The 30-year fixed mortgage rate from Freddie Mac averaged 6.94% over the last week.
The study's results suggest that the industry is right at the beginning of a "green revolution."
An analysis of data from metropolitan areas between July 2022 and July 2023 showed that the South maintained its position as the nation's fastest-growing region.
The 30-year fixed mortgage interest rate averaged 7.02% over the last week, easing for the second consecutive week and remaining below the historical average of 7.74%.
Housing starts in April 2024 bounced back slightly with a monthly gain of 5.7% after a large 17% decline in March.
In Q1 2024, national median home prices rose 5.0% year over year to $389,400, with 28.5% of metro areas seeing double-digit price increases.
Housing affordability fell nationally in March 2024 compared to the previous month, with monthly mortgage payments increasing by 2.8% and the median price of single-family homes rising 2.4%.
News of some cooling in the labor market could mean the topping-out of mortgage rates this week before more sustained declines through the remainder of this year.
At 7.22%, the 30-year mortgage interest rate has hit its highest point since November 2023; rates are unlikely to move down soon.
Despite facing market challenges like historically low inventory, heightened mortgage rates, and the lowest annual sales since 1995, REALTORS® remained committed to giving back to the communities they serve.
Search Economists' Outlook