{"id":1205,"date":"2023-10-15T01:35:05","date_gmt":"2023-10-15T01:35:05","guid":{"rendered":"https:\/\/connectwithfund.com\/finance\/u-s-mortgage-rates-hit-23-year-high-and-home-prices-show-few-signs-of-cooling-but-redfin-says-all-hope-is-not-lost-why\/"},"modified":"2023-10-15T01:35:06","modified_gmt":"2023-10-15T01:35:06","slug":"u-s-mortgage-rates-hit-23-year-high-and-home-prices-show-few-signs-of-cooling-but-redfin-says-all-hope-is-not-lost-why","status":"publish","type":"post","link":"https:\/\/connectwithfund.com\/?p=1205","title":{"rendered":"U.S. mortgage rates hit 23-year high and home prices show few signs of cooling, but Redfin says \u2018all hope is not lost.\u2019 Why?"},"content":{"rendered":"
\n

The U.S. housing market has become unaffordable for many aspiring homeowners, priced out by either high home prices or high mortgage rates. <\/p>\n

With mortgage rates at a 23-year high and home prices not falling substantially, affordability hit a 38-year low in September.<\/p>\n

\n

Yet with this backdrop, \u201call hope is not lost for people who want to buy a home soon,\u201d Redfin
\n RDFN,
\n -3.44%<\/bg-quote>
\n said in a recent report.<\/p>\n

The real-estate brokerage said two key elements of the housing market could offer an opportunity \u2014 rising inventory and volatility in mortgage rates.<\/p>\n

New listings rose 2% since the start of September, the company said, offering a glimmer of hope that more homeowners are putting their properties on the market, Redfin said.<\/p>\n

Even though the uptick is small, it\u2019s still a positive sign, Chen Zhao, economic research lead at Redfin, told MarketWatch. \u201cInventory is certainly not getting worse and there are some signs that maybe it could even get a little bit better,\u201d she said. \u201cAnd over time, people get more used to these high rates.\u201d<\/p>\n

<\/p>\n

<\/p>\n

\n

\n \u201c<\/span>\u2018Inventory is certainly not getting worse and there are some signs that maybe it could even get a little bit better. And over time, people get more used to these high rates.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Chen Zhao, economic research lead at Redfin<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

Even a \u201cslow trickle of supply\u201d is helpful for buyers, she added.<\/p>\n

Rates are also taking big swings as the market tries to digest information on whether the U.S. Federal Reserve will hike interest rates at its next policy meeting, which will be held from Oct. 31 to Nov. 1.<\/p>\n

\u201cEven just this past week\u00a0we saw kind of a big pullback and mortgage rates\u00a0where they came down about 20 basis points or so,\u201d Zhao said, reacting to speeches by Fed officials, and geopolitical conflict between Israel and Gaza. <\/p>\n

The 30-year mortgage reached 7.81% on Oct. 6, but has since fallen to 7.6% as of Oct. 11, according to Mortgage News Daily. \u201cFor buyers, if you\u2019re really paying attention, sometimes you do get these small amounts of volatility, and that might give you enough of an opening to jump in,\u201d Zhao added. <\/p>\n

But the market remains challenging. Across the U.S., 99% of counties were less affordable in the third quarter than their historical average, according to data from Attom, a real-estate data analytics company. Home prices are also outpacing wage gains in many big cities.<\/p>\n

While a big price decline in home prices is unlikely, there is reason for optimism. \u201cWe also don\u2019t really expect them to go up a lot just given where interest rates are,\u201d Zhao added.<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. housing market has become unaffordable for many aspiring homeowners, priced out by either high home prices or high mortgage rates. With mortgage rates at a 23-year high and home prices not falling substantially, affordability hit a 38-year low in September. Yet with this backdrop, \u201call hope is not lost for people who want to buy a home soon,\u201d Redfin RDFN, -3.44% said in a recent report. The real-estate brokerage said two key elements of the housing market could offer an opportunity \u2014 rising inventory and volatility in mortgage rates. New listings rose 2% since the start of September,<\/p>\n","protected":false},"author":1,"featured_media":1206,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[],"class_list":["post-1205","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nU.S. mortgage rates hit 23-year high and home prices show few signs of cooling, but Redfin says \u2018all hope is not lost.\u2019 Why? | ConnectWithFund<\/title>\n<meta name=\"description\" content=\"The U.S. housing market has become unaffordable for many aspiring homeowners, priced out by either high home prices or high mortgage rates. 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