Existing Home Sales fell MoM for the 3rd-straight month, but even with total inventory rising to 1.28 million, median sales prices still climbed 3.1% MoM to a new record of $419,300.
Tags: mortgagemarketnews
Got a little extra income monthly? Making additional payments towards your principal helps you reduce the total amount of interest paid over time and also accelerates your path to full homeownership. Questions about how this strategy works? Send me a message and let’s walk through your specific situation using my handy Amortization tool.
April’s job growth missed estimates, as there were 175K new jobs created versus the 243K that were expected. Revisions to the data for February and March also shaved 22K jobs from those months combined while the unemployment rate rose to 3.9%. Overall, the data suggests softening in the labor sector, which could pressure the Fed… Read more
Nationwide, the typical home sold received 2-3 offers this year. Although it can feel uncomfortable to put in a bid that is above the asking price, the price appreciation can quickly compensate for the extra payment, and in the long-term, you own the home you wanted and are building long-term wealth through home equity. Ask… Read more
Progress toward the Fed’s 2% inflation target continues to stall, as the Fed’s favored measure, annual Core PCE, remained at 2.8% for the 12 months ending in March. While this was below 2022’s 5.6% peak, inflationary pressures remain stubborn. All eyes will be on the Fed’s May 1 meeting for clues regarding how this might… Read more
After hitting their highest level in a year in February, sales of existing homes slipped 4.3% in March. However, sales are still at their second highest level since last May as NAR’s Chief Economist, Lawrence Yun, confirmed they’re “rebounding from cyclical lows.” The rise in first-time buyers and multiple offers also suggests demand remains ahead… Read more
Inflation was hotter than expected in March, continuing a trend we’ve seen in recent months, as rising energy and shelter costs added to pricing pressure. While annual inflation still remains well below the peaks seen in 2022, these stubbornly high inflation readings could delay the Fed’s timing for rate cuts this year.
March’s job growth roared in above forecasts, as the BLS reported that 303K new jobs were created. Revisions to the data for January and February added 22K jobs to those months combined while the unemployment rate fell to 3.8%. However, a deeper dive into the numbers showed some weakness as losses in full-time jobs were… Read more
Inflation continues to inch closer to the Fed’s 2% target as its favored measure, annual Core PCE, fell to 2.8% for the 12 months ending in February. While this was below 2022’s 5.6% peak and the lowest level since March 2021, progress has been slowing. How will this impact the Fed’s timing for cutting rates… Read more
Feeling “locked-in” by your low existing mortgage rate? If you’re carrying large, higher interest debt balances (credit cards or car loans), your “blended” rate may be much higher than you realize. You might even have the opportunity to buy a new home, consolidate your debt with a slightly larger loan, and end up with a… Read more
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