Average interest rates on a 30-year home loan jumped to 6.02 percent last week, mortgage lender Freddie Mac said. A year ago, it was 2.86 percent, reports l ‘Associated Press, quoted by BTA.
Rising house prices and mortgage rates pushed mortgage payments for a traditional home from $ 897 to $ 1,643 per month, an 83 percent increase over the past three years, according to analysis from the real estate information firm. Zillow properties.
In the four weeks ending 9/11, new home registrations fell 19% from the previous year, the largest decline since May 2020, according to the company’s analysis.
About 1.28 million homes were on the market at the end of August, or 1.5 percent less than in July, and the number has remained unchanged since August 2021, according to the National Association of Realtors.
US used home sales also slowed in August for the seventh consecutive month, as the sharp rise in mortgage rates and rising prices made buying a new home less affordable, further cooling a housing market a scorching weather, the Associated Press adds.
The National Association of Realtors said today that existing home sales fell 0.4% last month from July to a seasonally adjusted annual rate of 4.80 million. This has exceeded economists’ expectations, according to FactSet.
Sales fell 19.9% from last August and are currently posting the slowest annual pace since May 2020, just before the pandemic began.
The national median home price jumped 7.7% in August from a year earlier to $ 389,500. Amidst the “cooling” of the market, house prices rose at a more moderate pace after rising about 20% year-on-year at the beginning of the year. Before the pandemic, the average house price was growing by about 5% per year.
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