Stay informed about the latest mortgage interest rates and how they can impact your future payments. Learn about the factors affecting interest rates and why staying updated is crucial for your financial planning.
Stay informed about the latest refinance rates as of December 5, 2023. Refinance rates have trended upwards this week and are expected to remain high for the foreseeable future. Understand the factors impacting these rates and weigh the potential benefits of refinancing against the possibility of higher interest rates.
Buyers have been facing the painful one-two punch of high mortgage rates and rising home prices all year. However, there are indications that the housing market may start to thaw, with mortgage rates dropping slightly and economists predicting a decline in home prices. The unaffordability of homes is a leading factor that could potentially drive prices down, as many people struggle to afford to buy. While a correction in home prices may provide some relief, it alone will not solve the issue of housing affordability.
Several lawsuits allege that algorithmic pricing systems used by big landlords to set rents have artificially inflated prices. RealPage, a Texas-based company that sells rent-setting software, is facing legal action alongside its clients in multiple cities. The Washington, DC, attorney general recently sued RealPage and 14 major landlords for illegally colluding to set rents above competitive levels. The allegations include concerns of algorithmic collusion and strict control over rent enforcement. These lawsuits raise concerns about the impact of algorithmic pricing systems on markets beyond just the housing industry.
Existing-home sales in September decreased by 2.0% compared to August, with a year-over-year drop of 15.4%. Sales rose in the Northeast but receded in the Midwest, South, and West. The total housing inventory at the end of September was 1.13 million units, showing a 2.7% increase from August but an 8.1% decrease from one year ago. Unsold inventory stood at a 3.4-month supply, up from 3.3 months in August. Overall, existing home sales and inventory experienced a decline compared to previous years.
Real estate prices in Phoenix are falling, providing an opportunity for homebuyers to find affordable options in the area. The median home price in the Phoenix metropolitan area decreased by 1.2% compared to the previous year. Despite concerns of a potential real estate crash, now may be the time to buy before prices drop further. The article highlights five of the lowest-priced homes currently available in Phoenix. From charming flip homes to homes with basements, there are options to suit different preferences. Phoenix’s extreme heat and climate risks don’t deter homebuyers from relocating to the area, as it remains an affordable alternative to expensive coastal cities.
The Treasury bond market crash has created turmoil across financial markets, affecting stocks, foreign currencies, cryptocurrencies, commodities, and the housing market. As traders drop long-duration US bonds, yields are skyrocketing, leading to a decline in the S&P 500 and Nasdaq. The rise in yields has triggered a surge in the US dollar and weakened foreign currencies. Cryptocurrencies and non-interest-bearing assets like gold have taken a hit. Industrial metals, such as copper, aluminum, and zinc, have also declined. Additionally, mortgage rates have risen, impacting home-buying activity. Meanwhile, while oil is less affected by bond market swings, the strengthening dollar is pressurizing crude prices.