The real estate market in April saw yet another record-breaking surge in home prices, with a 6.3% increase compared to the previous year. This growth occurred despite a sharp rise in the average rate on the 30-year fixed mortgage, jumping from 6.9% to 7.5% in April. Despite conventional wisdom suggesting that rising mortgage rates would
Real Estate
Finding the right location to buy a home is crucial for many Americans, and recent data published by NBC News sheds light on the least difficult places to purchase a home in the U.S. According to the NBC News Home Buyer Index, several counties stand out for their affordability, competition levels, scarcity, and economic stability.
The National Association of Home Builders has reported a significant increase in the construction of built-for-rent single-family homes in the U.S. According to experts, this growth is strongly linked to the current housing affordability crisis, where escalating mortgage rates are making it increasingly difficult for individuals to purchase homes, pushing them towards the rental market.
The latest drop in mortgage rates did not seem to have a significant impact on consumer behavior. Despite the decrease in the average contract interest rate for 30-year fixed-rate mortgages, the total mortgage application volume only rose by 0.9% compared with the previous week. This indicates that consumers were largely unimpressed by the rate reduction.