Weekly Real Estate News
Source: Mansion Global —
Fluctuations in mortgage rates—combined with the ups and downs of the stock market—are creating uncertainty for both buyers and sellers, thus stalling home sales in the U.S., according to Realtor.com.
Mortgage rates fell by nearly 50 basis points, averaging 6.61%, down from 7.08% last week, which had been the highest in decades, according to data from Freddie Mac on Thursday. That’s the biggest single-week drop in more than 40 years, but it’s indicative of the roller-coaster ride that has defined 2022.
“In 2022, absolute week-to-week changes in mortgage rates have averaged 16 basis points, more than three times the five basis point average from 2009 to 2021,” Danielle Hale, Realtor.com’s chief economist, said in a report released Thursday.
