U.S. Housing Holds Steady With 66,874 New Listings as Mortgage Rates Near 6.81%
Updated
Updated · HousingWire · Aug 29
U.S. Housing Holds Steady With 66,874 New Listings as Mortgage Rates Near 6.81%
3 articles · Updated · HousingWire · Aug 29
Summary
66,874 new listings hit the market last week, up from 63,762 a year earlier, extending a run of steady supply even as borrowing costs stayed elevated.
6.81% mortgage rates kept demand soft rather than collapsing: pending sales were 65,036 versus 65,701 a year ago, and purchase applications were flat week to week but down 5% year over year.
879,764 homes were on the market, up from 874,784 a week earlier and 2.21% above a year ago, while the share of listings with price cuts edged up to 42.10% from 42.0%.
1.97% mortgage spreads again kept rates below 7%; at weaker spread levels seen in 2023, the same 10-year yield would imply a 7.95% mortgage rate.
Fed hike warnings at Jackson Hole pushed the 10-year yield near yearly highs, leaving next week's U.S. jobs report, the Iran conflict and Canada trade tensions as the main tests for rates and housing.