Market Outlook

07 Nov 2023

Housing Market Recession: Is the End in Sight?

Market Outlook

Hi, I’m Lonny Levine, and welcome to my blog. Today, I want to talk about the current state of the housing market and whether we’re seeing the beginning of the end of the recession. According to a recent article in HousingWire, there are some signs that the market may be starting to recover. Here are two takeaways from the article: Home prices are stabilizing. After years of rapid growth, home prices have started to level off in many parts of the country. This could be a sign that the market is starting to find its footing. Mortgage rates are still low. Despite some…

16 Oct 2023

By Lonny Levine

0 Comments

This Week Ahead: Mortgage Rates October 16th, 2023

Market Outlook

This Week Ahead: Mortgage Rates October 16th, 2023 Hi, I’m Lonny Levine, and welcome to Lending With Lonny. In this week’s blog post, we’ll be discussing the latest news and trends in the real estate market for the week of October 16th-20th, 2023. Article 1: Mortgage Rates Today: October 16, 2023—Rates Remain Fairly Steady – Forbes Advisor Summary: The current average mortgage rate on a 30-year fixed mortgage is 8.07% with an APR of 8.00%, according to Curinos. The 15-year fixed mortgage has an average rate of 7.31% with an APR of 7.27%. On a 30-year jumbo mortgage, the average…

09 Oct 2023

By Lonny Levine

0 Comments

This Week Ahead: Mortgage Rates October 9th, 2023

Market Outlook

Mortgage Interest Rates Today, October 9, 2023 | How Will This Week’s Inflation Data Impact Mortgage Rates? 123Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. Rates remain elevated this week, but they could start inching down soon. When mortgage rates will fall largely hinges on inflation, and this week’s CPI data will give us the latest look at how prices are trending.Key takeaways: Cooling inflation will allow the Federal Reserve to stop hiking the federal funds rate, removing some of the upward pressure that has helped mortgage…

22 Sep 2023

By Lonny Levine

0 Comments

Challenging Times for Homebuyers: Pending-Home Sales Drop 13%

Market Outlook, Mortgage Rates, Real Estate Trends

In today's housing market, prospective homebuyers are facing significant challenges. According to a recent Redfin report, pending-home sales have plummeted by 13% compared to this time last year. The culprits? Soaring mortgage rates and rising home prices have left many potential buyers in a holding pattern. However, amidst these difficulties, there's a glimmer of hope, with new listings showing a slight improvement since early September. Soaring Rates and Home Prices: Escalating mortgage rates and home prices are the main culprits behind the declining affordability of homes. Over the four weeks ending on September 17, pending-home sales fell by 13%,…

18 Sep 2023

By Lonny Levine

0 Comments

Economic Insights: Navigating Inflation, Mortgages, and Consumer Sentiment – 9/18/2023

Market OutlookFinancial Reports, Market Outlook, Mortgage Rates

Last week, we witnessed a mix of economic updates, encompassing various facets of the financial landscape, including inflation trends, consumer sentiment, and the weekly fluctuations in mortgage rates and unemployment claims. Inflation Sees a Modest Uptick in August On September 13th, the latest monthly inflation data was released, revealing a 0.3 percent increase in core inflation for August compared to July. This figure slightly exceeded the expected 0.2 percent rise and surpassed July's 0.2 percent increase. According to the Consumer Price Index, August recorded a year-over-year inflation rate of 3.7 percent. Zooming out for a broader perspective, inflation in the…

28 Aug 2023

By Lonny Levine

0 Comments

This Week Ahead: Mortgage Rates August 28, 2023

Blog, Home Mortgage, Market Outlook, Mortgage Rates

This Week Ahead: Mortgage Rates August 28, 2023 If you’re thinking about buying or refinancing a home, you may be wondering how mortgage rates are doing this week. Here’s a summary of what you need to know: Mortgage rates have remained high overall, but if inflation drops later this year, they could go down1. The average for a 30-year fixed rate mortgage was 7.39% on August 25, the highest level in more than two decades2. The Fed resumed rate hikes at its July 26 meeting, and may raise rates again in September to curb inflation3. The median existing-home sales price…

24 Aug 2023

By Lonny Levine

0 Comments

New home sales grow, even with higher mortgage rates

Home Mortgage, Market Outlook

In the ever-evolving landscape of real estate, staying ahead of market trends is crucial for both homebuyers and industry professionals. One such trend that has been making waves recently is the surprising growth of new home sales despite the presence of higher mortgage rates. In this post, we'll delve into exploring the dynamics behind this phenomenon and understanding how potential homebuyers can navigate the market effectively. The Unlikely Growth in New Home Sales: In a recent article by HousingWire titled "New Home Sales Have Grown Even With Higher Mortgage Rates," Lonny Levine discusses the unexpected growth in new home sales…

24 Jul 2023

By Lonny Levine

0 Comments

Mortgage Rate Projections for the Week – July 24th, 2023

Blog, Market OutlookMarket Outlook, Mortgage Rates, What’s Ahead

The National Association of Home Builders Sees Positive Outlook In July, the National Association of Home Builders (NAHB) reported a one-point gain in home builder confidence, with an index reading of 56. This surpassed analysts' predictions of 57 and also marked a rise from June's reading of 55. The index reading above 50 indicates that most home builders remain confident about the current U.S. housing market conditions. It's worth noting that home builder confidence has been on the rise for the seventh consecutive month. Mixed Component Readings The NAHB's Home Builder Confidence Index had mixed component readings for July.…

19 Jul 2023

By Lonny Levine

0 Comments

Unraveling U.S. Housing Starts: What It Means for Your Mortgage Journey

Market Outlook, Mortgage

Hey there, it's Lonny Levine from LendingWithLonny.com! Today, I'm excited to delve into the recent article "U.S. Housing Starts Fell in June After Surging in Prior Month," which sheds light on the current state of the real estate market. The Surge and Dip in Housing Starts As the article explains, the U.S. housing market witnessed a surge in housing starts during the previous month, only to experience a dip in June. This surge and subsequent dip might raise concerns for some homebuyers and industry professionals alike. It's essential to understand the factors contributing to these fluctuations to make informed decisions.…

05 Jun 2023

By Lonny Levine

0 Comments

Real Estate Market Forecast Analyzing Mortgage Rate Trends – June 5th 2023

Financial Reports, Market Outlook, Mortgage, Real Estate

Limited Supply Drives Up Home Prices in March - S&P Case-Shiller Report In March, the housing market faced a significant challenge due to limited supplies of available homes. The S&P Case-Shiller Home Price Indices revealed a notable increase in home prices, with a month-to-month rise of 0.40 percent and a year-over-year growth of 0.70 percent. The cities experiencing the highest rates of home price growth were Miami, Florida, with a remarkable 7.70 percent increase year-over-year, followed by Tampa, Florida, at 4.80 percent, and Charlotte, North Carolina, at 4.70 percent. Impact of High Mortgage Rates on Buyers and Sellers The housing…