Mortgage rates

Home purchasers had to come up with 0.9% more in April versus what they would have paid in March and 11.8% higher on a year-over-year basis, the Mortgage Bankers Association said.

But the country is still likely heading towards a recession and it could be deeper than previously thought, Mortgage Bankers Association Chief Economist Mike Fratantoni said.

Jobs numbers, inflation data and the continued debate over raising the debt ceiling are factors applying upward pressure.

The company projects home buying costs could rise by a quarter in the next four months in the unlikely scenario.

The latest change continues the sideways pattern of recent weeks, a much better situation than last year's rapid increases, Freddie Mac said.

Homes in the top five states have an average of $222,964 in 2022, according to LendingTree.

A potential pause in the cycle by the Federal Open Market Committee is welcomed by housing industry observers, but inflation and inventory hinder activity.

Homes in the top five states have an average of $512,836 in 2022, according to LendingTree.

Meanwhile, the average purchase loan amount surged to its highest level in 2023, showing signs of continued demand amid limited inventory.

Bets are piling up on a wide range of trajectories for the Fed's path — with some expecting it to mount a major about-face as growth stalls and others hedging the risk it will tighten policy further as elevated inflation persists.