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Rose 0.1% from July, but dips to 8.3% annually — likely not enough to alter Fed plans for another rate hike.
Black Knight reports that overall rate-lock volume is down 57% year over year.
As mortgage rates hit 5.89%, it takes 35.51% of median income to pay monthly principal & interest.
July’s month-over-month decline represents the first contraction in nearly three years.
Black Knight analyst says data shows clear signs that housing-price growth “tipped from deceleration to decline” in July.
The national foreclosure rate remained just above the record low set in May.
