Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level

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.

Nearly 1/3 of Homes Bought All-Cash as Buyers Gain Upper Hand

Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”

Luxury Home Sales See Biggest Decline Since Start of Pandemic

Redfin, Seattle, said sales of luxury U.S. homes fell 17.8% year over year during the three months ending April 30, the largest drop since the onset of the coronavirus pandemic sent shockwaves through the housing market.

A Summer Housing Market Cooldown?

Reports from House Canary, Washington, D.C., and Redfin, Seattle, point to slowing housing market activity this summer following a breakneck pace over the past two years.

Multifamily Posts Broad Gains; Asking Rents Top $2,000

Multifamily performance continued its strong run in May, reported Yardi Matrix, Santa Barbara, Calif. In a separate report, Redfin, Seattle, said median monthly asking rents topped $2,000 for the first time.