Real Estate

The average long-term U.S. mortgage fell for the second straight week, which combined with moderating home prices, could give the housing market a boost as the spring buying season begins. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.42% from 6.6% last week. The average rate a year ago was 4.42%. Even though financial markets remain jittery over recent bank collapses and the Fed raised its benchmark lending rate by another 25 basis points Wednesday, some economists think there may be light at the end of the tunnel for the slumping housing market. Read moreAverage long-term US mortgage rate falls to 6.42% this week

Americans eager to buy a home this spring, beware: It’s slim pickings out there. The number of U.S. homes on the market is at near-historic lows, which could dim would-be buyers’ prospects for finding a house or condo and fuel competition for the most affordable properties, economists say. Some 980,000 homes were on the market nationally at the end of February, according to the National Association of Realtors. That’s up 15.3% from an all-time low set last February. While homebuyers will have more properties to choose from than last spring, the low supply and sharply higher mortgage rates set the stage for a higher overall price tag for homeownership. Read moreSlim pickings for buyers amid near-record low homes for sale

The average long-term U.S. mortgage inched back down this week after five straight weeks of increases, good news for homebuyers as the housing market’s all-important spring buying season gets underway. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate slid back to 6.60% from 6.73% last week. The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation. Read moreAverage long-term US mortgage rates come back down to 6.6%

The average long-term U.S. mortgage rate rose for the fifth straight week to its highest level since breaching 7% in November, just as the spring buying season gets ready to kick off. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate climbed to 6.73% from 6.65% last week. The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation. The big rise in mortgage rates has pushed sales of existing homes down for 12 straight months. Read moreAverage US mortgage rate up for fifth straight week to 6.73%

The Pennsylvania Infrastructure Investment Authority (PENNVEST) and the Pennsylvania Housing Finance Agency remind homeowners that they offer an affordable loan for the repair or replacement of on-lot septic systems and sewer laterals, or first-time sewer connection from an existing home. Read moreAffordable loans available to help with sewer repair or hook-up

The average long-term U.S. mortgage rate hit a three-month high this week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.65% from 6.5% last week. The average long-term rate reached a two-decade high of 7.08% in the fall as the Fed continued to raise its key lending rate in a bid to tamp down inflation. The recent rise in mortgage couldn’t come at worse time for the slumping housing market, on the verge of its spring buying season. Read moreAverage long-term US mortgage rate hits 3-month high

The cost of renting an apartment is easing after skyrocketing in recent years, though it remains painfully high for many Americans. The U.S. median rent rose 2.4% in January from a year earlier to $1,942, the lowest annual increase since June 2021, according to data from Rent, which tracks listings for apartment and rental houses. The median rent, which peaked in August at $2,053, fell 2% from December, its fourth decline in five months. Still, other data show the national average rent-to-income ratio reached 30% in the fourth quarter, just above the threshold of what the government considers affordable housing. Read moreUS rent growth easing, but remains a burden for many tenants

The average long-term U.S. mortgage rate jumped this week to its highest level since November, more bad news for a housing market that’s been in decline for a year. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.5% from 6.32% last week. The average rate a year ago was 3.89%. The big rise in mortgage rates during the past year has battered the housing market, with sales of existing homes falling for 12 straight months to the slowest pace in more than a dozen years. Read moreAverage long-term US mortgage rate jumps to 6.5% this week