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Are home prices still going up? What’s happening with mortgage rates?
Potential buyers remained reluctant to take the plunge on financing a home purchase even as mortgage rates fell for the fourth straight week. Mortgage applications decreased 2{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} the week ending Dec. 2 compared to the previous week. And the average loan size for a purchase application was at its lowest level since January 2021. Meanwhile, the average rate for a 30-year fixed mortgage trended down to 6.33{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} as of Dec. 8, according to the latest data from Freddie Mac. The fixed-rate mortgage has more than doubled from a year earlier when it averaged 3.1{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9}. The pandemic-era housing boom, combined with decades-high inflation and volatile mortgage rates, are forcing prospective homebuyers and homesellers to sit…
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What is happening in this housing market?
1st-time consumers will be priced out The persistent deficiency of provide in today’s industry merged with surging demand is driving up rates and pushing a lot more potential prospective buyers to the sidelines. “All the metrics relevant to profits and affordability in housing seem out of sync and the strange motion in the facts is actually caused by absence of supply,” reported Lawrence Yun, main economist at the Nationwide Affiliation of Realtors. “We need to get the inventory up.” The common house has noticed a 40{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} increase in monthly payments in excess of a year ago, claimed Yun, with a about 20{d4d1dfc03659490934346f23c59135b993ced5bc8cc26281e129c43fe68630c9} enhance in residence selling prices and a further…
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What’s Happening in Dubai’s Luxury Real-Estate Scene: Agent Insight
Dubai recorded more than 11,000 real-estate transactions in January and February, a record for the city. Dubai is seeing a spike in demand from Russian and Ukrainian buyers, agents told Insider. Off-plan properties — projects that have yet to be constructed — are getting snapped up within days of being listed. Loading Something is loading. Dubai’s real-estate market is off to a roaring start to the year. The city recorded 11,071 transactions in January and February, the highest it has ever recorded in the first two months of the year, according to a CBRE report. The record follows a strong 2021: The total value of residential transactions in Dubai last…
