flexiblefullpage - default
Currently Reading

January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market

Advertisement
billboard - default
Market Data + Trends

January's Mortgage Rate Dip Prompts Some Thawing of the Housing Market

A drop in mortgage rates from recent peaks nudged more homebuyers and sellers into the market, signaling the start of greater supply and demand


February 23, 2024
Two ice cubes thawing in puddle of water
Image: evgenyb / stock.adobe.com

High interest rates for home loans have been one reason why buyers and sellers have been reluctant to enter the housing market, but January saw a downtick in mortgage rates, encouraging more buyers and sellers to enter the market. In January, sales volume for existing homes rose 3.1% from December to a seasonally adjusted annual rate of 4 million, its highest level since August 2023, according to financial content website Investopedia reporting on data from the National Association of Realtors.

The uptick highlighted how much would-be buyers and sellers have been waiting for lower interest rates. The contracts for those sales were likely signed one or two months earlier, at a time when the average rate offered for a 30-year mortgage was sliding down from its recent peak of nearly 8%, its highest in more than 20 years according to Freddie Mac.[2The average rate was 6.77% last week.

Read more

 

Advertisement
leaderboard2 - default

Related Stories

Build to Rent

Build-to-Rent Is Booming, Particularly in These Metros

A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development

Sustainability

Which Green Building Practices Are Home Builders Using Most?

A recent report reveals which green-building practices are most popular among single-family home builders and remodelers

Market Data + Trends

Single-Family Permits Show Increase in February

Year-to-date ending in February, single-family permits were up in all four regions of the U.S.

Advertisement
boombox1 -
Advertisement
native1 - default
halfpage2 -

More in Category

Delaware-based Schell Brothers, our 2023 Builder of the Year, brings a refreshing approach to delivering homes and measuring success with an overriding mission of happiness

NAHB Chairman's Message: In a challenging business environment for home builders, and with higher housing costs for families, the National Association of Home Builders is working to help home builders better meet the nation's housing needs

Sure there are challenges, but overall, Pro Builder's annual Housing Forecast Survey finds home builders are optimistic about the coming year

Advertisement
native2 - default
Advertisement
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.


Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Subscribe
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.