| Freddie Mac has changed the way it calculates the average long-term mortgage rate, so factor that in when you hear the news that this housing market barometer saw its biggest drop in nearly 41 years. Meanwhile, inflation, mortgage rates that have doubled since March, and low inventory are putting the market on ice, according to the latest numbers from The Warren Group. Other news to put the market in perspective:Housing starts fell 8.8% year over year in October (Associated Press);Existing-home sales slipped 5.9% month over month (Zillow);Housing prices have plateaued (Zillow);Rent growth has hit its slowest pace in 19 months (Realtor.com);1 in 10 Americans has delayed purchasing a home due to the economy (Bankrate.com);Homeownership by young households is below pre-Great Recession levels (U.S. Census Bureau);Mortgage applications have increased for the first time in seven weeks (Mortgage Bankers Association). |
