NAR released a summary of pending home sales data showing that March's pending home sales pace fell 5.2% last month and 23.2% from a year ago.
Mortgage rates rose modestly, ticking up to 6.43% from 6.39% the previous week, for an average of 6.3% in April, 2023.
After declining for 5 consecutive weeks, the average rate on a 30-year fixed mortgage rose to 6.39% from 6.27% the previous week.
Mortgage rates's drop to 6.27% from last week's 6.28% have created opportunities for many buyers by lowering the monthly payment for a home loan.
The 5% consumer price inflation in March is a steady improvement from 9% last summer, 8% in autumn, 7% during Christmas, and 6% in the early months of 2023.
Since October 2022, the share of buyers purchasing their home without a mortgage has been more than one-quarter of the market.
More jobs mean more potential home buyers. In March, 236,000 more Americans were working and earning income. That brings a one-year gain to 4.1 million and 3.2 million more jobs compared to the pre-pandemic employment peak in February 2020.
Mortgage rates continued to improve in the past week to an average rate of 6.28%, marking the fourth consecutive week of decline.
NAR released a summary of pending home sales data showing that February’s pending home sales pace rose modestly 0.8% last month but fell 21.1% from a year ago.
Although there was some calming in the market after the recent bank shock, mortgage rates continued to drop.
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