Real Estate News 10/27/2023

Today’s News Synopsis:

Between 2018 and 2022, most applicants (5,530,386) received a mortgage rate below 3%. However, the average U.S. rate between those years was 4.22%, and only 3,858,771 applicants received a rate close to the average. The lowest number of applicants (52,429) received a rate between 9%-9.5%, and 87,952 applicants received a rate of 10% and above.

In The News:

NAR – “Mortgage rates and approval rates in the last 5 years” (10-25-2023)

“Between 2018 and 2022, most applicants (5,530,386) received a mortgage rate below 3%. However, the average U.S. rate between those years was 4.22%, and only 3,858,771 applicants received a rate close to the average.”

Yahoo Finance –  “Student loans: early data shows repayments are already taking a toll” (10-25-2023)

“The Census Bureau found that 41.2% of adults reported difficulties paying household expenses in its latest household pulse survey that polled respondents from Sept. 20 to Oct.”

Redfin-  “Housing Market Update: Buyers get some relief as new lstings finally increase, more sellers drop prices” (10-26-2023)

“New listings of homes for sale rose 0.3% from a year earlier during the four weeks ending October 22–a small increase, but the first since July 2022. More homeowners are putting their homes on the market as mortgage rates remain elevated near 8%.”

FreddieMac-  “Mortgage rates continue to climb toward 8%” (10-26-2023)

“For the seventh week in a row, mortgage rates continued to climb toward eight percent, resulting in the longest consecutive rise since the Spring of 2022.”

Yahoo Finance  “U.S consumers keep spending briskly even in the face of persistent inflation and high interest rates” (10-27-2023)

“An inflation gauge that is closely monitored by the Federal Reserve showed price increases remained elevated in September amid brisk consumer spending and strong economic growth.”