The U.S. unemployment rate dropped to the lowest level since the start of the Covid-19 pandemic as payroll gains in October rose to a three-month high.
Sales of new homes are on track to jump 15% next year as builders overcome supply-chain challenges, NAR said in a forecast.
The Federal Reserve's nearly $4 trillion of bond purchases doubled its balance sheet and caused mortgage rates to hit new lows 15 times last year.
The average mortgage size for new homes rose to a record high of $408,522, a gain of 15% from a year ago, according to MBA’s Builder Application Survey.
It’s half the size of President Joe Biden’s original bill, but it still includes homebuyer assistance and a rescue of the nation’s flood insurance program.
The average U.S. rate for a 30-year fixed home loan climbed for the third consecutive week as bond investors demanded higher yields, Freddie Mac said.
U.S. home prices gained 18.5% in August from a year earlier, slowing from July’s record pace of 19.2%, as rising mortgage rates crimped the ability of buyers to engage in bidding wars.
The share of mortgages late by 30 days or more fell to 3.91% in September, almost half the level of a year ago, Black Knight said in a report.
