Housing Markets News from National Mortgage News

However, with the market continuing to shift more in favor of homebuyers, home prices should move lower, aiding affordability in the weeks ahead.

A proposed 2026 budget would eliminate two programs that are key to increasing the supply of affordable housing, a consortium of elected leaders said.

However, the 30-year fixed rate mortgage is still 14 basis points lower than it was for the same week last year, the Freddie Mac survey reported.

While overall investor purchase activity is returning to pre-pandemic norms, interest in condo units dropped to a 10-year low, as insurance and fees surged.

While more consumers claim they can't tell whether now is a good time to purchase a home, over half of prospective buyers said the market is better than it was in 2024.

Despite interest rate volatility, prepayment rates also increased, surging to levels last seen in October, according to a new ICE Mortgage Technology report.

Rapidly rising tuition and housing costs both contributed to lower homeownership rates and a more than twofold surge in student debt in under 15 years.

The 14.3% rate for deals withdrawn in any April is the highest level other than in Covid-impacted 2020, as homebuyers reexamine the market, Redfin said.

Yields on the 10-year Treasury have been climbing because of the Moody's U.S. downgrade, the tax bill under debate in Congress and possible GSE reform.

The number of major housing markets with annual home price declines is the largest since late 2023, when average mortgage rates were above 7.5%.

Increases in gross domestic product and home sales expectations compared with April are the drivers of Fannie Mae's latest mortgage outlook for 2025 and 2026.

The Mortgage Bankers Association latest forecast reflects the industry's current views on where their business is going, said Mike Fratantoni.

A growing supply of unsold inventory applied downward pressure on prices, offering home buyers some relief, the Mortgage Bankers Association said.

The 30-year FRM remained under 7% for the 17th consecutive week, Freddie Mac said, but the 10-year Treasury at one point was up over 25 basis points.

Houses in 85% of the nation's metropolitan areas are considered overvalued, with more than half of those by 10% or above, Fitch Ratings found.

The increase in purchase mortgage rate lock volume provides support for those looking for a strong Spring market this year, Optimal Blue found.

All of those surveyed by Wolters Kluwer for its May Blue Chip Economic Indicators report ruled out the possibility the Fed could raise short-term rates.

The national median single-family existing-home price grew 3.4% from a year ago to $402,300, an analysis found.

The jobs report and FOMC meeting caused some movement but rates ended up where they started; but any unexpected news could result in swift changes either way.

The broad rise in the share of underwater loans across the country this winter came as borrower distress grew and home prices pulled back in some regions.