Instant Reaction: Mortgage Rates, August 29, 2024
Facts: The average 30-year fixed mortgage rate from Freddie Mac dropped to 6.35% this week from 6.46% last week. At 6.35%, with 20% down, a monthly mortgage payment on a home with a price of $400,000 is $1,991. With 10% down, the typical payment would be $2,240. Positive: This is the lowest that mor
Pending Home Sales Dropped 5.5% in July
Key Highlights Pending home sales fell 5.5% in July. Month over month, contract signings declined in all four U.S. regions. Compared to one year ago, pending home sales increased in the Northeast but decreased in the Midwest, South and West. WASHINGTON (August 29, 2024) – Pending home sales in Jul
Trends in Housing Affordability: Who Can Currently Afford to Buy a Home?
Housing affordability has long been a critical issue in the housing market, affecting individuals, families, and entire communities. While the challenges associated with affording a home are not new, they have remained one of the main concerns in the housing market, particularly as higher mortgage r
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