Last week, mortgage rates trended higher. Retail sales increased by a smaller-than-expected amount in April. Home builder sentiment saw the biggest jump in two years. Mortgage application submissions slipped. Building permits decreased in April while housing starts increased. Jobless claims fell.
  • HousingWire lead analyst on the spring housing market. Listen Now >>
  • Why is housing inventory so low? Pandemic refinancing. Read Now >>
  • Now might be a good time to buy due to rising rent prices. Watch Now >

  • Retail…

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Last week, mortgage rates remained relatively unchanged after fluctuating higher and lower. Mortgage application submissions increased. The consumer price index for April was mostly in line with inflation expectations. Continuing jobless claims and initial jobless claims both increased.



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  • Hopeful home buyers are more hopeful…

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KIRKLAND, Washington (May 4, 2023) – Market dynamics are influencing adjustments in housing prices, suggested an officer at Northwest Multiple Listing Service, but with “very constricted” inventory, he said homes that are well priced continue to receive multiple offers.

Commenting on the latest statistics from Northwest MLS, Frank Leach, vice chairperson of the MLS board of directors and the broker/owner at RE/MAX Platinum Services in Silverdale, said despite limited inventory (about 1.5 months of supply overall), it is an “excellent market.” As summer approaches, Leach expects to see increased activity with inventory “being snapped up as it comes onto the market and savvy buyers taking advantage of softening interest rates.”

The latest report…

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Mortgage rates trended lower last week despite strong jobs data and another federal funds rate hike from the Federal Reserve. Construction spending increased in March, while job openings fell to the lowest level in two years. Mortgage application submissions decreased, and ADP nonfarm employment was higher than expected in April. Continuing jobless claims fell while initial jobless claims increased. The employment situation was better than expected in April. 







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  • Realtors…

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The premise of a mortgage rate lockdown is simple: so many American households have such low mortgage rates that some will never move once rates rise, which then locks up housing inventory. Said another way; A homeowner planning to relocate or downsize might find the higher costs related to higher mortgage rates too much of a hurdle to clear.

This is something I’ve never considered in my real estate career because we hadn’t had a period where mortgage rates moved up so quickly and then held higher for an extended period. But now this is a real risk.

For many Americans, homeownership became a reality during the years of ultra-low mortgage rates following the 2008 financial crisis, an environment that essentially lasted all the way up until the…

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Mortgage rates trended lower toward the beginning of last week. Home price appreciation climbed slightly in February. New home sales jumped in March. Mortgage application submissions increased. Continuing jobless claims decreased and initial jobless claims decreased. The Q1 GDP estimate for 2023 fell. Core inflation rose, personal income remained unchanged, and consumer spending rose. 



  • Dave Stevens discusses the risk from LLPA changes. Listen Now >>
  • Buyers are unfazed by rate trends. Read Now >>
  • New home sales beat expectations in March. Watch Now >>

  • The FHFA house price index increased by 0.5% month-over-month in February and 4%…

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Mortgage rates dropped further this week. The average rate on a 30-year fixed mortgage fell to 6.27% from 6.28% the previous week. With inflation moving closer to the Fed's 2% target, mortgage rates are expected to decrease further in the coming months, likely to be below 6% by year's end.

Meanwhile, these falling mortgage rates create opportunities for many buyers. A lower mortgage rate brings down the monthly payment for a home loan. If rates drop to 6%, 3.1 million more households will once again be able to afford to buy the median-priced home compared to the beginning of the year. And, 1 in 3 of these households are younger than 40. Last year, 1 in 5 mortgage purchase originations had a rate higher than 6%.

Some sellers are still striking…

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The average long-term U.S. mortgage rate fell for the fourth consecutive week and has dropped more than three-quarters of a point since hitting a 20-year high last month. This fourth week in a row of declines is leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate dipped to 6.33% from 6.49% last week. A year ago, the average rate was 3.1%.

The average long-term rate sat at 7.08% in early November but has since had the steepest 4-week decline since 2008.

“Though week-to-week rate changes can move up and down, the longer-term prospect on rates is for further improvement, with a clear possibility of going under…

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  •  Inventory in the King, Snohomish and Pierce counties region grew over 14% from February.
  •          March had “good sales activity on well-priced homes.
  •          Pending sales jumped more than 14.5% from February,
  •          Prices overall were down about 7.5% from a year ago.
  •          All signs point toward a rather unusual market through the end of 2023.
  •         Lowering prices, lowering interest rates, and longer days on the market signal some of the unpredictability of the current market.

KIRKLAND, Washington (April 6, 2023) – Real estate brokers around Washington state say the market is moving in a positive direction with the spring market “finally showing up in March.”

Newly-released statistics from Northwest Multiple…

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Weekly Review
Newsletter - 03/27/2023

Week of March 20, 2023 in Review

The Fed hiked its benchmark Fed Funds Rate despite ongoing turbulence in the banking sector, while both new and existing home sales beat expectations last month. Don’t miss these stories and more:

  • Fed Hikes Rates Another 25 Basis Points
  • Existing Home Sales Strong Despite Media Reports
  • Signed Contracts on New Homes Rise for Third Consecutive Month
  • Jobless Claims Reflect Tight Labor Market
  • Decline in Demand for Big-Ticket Items

Fed Hikes Rates Another 25 Basis Points

The Fed hiked its benchmark Fed Funds Rate by 25 basis points at its meeting last Wednesday – the ninth hike since last March, which brings it to a range of 4.75% to 5%. The Fed Funds Rate…

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