Social Security uncertainty and policy changes are driving more people to submit
With the huge increase in social security applications, retirees are facing financial decisions affected by law and economic concerns in today’s climate.
Scripps News
Mortgage rates have been highly praised for the third consecutive week amid evidence that financial markets are curbing the housing market.
In the week ending May 29th, 30-year fixed-rate mortgages averaged 6.89%, up from 6.86% last week, Freddie Mac announced.
These figures do not include fees or points, and prices in some parts of the country may be higher or lower than the national average.
“Mortgage rates have risen for the third consecutive week, and have been higher due to continued volatility in the financial market,” said Bob Broeksmit, president and CEO of the Mortgage Bankers Association. “These mortgage rates have attenuated borrower demand, and both borrower and purchase applications have declined last week.”
So far, the most popular mortgage products have moved in the 6% range, and the housing market has turned sideways. Sales of previously owned homes fell in January, rose in February, and sank in March.
However, the early signal that the spring sales season was found to be correct was found to be correct.
Sales in April were the slowest in April at any rate since 2009, the National Association of Realtors said on May 22. Last month’s 4 million pace set of sales fell below the 4.06 million mark, achieved in 2024, the worst year since 1995.
Things are getting worse. Home contract signings fell 6.3% in April, the real estate agent said on May 29th. This could also result in much lower sales in May and June as the contract is signed about six weeks before the contract ends.
One of the silver linings is that the deep freeze caused by the “mortgage lock” keeps homeowners at very low rates keeping their homes listed, taking into account concerns that they have to take away very high rate loans.
However, sellers may still have unrealistic expectations about what their home will gain in the market. A recent Redfin analysis shows that the typical high-selling home is listed at a record $469,729 at $469,729.
“Today, home buyers have an edge because they are overwhelmed by sellers,” said Elijah de La Campa, senior economist at Redfin, in a release.
