According to Freddie Mac, the 30-year fixed mortgage rate fell slightly to 5.10% from 5.11%.
The economy contracted 1.4% in the first quarter of 2022 as consumers cut back on essential spending.
March 2022’s pending home sales pace decreased 1.2% last month and dropped 8.2% from a year ago.
Rising interest rates are likely to put some upward pressure on cap rates in 2022.
Home prices rose at a surprising, accelerated pace of 19.8% year-over-year in the past three months as of February 2022.
REALTORS® reported an average of nearly five offers on each home that sold in March, the same as in February and one year ago.
According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.11% from 5% the previous week. As a result, home buyers need to earn about $25,000 extra if they want to buy the typical home now compared to a year earlier.
Housing market activity in March 2022 weakened 2.7% from February 2022 and fell 4.5% from March 2021. Existing-home sales reached a 5.77 million seasonally adjusted annual rate.
The land market had its best year in nearly a decade in 2021 as land sales rose 6% and outperformed the pace of acquisitions of other commercial real estate types.
The conversion of vacant office space for residential use faces hurdles from rising rental and construction costs.
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