Mortgage rates rose sharply to 3.05% this week from 2.99% last week as consumer and producer prices continue to inflate due to persistent supply bottlenecks and labor difficulties. NAR forecasts the 30-year fixed mortgage rate will reach 3.6% by mid-2022.
Inflation is lingering amid the strain on supply chains, labor difficulties, and rising rent prices.
At the national level, housing affordability increased for the second consecutive month in August compared to the previous month, with the monthly mortgage payment falling by 1.1% and the median family income falling modestly by 0.7%.
The latest job additions of 194,000 in September are light considering there are still 5 million fewer Americans working now versus before the pandemic.
Mortgage rates dropped slightly this week, with the 30-year fixed mortgage rate fell to 2.99% from 3.01% the previous week.
The apartment vacancy rate has fallen to a decade low of 4.5%, and the asking rent has soared to a historic high of 10.5%.
When examining the issue of student loan debt, it is essential not to overlook the relationship to race.
The baby bust has likely been fueled by both economic and health concerns of women during the pandemic.
Matt Christopherson, one of the lead authors of Real Estate in a Digital Age, talks about how to use the report, data insights, and the survey results he found most interesting.
Mortgage rates rose sharply this week following the trend of the 10-year Treasury yield, with the 30-year fixed mortgage rate increasing to 3.01% from 2.88% the previous week.
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