Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Homebuyers nationwide feeling the impacts of rising interest rates By: FOX Business October 31, 2023 at 08:22 AM EDT Homebuyers nationwide are experiencing rising interest rates while sellers and lenders work through declining mortgage applications as both categories hit levels not seen in decades. Homebuyers nationwide are feeling the impacts of rising interest rates as U.S. mortgage applications fell to an almost three-decade low this month.Thirty-year fixed mortgage rates have hit their highest level in more than two decades as the average rate approaches 8% this month, well above the pre-pandemic average of 3.9%, according to Freddie Mac.Some of the most expensive housing markets in the U.S. include San Diego, Denver, Miami and New York City, according to Redfin, but there are ways around the price increases along with the dip in buyer demand in the winter.Despite the high mortgage rates, Danielle Hale, chief economist at Realtor.com, explained it could still be a good time to buy.US HOUSING MARKET: EXPERT SAYS ‘ALL HOPE IS NOT LOST’ FOR POTENTIAL HOMEBUYERS"It’s worth talking to your lender, and seeing what, if any, adjustments you can make to your lender and seeing what, if any, adjustments you can make to your credit score, or your financial situation, or even the type of loan that you are taking on," Hale said.Jeff Tucker, a senior economist at Zillow, said sellers can be more flexible with buyers during winter. "In fact the sellers, who are still on the market at this moment, a lot of them are getting worried about whether their listing will sell before the holiday season. What that means is that a lot of them might be willing to meet buyers halfway," he said. 2023 HOUSING MARKET PROJECTED TO HAVE FEWEST SALES SINCE 2008 AS MORTGAGE RATES RISEJoy McVicker, who is moving to Denver from Washington state, said it has been a very different shopping experience from when she bought her first home in 2020. "A house would come up, and then the offer review date would be like two days later, so you would have to get in quickly, put in your offer quickly because the interest rates were so low," she said.McVicker's goal is to find a home by the end of 2023. GET FOX BUSINESS ON THE GO BY CLICKING HEREMortgage interest rates are not expected to ease up at any point for the remainder of this year, analysts said. Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Homebuyers nationwide feeling the impacts of rising interest rates By: FOX Business October 31, 2023 at 08:22 AM EDT Homebuyers nationwide are experiencing rising interest rates while sellers and lenders work through declining mortgage applications as both categories hit levels not seen in decades. Homebuyers nationwide are feeling the impacts of rising interest rates as U.S. mortgage applications fell to an almost three-decade low this month.Thirty-year fixed mortgage rates have hit their highest level in more than two decades as the average rate approaches 8% this month, well above the pre-pandemic average of 3.9%, according to Freddie Mac.Some of the most expensive housing markets in the U.S. include San Diego, Denver, Miami and New York City, according to Redfin, but there are ways around the price increases along with the dip in buyer demand in the winter.Despite the high mortgage rates, Danielle Hale, chief economist at Realtor.com, explained it could still be a good time to buy.US HOUSING MARKET: EXPERT SAYS ‘ALL HOPE IS NOT LOST’ FOR POTENTIAL HOMEBUYERS"It’s worth talking to your lender, and seeing what, if any, adjustments you can make to your lender and seeing what, if any, adjustments you can make to your credit score, or your financial situation, or even the type of loan that you are taking on," Hale said.Jeff Tucker, a senior economist at Zillow, said sellers can be more flexible with buyers during winter. "In fact the sellers, who are still on the market at this moment, a lot of them are getting worried about whether their listing will sell before the holiday season. What that means is that a lot of them might be willing to meet buyers halfway," he said. 2023 HOUSING MARKET PROJECTED TO HAVE FEWEST SALES SINCE 2008 AS MORTGAGE RATES RISEJoy McVicker, who is moving to Denver from Washington state, said it has been a very different shopping experience from when she bought her first home in 2020. "A house would come up, and then the offer review date would be like two days later, so you would have to get in quickly, put in your offer quickly because the interest rates were so low," she said.McVicker's goal is to find a home by the end of 2023. GET FOX BUSINESS ON THE GO BY CLICKING HEREMortgage interest rates are not expected to ease up at any point for the remainder of this year, analysts said.