Lisa Sturtevant

Stories

US existing-home sales fall to 16-year low as mortgage rates stay high

Active; expects mortgage rates to rise again before year-end

US existing-home sales fell to a seasonally adjusted annual rate of 3.75 million in October, the lowest since August 2010. Sales dropped 5.5% from September and 8.8% from a year earlier as 30-year mortgage rates held above 7%.

Updated 1 hour ago

Mortgage rates retreat from 7.5% peak as December Fed hike looms

Money Moves

Quantifying affordability damage from rate moves

Mortgage rates fell for four straight weeks to 7.11% on Nov. 12. The relief may be over: October consumer prices rose 0.4%, and Mortgage News Daily's 30-year rate jumped 12 basis points to 7.30% on Nov. 10.

Updated 2 days ago

Notable Quotes

“There is little reason to expect rates to come down before the end of the year.”

from US existing-home sales fall to 16-year low as mortgage rates stay high · Updated 1 hour ago

“Because both sides of the supply-demand equation are slowing, it’s not likely for home prices to drop significantly, even if rates move higher.”

from US existing-home sales fall to 16-year low as mortgage rates stay high · Updated 1 hour ago

Sturtevant told Inman that an increase from 6.5 percent to 7 percent adds more than $125 to the typical monthly payment on a median-priced U.S. home, potentially forcing buyers to compromise on location or square footage, or pause their search.

from Mortgage rates retreat from 7.5% peak as December Fed hike looms · Updated 2 days ago