May's pending home sales pace declined 2.7% from last month and fell 22.2% from a year ago.
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Single-family homes built to rent can give renters a yard for a pet and room for a home office or a new baby while they save for a down payment.
Mortgage rates fell for the second straight week, with the average rate on a 30-year fixed mortgage ticked down to 6.69% from 6.71% the previous week.
There is no need to consider raising interest rates; in fact, the Fed should look at cutting interest rates before the end of the year.
Inflation calmed down in May 2023, and further deceleration looks likely in the upcoming months. Low inflation means that the Federal Reserve should stop raising interest rates and possibly slash rates towards the year-end or early next year.
Mortgage rates continued to rise this week, with the average rate on a 30-year fixed mortgage jumping to 6.79% from 6.39% in the first week of May 2023.
Following the trend of the bond market, mortgage rates rose above 6.5% this week, with the average rate on a 30-year fixed mortgage rising to 6.57% from 6.39% the previous week.
The pending home sales pace in April 2023 showed no movement from the previous month but fell 20.3% from a year ago.
Why are homeowners moving, how did they search for their new homes, and how did they ultimately purchase their homes?
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