Homebuyer affordability improved in August for the third straight month, with the national median payment applied for by applicants decreasing to $1,839 from $1,844 in July, according to the Mortgage Bankers Association's Purchase Applications Payment Index.
The Federal Open Market Committee raised the federal funds rate by another 75 basis points Wednesday to 3-3.25 percent, the third consecutive such increase and the fifth increase since March.
Existing home sales fell in August for the seventh straight month, the National Association of Realtors reported Wednesday, despite more borrowers locking in rates before they went up.
With mortgage interest rates pushing well above 6 percent—the Mortgage Bankers Association on Wednesday reported 30-year rates up by 24 basis points to 6.25%--a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
Here’s a quick summary of housing/economic reports that recently came across the MBA NewsLink desk: