Last week, mortgage rates remained relatively unchanged after fluctuating higher and lower. Mortgage application submissions increased. The consumer price index for April was mostly in line with inflation expectations. Continuing jobless claims and initial jobless claims both increased.

MORTGAGE RATES CURRENTLY TRENDING


THIS WEEK'S POTENTIAL VOLATILITY




  • FHFA cancels upfront DTI fee scheduled to start on August 1. Read Now >>
  • HUD invests $837 million in energy efficient and climate friendly renovations for multifamily housing. Read Now >>
  • Hopeful home buyers are more hopeful…

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KIRKLAND, Washington (May 4, 2023) – Market dynamics are influencing adjustments in housing prices, suggested an officer at Northwest Multiple Listing Service, but with “very constricted” inventory, he said homes that are well priced continue to receive multiple offers.

Commenting on the latest statistics from Northwest MLS, Frank Leach, vice chairperson of the MLS board of directors and the broker/owner at RE/MAX Platinum Services in Silverdale, said despite limited inventory (about 1.5 months of supply overall), it is an “excellent market.” As summer approaches, Leach expects to see increased activity with inventory “being snapped up as it comes onto the market and savvy buyers taking advantage of softening interest rates.”

The latest report…

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Mortgage rates trended lower last week despite strong jobs data and another federal funds rate hike from the Federal Reserve. Construction spending increased in March, while job openings fell to the lowest level in two years. Mortgage application submissions decreased, and ADP nonfarm employment was higher than expected in April. Continuing jobless claims fell while initial jobless claims increased. The employment situation was better than expected in April. 

 

MORTGAGE RATES CURRENTLY TRENDING

 

THIS WEEK'S POTENTIAL VOLATILITY

 

 

  • Millennial homeowners shift toward renovating instead of selling. Watch Now >>
  • FHFA’s Michael Shemi answers LLPA questions. Listen Now >>
  • Realtors…

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Mortgage rates trended lower toward the beginning of last week. Home price appreciation climbed slightly in February. New home sales jumped in March. Mortgage application submissions increased. Continuing jobless claims decreased and initial jobless claims decreased. The Q1 GDP estimate for 2023 fell. Core inflation rose, personal income remained unchanged, and consumer spending rose. 

MORTGAGE RATES CURRENTLY TRENDING


THIS WEEK'S POTENTIAL VOLATILITY


  • Dave Stevens discusses the risk from LLPA changes. Listen Now >>
  • Buyers are unfazed by rate trends. Read Now >>
  • New home sales beat expectations in March. Watch Now >>


  • The FHFA house price index increased by 0.5% month-over-month in February and 4%…

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  •  Inventory in the King, Snohomish and Pierce counties region grew over 14% from February.
  •          March had “good sales activity on well-priced homes.
  •          Pending sales jumped more than 14.5% from February,
  •          Prices overall were down about 7.5% from a year ago.
  •          All signs point toward a rather unusual market through the end of 2023.
  •         Lowering prices, lowering interest rates, and longer days on the market signal some of the unpredictability of the current market.

KIRKLAND, Washington (April 6, 2023) – Real estate brokers around Washington state say the market is moving in a positive direction with the spring market “finally showing up in March.”

Newly-released statistics from Northwest Multiple…

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Weekly Review
Newsletter - 03/13/2023

Week of March 6, 2023 in Review

A deeper look at labor sector data shows the job market may be weaker than the headlines suggest. Plus, the latest forecast on home price appreciation and the Fed’s vow regarding inflation:

  • Jobs Data Shows Cracks in the Labor Sector
  • Leisure and Hospitality Led the Way in Job Gains
  • Continuing Jobless Claims Match 14-Month High
  • Home Prices Still Forecasted to Appreciate This Year
  • Fed Vows to “Stay the Course” in Inflation Fight

Jobs Data Shows Cracks in the Labor Sector

The Bureau of Labor Statistics (BLS) reported that there were 311,000 jobs created in February. While this was stronger than estimates, revisions to the data from December and January…

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Weekly Review
Newsletter - 03/06/2023

Week of March 6, 2023 in Review

Contract signings for existing homes surged in January while the latest appreciation data for December addressed concerns about a housing bubble. Read on for these important stories, plus news on unemployment claims and manufacturing:

  • Pending Home Sales Rose for Second Straight Month
  • Reports of a Housing Crash Not Supported by Appreciation Data
  • What’s Really Going on With Jobs?
  • Contraction in Manufacturing Continues

Pending Home Sales Rose for Second Straight Month

Pending Home Sales rose 8.1% from December to January, which was much stronger than expectations and follows the 1.1% gain in December. Sales were down 24.1% from a year earlier, though this…

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Weekly Review
Newsletter - 02/27/2023

Week of February 20, 2023 in Review

Sales of new homes and consumer inflation were both hotter than expected in January. Plus find out what the latest data on Existing Home Sales says about inventory and the demand for homes.

  • Consumer Inflation Higher Than Expected
  • More to Existing Home Sales Data Than Meets the Eye
  • New Home Sales Jumped Higher in January
  • What Jobless Claims Data Suggests for Workers and Job Seekers
  • Recession Signal Flashing

Consumer Inflation Higher Than Expected

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation increased 0.6% in January, while the year-over-year reading rose from an upwardly revised 5.3%…

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POWER BALANCE IS SHIFTING IN FAVOR OF BUYERS.

  • Prices are dropping at the fastest rate in 5 years.
  •          Existing-home sales fell for the twelfth straight month in January, with year-over-year sales falling 37%, the biggest decline since 2010.
  •          Seattle posted the second-highest decrease in close-to-list price ratio of any metro area in the U.S. last month.
  •          Sellers are paying for rate buy-downs.
  •          Sellers are offering concessions.
  •          Inspection and other key contingencies are back in play.
  •          Many buyers are negotiating a combination of (Lower offering price, Seller Rate Buy-Downs, AND still including Inspection and other contingencies)

The housing market today remains in a hazy no…

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Today’s housing market has everyone wondering: Is it still a seller’s market, or has the power dynamic finally shifted in favor of buyers?

Try neither.

Uncertainty about the future of inflation, the economy, mortgage rates, and more have seized up the market—and wrenched power away from buyers and sellers alike.

“Today, real estate is ‘nobody’s market,'” notes Realtor.com® Chief Economist Danielle Hale in her analysis of housing data. “The number of homeowners deciding to sell continues to lag, but inventory and time on market continue to climb, reflecting still-hesitant buyers.”

The real estate game is at a stalemate that shows no signs of budging anytime soon, with neither buyers nor sellers willing to make the first move.

Buyers…

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