Analysis and Data

As mortgage rates hit 5.89%, it takes 35.51% of median income to pay monthly principal & interest.

Second consecutive increase followed a dip in August.

Repossessions are likely to continue running below pre-pandemic levels.

Homebuyers anticipate price declines while potential home-sellers won't give up their lower mortgage rates.

July’s month-over-month decline represents the first contraction in nearly three years. 

The refinance share of mortgage activity increased to 30.7% of total applications

A summary and review of key economic data that affects the mortgage and real estate business

Despite the price reduction, demand is still down.

Job growth slowed to 315,000, but likely not enough to keep the Fed from raising rates later this month.

Decline in single- and multifamily home construction helped offset increase in public construction.