Interest rates headed up, home prices cool
By the Numbers
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The share of home sellers who cut prices in April, according to real estate app Redfin. The volume of sellers cutting prices marks a six-month high and reflects a big increase over last year. In April 2021, just 9 percent of home sellers cut prices. But that was in the middle of one of the greatest bull markets for housing in memory. What’s different this year? Interest rate hikes at the Federal Reserve have trickled down to commercial banks where interest rates on traditional mortgages are higher today than at any time since 2009. Rising rates mean higher housing costs, persuading some potential home buyers to wait for better times. Increasingly, those who remain in the market for a house are turning toward adjustable-rate mortgages—just like 15 years ago in the previous housing bubble.
The interest rate on the average 30-year fixed loan as of May 12, according to Freddie Mac.
The share, according to the Mortgage Bankers Association, of home loan applications accounted for by adjustable-rate mortgages—the most since 2008.
The number of homeowners at least 30 days delinquent in their mortgage payment. That number has been increasing, but remains well below 2008 levels.
The median price for houses sold in the United States as of April, according to the Federal Reserve Bank of St. Louis.
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