Mortgage rates surged this week as the Federal Reserve raised short-term interest rates by another 0.75 of a percentage point.
Housing market activity this August fell 0.4% from July 2022 and 19.9% from August 2021, marking the seventh consecutive month of declines.
In August 2022, single-family housing starts rose 3.4%, thereby stopping five straight months of decline.
The 30-year fixed mortgage rate rose to 6.02% from 5.89% the previous week, reaching their highest level since 2008.
Consumer prices are still rising too aggressively and will force the Federal Reserve to take an even more hawkish stance to fight them; the overall CPI rose 8.3% from one year ago.
Mortgage rates continue to escalate, moving closer to 6%. The 30-year fixed mortgage rate rose to 5.89%, surpassing their recent high in mid-June.
The latest monthly gain of 315,000 net new jobs is slower than the average of 503,000 average monthly gain in the prior 12 months.
On September 1, 2022, mortgage rates continued to rise, with the 30-year fixed mortgage rate inching up to 5.66% from 5.55% the previous week.
NAR's Remodeling Impact Report examines the reasons a homeowner remodels, the outcome of taking on projects, and the increase in happiness at project completion.
Inventory remains in tight supply, which means homes are still moving at a fast pace despite the recent rise in rates and home prices; the median days on the market is just 14 days.
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