Overdoing the rate hikes, considering that inflation is likely to calm, will unnecessarily damage the economy.
Mortgage interest rates eased this week from 7.18% to 7.12%. Although this is the fourth week above 7%, demand is still active in the housing market despite higher rates.
There was virtually no change to the already elevated mortgage interest rates in the last week. Rates declined slightly from a high of 7.23% to a still high rate of 7.18%.
July 2023's pending home sales pace inclined 0.9% from last month but fell 14.0% from a year ago.
While recent economic and market indicators remain mixed, commercial real estate continued to slow down in July 2023.
Mortgage rates jumped this week to 7.23% from 7.09% last week, the highest monthly mortgage payment since June 1, 2001, when they were 7.24%
July’s existing home sales reached a 4.07 million seasonally adjusted annual rate. July’s sales of existing homes weakened 16.6% from July 2022.
Mortgage interest rates are now officially above 7%, hitting 7.09% this week, up from 6.96% the prior week, and is the highest rate in more than 20 years.
Compared to one year ago, affordability fell in June as the monthly mortgage payment climbed 12.1% and median family income rose by 4.2%.
Median home prices rose by 8.5% in Q2 2023 compared to Q1, however, national median prices fell 2.4% year-over-year to $402,600.
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