As we step into the spring of 2024, the housing market is grappling with an alarming reality: skyrocketing mortgage rates are crippling potential homebuyers. In March, the sale of previously owned homes plummeted by 5.9% from February, culminating in a disheartening total of 4.02 million units sold on a seasonally adjusted basis. This notably marks
Real Estate
In today’s precarious economic environment, recent data exposes a crucial aspect of the housing market: mortgage demand is plummeting, having dropped an alarming 12.7% in just one week, as reported by the Mortgage Bankers Association. Such a decline is not merely a statistical anomaly; it unveils the broader implications of sky-high interest rates that seem
The recent listing of a $110 million penthouse in New York City’s Steinway Tower—dubbed the most expensive home currently on the market—has amplified a fascinating contrast within the city’s luxury real estate landscape. This development emerges amid an unsettling backdrop: the Dow Jones Industrial Average recently plunged by over 1,600 points in a single day,
The landscape of the housing market is shifting dramatically. Last week, mortgage rates reached their highest point since February, marking a significant turning point that has left many potential homebuyers feeling vulnerable and uncertain. The implications are profound; as per the Mortgage Bankers Association, total mortgage application volume plummeted by a staggering 8.5% relative to
In a startling turn of events, the average rate for the quintessential 30-year fixed mortgage shot up 13 basis points to a staggering 7.1%—marking the highest level we’ve seen since mid-February. According to Mortgage News Daily, this roller coaster of rate fluctuations is not just a blip; it signals underlying issues in our economy that
This week, mortgage rates are skyrocketing, signifying a troubling trend that signals deeper issues within the economy. The steady rise in rates is primarily attributed to a flurry of investors divesting from U.S. Treasury bonds at an alarming pace. Such movements could lead one to believe that we are witnessing the beginning of a broader
In an unsettling turn of events, mortgage rates reached 6.85%, marking an alarming resurgence after a brief respite. Those hoping for a sustained drop in the average rate on a 30-year fixed mortgage were met with disappointment as they saw a sharp increase of 22 basis points on Monday, followed by an additional 3 basis
Amid an increasingly unpredictable stock market, many investors are searching for stability. With sharp drops across various sectors following President Trump’s controversial tariff policies, it becomes imperative to seek refuge in reliable, dividend-paying stocks. Real estate investment trusts (REITs) are emerging as a bastion for cautious investors, thanks to their consistent payouts and resilience compared
Last Thursday’s unexpected decline in mortgage rates offered a brief glimmer of hope for potential homebuyers; however, this positive development, driven largely by external economic factors like the Trump administration’s recent tariff announcement, masks deeper, troubling realities about the housing market. The average rate for a 30-year fixed mortgage plummeted by 12 basis points to
Manhattan real estate has an uncanny ability to weather economic storms, and the latest reports reinforce this notion with a staggering 29% jump in apartment sales in the first quarter of 2023 when compared to the same period last year. The numbers showcase a fascinating snapshot: a record 2,560 closed transactions, up from 1,988, with