Economy

While home sales should remain constrained this year because of higher rates, growth in the entry-level market has far outpaced that for above-median income families.

The average for the 30-year fixed slipped 2 basis points in anticipation of the Federal Open Market Committee pausing short-term rate hikes, said Sam Khater, chief economist.

Economic analysis from the real estate advisory CBRE finds that community banks are particularly imperiled by their exposure to commercial real estate loans. Others see looming risks in indirect lending.

But Zillow's rate tracker came in flat, while Optimal Blue's rose 10 basis points from its low last Thursday.

Approximately 320,000 properties valued up to $256,000 are missing from the market, a report from the National Association of Realtors and Realtor.com found.

But on a cumulative basis since 2013, the unpaid principal balance of reference pools is higher at Freddie Mac, according to the Federal Housing Finance Agency.

But scarce housing inventory has helped to bring home equity values back upward, offsetting some of the losses of late 2022.

Staff retained or added for the spring homebuying season has stemmed the tide of layoffs for now, according to the Bureau of Labor Statistics' latest figures.

A change in investor sentiment toward an expected pause by the Fed in short-term rate hikes was the driving force behind the current surge, Freddie Mac said.

But when compared past periods of upheaval, those rates remain relatively low, the Mortgage Bankers Association report showed.