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.
According to Freddie Mac, the 30-year fixed mortgage rate rose to 5.55% from 5.13% the previous week. With rates are nearly three percentage points higher than a year ago, buyers need to spend about $720 more monthly for the median-priced home.
NAR released a summary of pending home sales data showing that July's pending home sales pace weakened 1.0% last month and fell 19.9% from a year ago. The last time the index was that low was April of 2020 during the pandemic, and the index was 71.6.
In July 2022, existing-home sales fell month-over-month for the sixth consecutive time, reaching a 4.81 million seasonally adjusted annual rate, and fell 20.2% from July 2021.
Construction starts of both single-family and multifamily housing units fell in July 2022.
The monthly mortgage payment increased by 5.3% in June 2022, compared to the prior month, while the median family income increased by 1.4%.
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