Mortgage Rates are on the Rise as Home Sales Fall

April 25, 2022

by: Aimee Hartwig Real Estate

Mortgage rates rose for the seventh straight week according to Freddie Mac, “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand,” says Sam Khater, Freddie Mac’s chief economist. Despite the rising rates the National Association of Realtors reported the median sales price in March was the highest median price ever recorded. We take a closer look This Week in Real Estate.

“We know that the builders have been underproducing since the foreclosure crisis, which is the reason we have this shortage, but when mortgage rates increase, we have seen several months of inventory rising.”

 Lawrence Yun, chief economist at the National Association of Realtors.

Is the Housing Market Cooling as Mortgage Rates Rise?

April 18, 2022

by: Aimee Hartwig Real Estate

Fannie Mae releases their national home price index and it’s showing 20% growth year over year. The 30-year fixed-rate mortgage jumped to a 5% average, the first time since 2011. And, the Mortgage Bankers Association is re-forecasting their purchase origination volume to a record $1.72 trillion, down from its previous forecast of $1.77 trillion. We take a closer look This Week in Real Estate.

“Even though existing sales volume will be slightly lower than last year, the continued growth in new home sales and the rapid rise in home prices should deliver a smaller, but solid, 4% annual growth in purchase origination volume.”

 Michael Fratantoni, Mortgage Banker’s Association’s chief economist.

Waiting on the Housing Market to Crash? Expert’s say, Don’t!

April 11, 2022

by: Aimee Hartwig Real Estate

According to Realtor.com This Week in Real Estate the median U.S. home listing price reached its all-time high in March. Purchase mortgage rates have risen faster in the last three months than at any time in the past 28 years. Prices continue to surge and rates are rising, but today’s market differs significantly from the “Great Recession.” 

“There was a lot of financial engineering, there was a lot of predatory lending, there was a lot of bad borrowing on people not having a lot of equity, not having as much of a cushion, that led to the housing bubble.”

 Daryl Fairweather, chief economist at Redfin. 

Will the Housing Market Continue its HOT Streak in 2022?

December 28, 2021

by: Aimee Hartwig Real Estate

Will the housing market continue its hot streak in 2022? Industry experts say yes!  We review 3 predictions that will continue to drive the housing market in Lane County in 2022.

“All markets are seeing strong conditions and home sales are the best they have been in 15 years. The housing sector’s success will continue – but I don’t expect next year’s performance to exceed this year’s.”

LAWRENCE YUN, NATIONAL ASSOCIATION OF REALTORS CHIEF ECONOMIST