Weekly Housing Headlines

This week, the Federal Reserve announced a half-point rate cut; mortgage rates continue to drop and housing starts are increasing; housing payments posted the biggest decline in four years; mortgage applications increased 4.4 percent; 2024 will close with the slowest pace of sales since 1995; and there’s a growing sense of optimism as we’re closing in on what is considered to be the best time of year to purchase a home (Sept. 29-Oct. 5).

The Fed just announced a jumbo-sized interest rate cut
CNN Business - 9/18/2024
The Federal Reserve slashed interest rates aggressively Wednesday, announcing the first rate cut since March 2020. The half-point move paves the way for lower borrowing costs on everything from mortgages to credit cards.

Mortgage rates drop to lowest since early February 2023 after Fed’s jumbo interest rate cut
CNN Business - 9/19/2024
Mortgage rates continued to decline this week, taking a little more pressure off America’s tight housing market as the Federal Reserve ramps up its efforts to keep the economy on an even keel.

Weekly Housing Trends View — Data for Week Ending Sept. 14, 2024
Realtor.com - 9/19/2024
As mortgage rates decline, prices drop, and inventories grow a sense of optimism is emerging this fall. With the "best time to buy" just weeks away, there are excellent opportunities for homebuyers before the end of 2024.

August New Home Purchase Mortgage Applications Increased 4.4 Percent
Mortgage Bankers Association - 9/17/2024
Applications for new home purchases continue to show year-over-year growth, increasing by more than four percent and extending the annual growth streak to 19 consecutive months.

Redfin Reports Housing Payments Post Biggest Decline in 4 Years Ahead of Fed's Historic Rate Cut, Which Could Lure Buyers Off the Sidelines
Redfin - 9/19/2024
The median U.S. housing payment was $2,534 during the four weeks ending September 15, down 2.7% from a year earlier–the biggest decline since May 2020, according to a new report from Redfin.

U.S. Housing Starts Increase To Fastest Pace Since April
Financial Advisor - 9/18/2024
Beginning home construction increased 9.6% last month to a 1.36 million annualized rate, the fastest since April, according to government figures released Wednesday.

Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Bankers Association - 9/18/2024
Mortgage applications increased 14.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending September 13, 2024.

Existing-Home Sales Fell Again in August, Despite Declining Mortgage Rates
MortgageOrb - 9/19/2024
Existing-home sales fell 2.5% in August compared with July to a seasonally adjusted annual rate of 3.86 million, according to the National Association of Realtors.

Home Prices See Largest Increase In Four Months
National Mortgage Professional - 9/18/2024
U.S. home prices grew by 0.5% in August on a seasonally adjusted basis, making the highest monthly jump since April. On an annual basis, prices rose by 6.7% – the lowest annual increase since January.

2024 set to mark 30-year low for existing home sales: Fannie Mae
Mortgage Professional America - 9/18/2024
Even as mortgage rates fall and housing supply grows in some regions, 2024 will close with the slowest pace of sales since 1995, according to Fannie Mae’s Economic and Strategic Research Group.