With mortgage rates below 6.5%, lots of recent buyers are deciding to refinance. But there hasn’t been a similar increase in prospective buyers entering the market.
They’ve already come down in anticipation. But what Chair Powell says during the press conference could shed light on whether they’ll continue to fall.
“When you get a fixed-rate mortgage, it's like buying insurance against inflation, and you're paying for that insurance over the whole life of the mortgage,” one expert told us.
The Texas suburbs have been a major driver of home building, but new housing construction in the state has slowed and single-family housing permits are down 8%.
Recent spending cuts to rural safety net programs have some bracing for financial hardship, in light of what they went through during the Great Recession.
Allen J. Schaben/Los Angeles Times via Getty Images
The number of households that are homeowners in the U.S. has fallen, ever so slightly, by 0.1% year on year. Still, today’s homeownership rate of 65% is par for the course.