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.
For the past four years, we have seen a steady decline in the demand for office spaces, aggravated by Covid-19, and this trend is ongoing. Overall, the office vacancy rate has risen by 3% since 2019.
The average rate on a 30-year fixed mortgage ticked up to 6.32% from 6.12%.
Rising rents are keeping consumer prices elevated. The Federal Reserve therefore cannot yet relax on its monetary tightening policy.
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