US EditionUS pending home sales fell to their lowest level in 20 years last month
- Pending home sales in October dropped 1.5%, hitting the lowest level since 2001, due to high mortgage rates and low supply of homes for sale.
- Sales fell in all regions compared to a year ago, with the West and South experiencing the steepest decline.
- Despite declining mortgage rates, home prices continue to rise, with the median sales price increasing by 3.4% in October.
21 Articles
21 Articles
Pending home sales drop to lowest level on record, in bad sign for housing market
A for sale sign stands outside a single-family residence on the market on Thursday, Nov. 23, 2023, in Denver. (David Zalubowski/AP) Pending home sales drop to lowest level on record, in bad sign for housing market Zachary Halaschak November 30, 02:56 PM November 30, 02:56 PM Video Embed Contract signings for existing homes have fallen to a record low, in another sign of the beating the housing market is…
Mortgage rates continue downward trend, remain above 7%
Mortgage rates fell again this week, continuing a downward trend that has sparked a recent uptick in demand and fueled hopes that more homeowners will be willing to sell amid an ongoing inventory shortage. Still, affordability struggles remain. Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed mortgage fell for the fifth straight week to 7.22%, down from 7.29% last week. At this time a year ago, the 30-year note …
The average long-term US mortgage rate falls to 7.22%, sliding to lowest level since late September
The average long-term US mortgage rate fell for the fifth week in a row, benefiting prospective homebuyers in an unaffordable housing market. According to Freddie Mac, the average rate on a 30-year mortgage decreased to 7.22%, the lowest in 10 weeks. The decline in rates is encouraging for potential buyers, with purchase application activity rising. However, rates remain significantly higher than two years ago, limiting affordability for many Am…
The average long-term US mortgage rate falls to 7.22%, sliding to lowest level since late September
LOS ANGELES (AP) -- The average long-term U.S. mortgage rate fell for the fifth week in a row, more good news for prospective homebuyers grappling with an increasingly unaffordable housing market.
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