Mortgage rates

Home prices grew at a record annual pace in April but indicators of a possible slowdown popped up in May, Redfin noted.

Rates have seesawed in recent weeks, with investors looking for signs of inflation as the economy recovers from the pandemic.

The MBA’s Market Composite Index decreased a seasonally adjusted 4% last week, dropping to a point not seen since February 2020.

The steady pace of refinance activity has also continued, as borrowers seek to take advantage of sub-3% rates.

While purchases increased, refinancing activity slowed considerably compared to its pace over the past month.

A week of light data could possibly lead to further mortgage-rate volatility ahead depending on what monetary officials say in the coming days.

Remote workers looking across the country for an inexpensive house have a wide net to cast, but a few important socioeconomic factors can narrow the search.

Average loan size also continues to increase, as demand remains high and costs in homebuilding materials rise this year.

The month saw the highest median home sales price ever along with the quickest time ever to sell a new listing.

Economic recovery should soar into the summer as vaccination rates climb and restrictions loosen up, but low inventory is likely to limit mortgage activity into the next year, according to Fannie Mae.