Real estate

US Real Estate Weekly Update | Entertainment News

If anything can be said about the current state of the real estate market, it’s that change is coming. Over the past two years, the pandemic has kept US mortgage rates extremely low, with rates dropping below 3% at times. These record high mortgage rates have made it much cheaper for buyers to borrow money to buy a home, despite soaring home prices in markets across the country.

This trend has now changed course. By the week of Feb. 11, 30-year fixed-rate mortgage rates had topped 4% for the first time since 2019. That’s not just a jump from the previous week, when rates hovered around 3.83%, but it’s also an unfortunate milestone for borrowers looking to buy homes at record rates. This rate change could also have a significant impact on other segments of the market, from refinancing loans to mortgage application rates, over time.

Nor is it the only significant change in the real estate market that has occurred this week. Not only are buyers facing rising interest rates, but home prices also continue to soar. Right now, homebuyers are currently facing one of the most expensive housing markets in history and, in turn, the average size of purchase loans has increased. The average purchase loan size for conventional loans set a new record high of $453,000. The higher average mortgage is a clear sign that homebuyers are borrowing larger sums to buy homes in this expensive market.

To help you stay on top of what’s happening in the housing market, real estate platform ZeroDown has compiled a weekly real estate market report using data from Redfin. The National Housing Market Statistics presents data for the four weeks ending January 30, 2022. Metros with more than 50 homes sold during the period were considered for metro-level rankings for each statistic.