Redfin Reports Mortgage Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief

Business Wire05-16

Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring ...

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But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring ...</p>\n\n<a href=\"https://finance.yahoo.com/news/redfin-reports-mortgage-rates-dip-120000638.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Redfin Reports Mortgage Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRedfin Reports Mortgage Rates Dip Below 7% For First Time in 5 Weeks, Giving Buyers Some Much-Needed Relief\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-16 20:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/redfin-reports-mortgage-rates-dip-120000638.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring ...</p>\n\n<a href=\"https://finance.yahoo.com/news/redfin-reports-mortgage-rates-dip-120000638.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4548","symbol_name":"巴美列捷福持仓","start_time":0,"source_url":"https://finance.yahoo.com/news/redfin-reports-mortgage-rates-dip-120000638.html","article_id":"2435367759","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/QdbeDDvevfJM2LAyxgEuIQ--~B/aD01MTg7dz0xNTAxO2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/6059268df9034d6ff563b81438bca5e2"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2435367759","pubTimestamp":1715860800,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.SEATTLE, May 16, 2024---- —Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. That’s according to a new report from Redfin , the technology-powered real estate brokerage. Pending home sales also posted a week-over-week decline, unusual for early May.Inventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year.For Redfin economists’ takes on the housing market, including more on how current financial events are impacting mortgage rates, please visit Redfin’s \"From Our Economist","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4548":"巴美列捷福持仓","RDFN":"Redfin Corp","BK4079":"房地产服务"},"translate_title":"Redfin报告抵押贷款利率在5周内首次降至7%以下，给了买家一些急需的缓解","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"RDFN":0.9},"content_text":"Pending home sales are down and new listings are flat during a time of year when they typically rise. But this week’s softer-than-expected inflation report sent mortgage rates down, which could bring back some homebuyers and sellers.\nSEATTLE, May 16, 2024--(BUSINESS WIRE)--(NASDAQ: RDFN) —Pending home sales fell 4.3% from a year earlier during the four weeks ending May 12, the biggest decline in roughly three months. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Pending home sales also posted a week-over-week decline, unusual for early May.\nInventory is losing momentum, too, as would-be sellers stay put to hang onto their low mortgage rate. New listings rose 10% year over year, but they were essentially flat from a week earlier, which is significant because listings typically increase this time of year.\nThe housing market slumped because of sky-high housing costs. The median U.S. home-sale price is up 4.7% year over year to a record $386,951, and the median monthly mortgage payment is sitting at $2,858, just $26 shy of the all-time high set in April. But affordability is starting to improve a bit: Daily average mortgage rates have steadily declined since the start of May, and this week’s slightly softer-than-expected inflation report sent rates below 7% for the first time in over five weeks. And 6.3% of home sellers are dropping their price, on average, the highest share in a year and a half, which may mean price growth loses momentum soon.\n\"High prices and rates are challenging, but there are ways for buyers to take advantage of the somewhat slow market,\" said Marsha McMahon-Jones, a Redfin Premier agent in Palm Springs, CA. \"Sellers know that high mortgage rates mean they should expect negotiations, expect offers to come in under list price, and be ready for some back and forth on things like repairs and closing costs. Buyers may not be able to get a lower mortgage rate, but they’re often getting homes for slightly less than the asking price. It’s also a good time to buy a fixer-upper at a lower price point because those aren’t selling as quickly.\"\nFor Redfin economists’ takes on the housing market, including more on how current financial events are impacting mortgage rates, please visit Redfin’s \"From Our Economists\" page.\nLeading indicators\n\n\n\nIndicators of homebuying demand and activity\n\n\n\nValue (if applicable)\nRecent change\nYear-over-year change\nSource\n\n\nDaily average 30-year fixed mortgage rate\n6.99% (May 15)\nDown from a 5-month high of 7.52% three weeks earlier\nUp from 6.55%\nMortgage News Daily\n\n\nWeekly average 30-year fixed mortgage rate\n7.09% (week ending May 9)\nDown from 5-month high of 7.22% a week earlier\nUp from 6.35%\nFreddie Mac\n\n\nMortgage-purchase applications (seasonally adjusted)\n\nDeclined 2% from a week earlier (as of week ending May 10)\nDown 14%\nMortgage Bankers Association\n\n\nRedfin Homebuyer Demand Index (seasonally adjusted)\n\nLowest level in 2 months (as of week ending May 12)\nDown 13%\nRedfin Homebuyer Demand Index, a measure of requests for tours and other homebuying services from Redfin agents\n\n\nTouring activity\n\nUp 5% from the start of the year (as of May 13)\nAt this time last year, it was up 21% from the start of 2023\nShowingTime, a home touring technology company\n\n\nGoogle searches for \"home for sale\"\n\nDown 8% from a month earlier (as of May 13)\nDown 15%\nGoogle Trends\n\n\n\nKey housing-market data\n\n\n\nU.S. highlights: Four weeks ending May 12, 2024Redfin’s national metrics include data from 400+ U.S. metro areas, and is based on homes listed and/or sold during the period. Weekly housing-market data goes back through 2015. Subject to revision.\n\n\n\nFour weeks ending May 12, 2024\nYear-over-year change\nNotes\n\n\nMedian sale price\n$386,951\n4.7%\nAll-time high\n\n\nMedian asking price\n$418,455\n6.6%\nAll-time high\n\n\nMedian monthly mortgage payment\n$2,858 at a 7.09% mortgage rate\n12.7%\nJust $26 below all-time high set during the 4 weeks ending April 28\n\n\nPending sales\n90,457\n-4.3%\nBiggest decline since 4 weeks ending Feb. 25\n\n\nNew listings\n102,269\n10%\n\n\n\nActive listings\n890,224\n14.2%\n\n\n\nMonths of supply\n3.2\n+0.5 pts.\n4 to 5 months of supply is considered balanced, with a lower number indicating seller’s market conditions\n\n\nShare of homes off market in two weeks\n45.2%\nDown from 49%\n\n\n\nMedian days on market\n33\n+2 days\n\n\n\nShare of homes sold above list price\n30.8%\nDown from 33%\n\n\n\nShare of homes with a price drop\n6.3%\n+2 pts.\nHighest level since Nov. 2022\n\n\nAverage sale-to-list price ratio\n99.4%\nUnchanged\n\n\n\n\n\n\n\nMetro-level highlights: Four weeks ending May 12, 2024Redfin’s metro-level data includes the 50 most populous U.S. metros. Select metros may be excluded from time to time to ensure data accuracy.\n\n\n\nMetros with biggest year-over-year increases\nMetros with biggest year-over-year decreases\nNotes\n\n\nMedian sale price\nDetroit (18.8%)Anaheim, CA (18.6%)West Palm Beach, FL (16.2%)San Jose, CA (13.6%)Newark, NJ (11.7%)\nSan Antonio (-0.5%)\nDeclined in just 1 metro\n\n\nPending sales\nSan Jose, CA (16.6%)Anaheim, CA (9.2%)San Francisco (5.3%)Newark, NJ (5.2%)Sacramento, CA (3%)\nPhoenix (-14.9%)Atlanta (-13.6%)Houston (-13.2%)West Palm Beach, FL (-11.8%)Nashville, TN (-11.1%)\nIncreased in 15 metros\n\n\nNew listings\nSan Jose, CA (40.2%)Seattle (26.4%)Phoenix (24.7%)Oakland, CA (24.6%)Montgomery County, PA (21.9%)\nChicago (-8.1%)Atlanta (-3.4%)Detroit (-3.1%)Virginia Beach, VA (-1.9%)Newark, NJ (-1.6%)Warren, MI (-1.1%)\nDeclined in 6 metros\n\n\n\nTo view the full report, including charts, please visit:https://www.redfin.com/news/housing-market-update-mortgage-rates-dip-sales-decline\nAbout Redfin\nRedfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.\nRedfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240516365280/en/\nContacts\nRedfin Journalist Services:Kenneth Applewhaite, 206-414-8880press@redfin.com","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.5","shortVersion":"4.22.5","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2435367759"}