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.
In real estate, mom-and-pops are owners of small rental properties (1-4 units), and they do the day-to-day management of these properties. But being a mom-and-pop landlord can be challenging. While March 29 is designated as Mom and Pop Business Owners’ Day, let’s take a look at some facts about mom-and-pop landlords and small rental properties.
At the national level, housing affordability rose in January compared to the previous month, according to NAR’s Housing Affordability Index.
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