Mortgage applications are up 28% from early November, and the number of people contacting real-estate agents to start the buying process has rebounded from a November low, according toAt the same time, the average rate on a 30-year-fixed-rate mortgage has declined to 6.12% from its October peak of 7.37%. Still, that is nearly double from a year ago, when the rate was 3.69%, according to mortgage finance giant Freddie Mac.
The median listing price in January was $400,000, according to Realtor.com, roughly 8.1% higher than a year ago, but still lower than June's peak of $449,000. Justfor sale in January were considered affordable for the typical U.S. household, according to Robert Dietz, chief economist at the National Association of Home Builders.
"Part of the reason sellers aren't listing is high interest rates," said Karen Schneidman, associate broker at Berkshire Hathaway HomeServices in New York City. "They don't want to trade in their 3% interest rate for a 6% interest rate."New listings fell 18% year over year during the four weeks ending Jan. 22, according to RedFin. That's the smallest decrease in almost three months, but much steeper than the 8% decline a year ago.
High costs of everything have anything to do with it? 🤷♂️🤡
BS! Rates have gone up and remain steady
The main thing to look for in a house is lack of diversity in the neighborhood.
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