Mortgage Demand Surges to 5-Week High on Lower Interest Rates Mortgage demand saw a 2.8% increase last week, marking the second consecutive week of gains, as homeowners and potential buyers responded to slightly lower mortgage rates. The average contract interest rate for 30-year fixed-rate mortgages remained unchanged at 7.61% after a notable drop the previous…

Record High Median Income for New Homebuyers According to the National Association of Realtors (NAR), the median household income for homebuyers has surged to a record high amid rising home prices and elevated mortgage rates. The NAR’s 2023 Profile of Home Buyers and Sellers reveals that households purchasing homes between July 2022 and June 2023…

Low Mortgage Rates Spark a Modest Uptick in Demand Last week, mortgage rates experienced their most significant one-week drop in over a year, leading to a notable uptick in mortgage demand and a 2.5% increase in total mortgage application volume, according to the Mortgage Bankers Association’s adjusted index. The average interest rate for 30-year fixed-rate…

Missouri Jury Convicts Realtors and Brokerages of Commission Inflation Conspiracy A Kansas City jury has found the National Association of Realtors, HomeServices of America, and Keller Williams guilty of colluding to inflate commission rates through NAR’s Clear Cooperation Rule. The defendants have been ordered to pay $1.78 billion in damages, which could potentially reach $5.36…

The media keeps criticizing the housing market, and they won’t stop. They find any bad news about housing and report it and make it sound worse by adding adjectives like “crash” and “soaring.” Unfortunately, it’s hard to trust the media for the truth about anything these days. Interest rates are elevated from where they were,…