{"id":3717,"date":"2023-10-28T04:15:54","date_gmt":"2023-10-28T04:15:54","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/10\/28\/mortgage-rates-just-rose-again-and-were-not-over-the-hump-yet\/"},"modified":"2023-10-28T04:15:54","modified_gmt":"2023-10-28T04:15:54","slug":"mortgage-rates-just-rose-again-and-were-not-over-the-hump-yet","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/10\/28\/mortgage-rates-just-rose-again-and-were-not-over-the-hump-yet\/","title":{"rendered":"Mortgage Rates Just Rose Again\u2014and We\u2019re Not Over the Hump Yet"},"content":{"rendered":"

<\/a><\/p>\n

Brandon Bell \/ Getty Images<\/p>\n

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Mortgage rates<\/a> rose yet again this week, hitting 7.79% for a 30-year fixed-rate loan in the week ending on Oct. 26, according to Freddie Mac.<\/p>\n

That\u2019s a heady jump from last week\u2019s rate of 7.63%<\/a>, which was already at a high not seen since 2000<\/a>. This is also the seventh straight week that rates have risen\u2014and many experts anticipate that we aren\u2019t over the hump yet. (Sorry.)<\/p>\n

\u201cMortgage rates continued to climb toward 8%, resulting in the longest consecutive rise since the spring of 2022,\u201d says Sam Khater<\/strong>, Freddie Mac\u2019s chief economist. \u201cRates have risen 2 full percentage points in 2023 alone and, as we head into Halloween, the impacts may scare potential homebuyers.\u201d<\/p>\n

Mortgage rates are not the only real estate metric that remains high. Home prices also refuse to budge, which could further slow a housing market that\u2019s been in a state of suspended animation as of late.<\/p>\n

We\u2019ll examine what the latest real estate data means for buyers and sellers in this installment of \u201cHow\u2019s the Housing Market This Week?<\/a>\u201d<\/p>\n\n

Home prices continue to simmer<\/h2>\n

As mortgage rates stick to their upward climb, home prices remain north of affordable.<\/p>\n

The median home listing price for the week ending Oct. 21 was 0.2% higher compared with the same period last year. In September, the national median listing price<\/a> was $430,000.<\/p>\n

\u201cWe have seen the nation\u2019s median listing price grow or remain flat on an annual basis for the past 14 weeks,\u201d says Realtor.com\u00ae<\/a> economist\u00a0Jiayi Xu<\/strong>\u00a0in her analysis<\/a>.<\/p>\n

Beyond the weekly data, the median listing price has hovered within 1% of the prior year\u2019s price for about six months. As a result, some buyers unable to overcome the mortgage rate and home price highs are simply sitting on the sidelines.<\/p>\n

New listings remain in a lull<\/h2>\n

The ongoing lack of new listings continues to pile onto ongoing housing woes, with fresh listings down by 1.0% for the week ending Oct. 21 year over year.<\/p>\n

\u201cSince mid-2022, new listings have registered lower than prior-year levels, as the mortgage rate lock-in effect freezes homeowners with low-rate existing mortgages in place,\u201d explains Xu.<\/p>\n

Active inventory\u2014a mix of new and old listings\u2014is down as well for the week ending Oct. 21 by 2.0% compared with last year. This lack of listings looks even more stark when compared with pre-pandemic days, when there were 45.1% more homes for sale in the month of September.<\/p>\n

Buyers looking for relief from the drumbeat of low inventory can turn to new construction<\/a>, which \u201cticked up\u201d during September, according to Xu. \u201cHomebuyers may find a potential increase in new-home inventory in the coming months.\u201d<\/p>\n

Some homebuyers are still closing deals<\/h2>\n

Yet despite formidable financial hurdles, certain home shoppers are still charging ahead. And with limited housing stock to choose from, those buyers have to act fast when the right slice of real estate comes along.<\/p>\n

In September, homes spent 48 days on the market on average. Yet for the week ending Oct. 21,\u00a0the typical home spent one less<\/em> day on the market compared with the same period last year.<\/p>\n

\u201cThe gap in time on market narrowed over the last few months as buyers competed over fewer homes,\u201d explains Xu.<\/p>\n

The winter market may bring some relief<\/h2>\n

The lack of new listings will likely have a ripple effect on overall inventory in the winter homebuying season. While that\u2019s grim news for the long term, buyers looking to close the deal before the end-of-the-year deep freeze may get a break.<\/p>\n

\u201cThe usual seasonal buildup in inventory that makes this time of year favorable for buyers is underway,\u201d says Xu.<\/p>\n

Other buyers mightg want to put their homebuying plans on pause as nationwide rents shrink.<\/p>\n

A smaller monthly rent check might \u201calleviate the sense of urgency among potential first-time homebuyers, affording them more time in the rental market to accumulate savings for their future homes,\u201d concludes Xu.<\/p>\n

The post Mortgage Rates Just Rose Again\u2014and We\u2019re Not Over the Hump Yet<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Brandon Bell \/ Getty Images Mortgage rates rose yet again this week, hitting 7.79% for a 30-year fixed-rate loan in the week ending on Oct. 26, according to Freddie Mac. That\u2019s a heady jump from last week\u2019s rate of 7.63%, which was already at a high not seen since 2000. This is also the seventh…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":3718,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=3717"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/3717\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/3718"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=3717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=3717"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=3717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}