Remove Banks Remove Closing Remove Fixed-rate mortgage Remove New Construction
article thumbnail

Mortgage rates might soar even higher

Housing Wire

Mortgage rates have nearly doubled to around 6.5% Following the Fed’s decision to raise interest rates by an additional 75 basis points on Wednesday, the central bank said it will hike rates as high as 4.6% Before the Federal Reserve raised the federal funds rate by 0.75 According to the NAR, there were 1.28

Mortgages 411
article thumbnail

What Will the Real Estate Market Bring in 2024? Market Corrections or Rising Property Prices?

Realty Biz

The 30-year fixed-rate mortgage rate was at 6.6 Bank Rates report the same declining trend in home prices. Bank Rates report the same declining trend in home prices. Looking at Bank Rates, we notice different median home prices, yet the tendency remains the same.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Housing Market Crash: Wells Fargo’s 1980s Recession Warning

Marco Santarelli

As concerns grow, investors are advised to closely monitor the housing market's unpredictable fluctuations. A Blast from the Past: The 1980s and High-Interest Rates Those who lived through the early 1980s recall the devastating impact of soaring interest rates on the U.S. economy and the real estate market.

article thumbnail

What to Expect from Real Estate During Inflation

Realty Biz

Specific to real estate, inflation is going to drive both higher mortgage rates and higher property values. Even if the pace of construction picks up, new construction (supply) will be more expensive due to inflation. And it probably will be once the higher interest rates kick in.

article thumbnail

How the U.S. Housing Market Was Rocked by COVID-19—and Where We Go From Here

Realtor.com

And, just maybe, buyers may no longer be pressured to do things that over a year ago would have seemed ludicrous: waiving inspections, agreeing to pay closing costs, and sometimes buying homes across the country via video calls, sight unseen. It was the first time the Central Bank had made such a move since the 2008 financial crisis.

Marketing 145
article thumbnail

Miami Real Estate Luxury Home Sales Continue Surging 

Realty Biz

year-over-year in April 2023, from a historic 3,445 transactions in April 2022 to 2,222 in April 2023, because of rising mortgage rates, the recent banking crisis and lack of supply in certain price points. Rates on March 1, 2022 were 3.90%. Home sales are sensitive to mortgage rate changes. in April 2022.

Sales 92
article thumbnail

Miami-Dade Luxury Sales Surge

Realty Biz

Pending sales are an indicator of future sales, but it takes up to 40 days for pending transactions to close and not all pending sales end in deals. Home sales are sensitive to mortgage rate changes and homebuyers are taking advantage of any rate declines. from January to a seasonally adjusted annual rate of 4.58

Sales 101