Weekly Housing Headlines

This week, mortgage rates decreased to their lowest level in a year; mortgage applications and credit availability increased; home appreciation slowed significantly; more Americans are tapping into home equity credit lines; and research shows that new listings are back up, inventory continues to grow, time on market is stretching and listing prices continue to stall.

Mortgage Rates Decrease To Lowest Level In Over A Year
National Mortgage Professional - 8/8/2024
Freddie Mac today released the results of its Primary Mortgage Market Survey, showing the 30-year fixed-rate mortgage averaged 6.47%, down from last week's 6.73%. Today's rates mark the lowest level in a year.

Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Bankers Association - 8/7/2024
Mortgage applications increased 6.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Applications Survey for the week ending August 2, 2024.

Weekly Housing Trends View — Data for Week Ending August 3, 2024
Realtor.com - 8/8/2024
New listings are back up, inventory continues to grow, time on market is stretching and listing prices continue to stall.

Mortgage Credit Availability Increased in July
Mortgage Bankers Association - 8/8/2024
Overall credit availability grew to its highest level since October 2023, driven by increased conventional loan offerings such as ARMs and cash-out refinance loans.

CoreLogic: Home Price Appreciation Slowed Significantly in June
MortgageOrb - 8/6/2024
Month-over-month, home prices increased 0.3% compared with May, and were up only 4.7% year-over-year.

More Americans Are Tapping Home Equity Credit Lines, N.Y. Fed Says
Financial Advisor - 8/6/2024
Balances on home equity lines of credit rose to $380 billion, representing the ninth consecutive increase, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit.

Fannie Mae HPSI Shows Signs Of Souring Consumer Sentiment
National Mortgage Professional - 8/7/2024
The July 2024 Home Purchase Sentiment Index decreased by 1.1 points in July to 71.5. This month, only 17% of consumers indicated that it's a good time to buy a home, down from 19% in June.

The housing market just reached an incredible milestone
CNN Business - 8/8/2024
The total value of the housing market now exceeds $1 trillion in eight U.S. cities, doubling from just four cities last year and underscoring just how much home prices have skyrocketed in a relatively short time, according to Redfin.

Mortgage Lock-Ins Cost U.S. Economy $20 Billion In One Year
Financial Advisor - 8/8/2024
Mortgage-rate lock-ins cost the U.S. economy $20 billion over a one-year period starting in 2022, according to the National Bureau of Economic Research. That tallies to some $296 of economic cost per household.

A $1 Trillion Time Bomb Is Ticking In The Housing Market
Financial Advisor - 8/2/2024
U.S. homeowners’ wildfire and flood risks are underinsured by $28.7 billion a year. As a result, more than 17 million homes are at risk of suffering what could total $1.2 trillion in value destruction.