At the national level, housing affordability rose in January compared to the previous month, according to NAR’s Housing Affordability Index.
Mortgage rates fell even further this week. With rates below 6.5%, more Americans can purchase the median-price home by putting 18% down without being cost-burdened.
Due to recent developments in the banking sector, mortgage rates fell this week to 6.60% from 6.73% the previous week.
Apartment and multifamily housing construction continued its near 40-year high trends with 620,000 units started in February. Single-family home construction is much more restrained.
According to the U.S. Census, the share of families with children living in their homes under the age of 18 has continued to decline.
With inflation tilting towards deceleration – that is, still rising but at a slower rate – the mortgage rate can also tilt downward in the upcoming weeks.
The average rate on a 30-year fixed mortgage rose to 6.73% from 6.65% the previous week.
The average rate on a 30-year fixed mortgage increased to 6.65% from 6.50% the previous week.
NAR released a summary of pending home sales data showing that January’s pending home sales pace increased 8.1% last month but fell 24.1% from a year ago.
The average rate on a 30-year fixed mortgage rose to 6.50% from 6.32% the previous week.
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