. Freddie Mac's Primary Mortgage Market Survey showed that the average rate on the 30-year fixed mortgage fell slightly to 6.81%, down from 6.84% the previous week.

Despite this slight decline, the housing market remains constrained by affordability issues. Freddie Mac's chief economist, Sam Khater, noted that potential homebuyers are waiting for further rate drops and more clarity on economic policies

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Write Comment

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Mortgage rates surge higher on Trump victory, causing housing stocks to fallLennar, D.R. Horton and PulteGroup were all down Wednesday. Retailers Home Depot and Lowe's were also lower.
Source: CNBC - 🏆 12. / 72 Read more »

Housing market posts first gain in more than 3 years with dip in mortgage ratesThe housing market is showing signs of life at the end of 2024, posting its first monthly sales gain in more than three years in October as buyers took advantag
Source: 13WHAM - 🏆 256. / 63 Read more »