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.
Married couples account for the largest share of home buyers at 61%, while unmarried couples account for 10% of the market but are a sizeable share of the first-time buyer market at 18%.
At the national level, housing affordability rose in December compared to the previous month, according to NAR’s Housing Affordability Index.
Single women home buyers are surpassing all odds in the housing market and purchasing homes with lower household incomes in an increasingly unaffordable housing market.
The rate on a 30-year fixed mortgage ticked up to 6.12% from 6.09% the previous week.
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