Latest news with #homebuyers
Yahoo
13 hours ago
- Business
- Yahoo
Average long-term US mortgage rate eases to 6.74%, keeping home loan borrowing costs elevated
The average rate on a 30-year U.S. mortgage eased this week, offering little relief for prospective homebuyers facing record-high home prices. The long-term rate slipped to 6.74% from 6.75% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.78%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said. Shop Top Mortgage Rates Personalized rates in minutes A quicker path to financial freedom Your Path to Homeownership Elevated mortgage rates have been weighing on the U.S. housing market, which has been in a sales slump going back to 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic. Sales of previously occupied U.S. homes, which sank to their lowest level in nearly 30 years in 2024, have remained sluggish this year as rising home prices and stubbornly high mortgage rates have made homeownership financially untenable for many Americans. Elevated mortgage rates are also discouraging many homeowners from selling because they locked in mortgage rates when they were much lower. Mortgage rates are influenced by several factors, from the Federal Reserve's interest rate policy decisions to bond market investors' expectations for the economy and inflation. The main barometer is the 10-year Treasury yield, which lenders use as a guide to pricing home loans. The yield was at 4.41% at midday Thursday, down from 4.40% late Wednesday, following the latest signals that the U.S. economy seems to be holding up OK despite all the pressures on it from tariffs and elsewhere. Yields have moved higher for most of this month as traders bet that the Fed will hold its key short-term interest rate steady at its upcoming meeting next week, despite President Donald Trump demanding that the Fed to lower rates. A less independent Fed could mean lower short-term rates, which influence the interest consumers pay on credit cards and auto loans, but it could have the opposite effect on the longer-term bond yields that influence the rates on home loans. The average rate on a 30-year mortgage has remained relatively close to its high so far this year of just above 7%, set in mid-January. The 30-year rate's low point this year was in early April when it briefly dipped to 6.62%.
Daily Mail
13 hours ago
- Business
- Daily Mail
House price DROP imminent across all of America: Sales collapse at highest rate on record... with these cities at epicenter
Buyers are walking away from home purchases in record numbers, causing complete chaos in the US housing market. In June, over 57,000 home sales across the country were abruptly canceled, equaling a staggering 14.9 percent of homes that went under contract, according to a report from Redfin.
Associated Press
13 hours ago
- Business
- Associated Press
Average long-term US mortgage rate eases to 6.74%, keeping home loan borrowing costs elevated
The average rate on a 30-year U.S. mortgage eased this week, offering little relief for prospective homebuyers facing record-high home prices. The long-term rate slipped to 6.74% from 6.75% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.78%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased. The average rate dropped to 5.87% from 5.92% last week. A year ago, it was 6.07%, Freddie Mac said. Elevated mortgage rates have been weighing on the U.S. housing market, which has been in a sales slump going back to 2022, when rates started to climb from the rock-bottom lows they reached during the pandemic. Sales of previously occupied U.S. homes, which sank to their lowest level in nearly 30 years in 2024, have remained sluggish this year as rising home prices and stubbornly high mortgage rates have made homeownership financially untenable for many Americans.
Yahoo
15 hours ago
- Business
- Yahoo
Best housing markets for first-time homebuyers
Best housing markets for first-time homebuyers Affordability is just one component of buying a new home. Hopeful first-time homebuyers would be prudent to consider the competitive landscape, lifestyle, social and future growth potential of their home. Taking on such a large investment, particularly when the costs of homeownership may outpace the costs of renting in some places, requires planning ahead in terms of your career and family, as well as your budget. With this in mind, SmartAsset ranked 180 of the largest U.S. metro areas based on a variety of factors that may influence the buying process and long-term payoff for first-time homebuyers. These metrics include affordability relative to local median incomes, the level of housing inventory and demand for that inventory, projections of home-price growth, and the relative population of residents in their 20s and 30s. Key Findings McAllen, TX is the best metro area for first-time homebuyers in 2025. After ranking fourth last year, McAllen has replaced Lawton, OK as the number one metro area for hopeful homeowners. In particular, it offers positive projected home-price growth over the next year, moderate affordability with the median sale price of $204,499 being about four times as much as the median local income, and a market that allows potential buyers to take their time to make a decision before putting in an offer. Midwestern metros have the most affordable homes relative to local incomes. Peoria and Decatur, IL rank first and second in the affordability metric, with local home sale prices averaging about twice the amount of the median annual income. Davenport, IA; Springfield, IL; Lawton, OK; Cedar Rapids, IA; St. Joseph, MO; and Muncie, IN metros are also among the least expensive. However, only the Lawton, OK metro makes the top 10 best metros for first-time homebuyers when considering other metrics. Homes are on the market for less than a week in these metro areas. Bloomington, IL and Rockford, IL homes average just five days on the market before they go under contract, making it a competitive landscape for first-time homebuyers. The average days til pending is also just six days in the Ann Arbor, MI; Cincinnati, OH; and Springfield, IL metros. These Florida metro areas have some of the highest inventory. Cape Coral has more than double the amount of homes per sale per local resident as Port St. Lucie, which ranks second in this metric. Also among Floridian metros with the highest inventory are Jacksonville, Lakeland and Tampa. Top 20 Places for First-Time Homebuyers 1. McAllen, TX Median sale price: $204,499 Median household income: $56,655 Income to sale-price ratio: 27.70% Days to pending: 64 Inventory: 3,488 Inventory per capita: 0.003882151 One-year price change forecast: 40.0% Percent aged 25 to 39: 20.02% 2. Lawton, OK Median sale price: $150,007 Median household income: $59,843 Income to sale-price ratio: 39.89% Days to pending: 25 Inventory: 493 Inventory per capita: 0.003891481 One-year price change forecast: -110.0% Percent aged 25 to 39: 23.37% 3. Killeen, TX Median sale price: $253,104 Median household income: $74,976 Income to sale-price ratio: 29.62% Days to pending: 45 Inventory: 3,029 Inventory per capita: 0.00604188 One-year price change forecast: -100.0% Percent aged 25 to 39: 23.54% 4. Warner Robins, GA Median sale price: $232,822 Median household income: $79,903 Income to sale-price ratio: 34.32% Days to pending: 19 Inventory: 658 Inventory per capita: 0.003277235 One-year price change forecast: 80.0% Percent aged 25 to 39: 22.35% 5. Appleton, WI Median sale price: $296,011 Median household income: $88,651 Income to sale-price ratio: 29.95% Days to pending: 42 Inventory: 507 Inventory per capita: 0.002057354 One-year price change forecast: 130.0% Percent aged 25 to 39: 19.24% 6. Fayetteville, NC Median sale price: $255,157 Median household income: $64,636 Income to sale-price ratio: 25.33% Days to pending: 19 Inventory: 1,781 Inventory per capita: 0.004539476 One-year price change forecast: 150.0% Percent aged 25 to 39: 23.29% 7. Savannah, GA Median sale price: $353,187 Median household income: $79,392 Income to sale-price ratio: 22.48% Days to pending: 38 Inventory: 2,359 Inventory per capita: 0.005551437 One-year price change forecast: 60.0% Percent aged 25 to 39: 22.71% 8. Clarksville, TN Median sale price: $289,257 Median household income: $70,825 Income to sale-price ratio: 24.49% Days to pending: 26 Inventory: 1,475 Inventory per capita: 0.004378661 One-year price change forecast: 60.0% Percent aged 25 to 39: 24.14% 9. Cape Coral, FL Median sale price: $344,037 Median household income: $75,539 Income to sale-price ratio: 21.96% Days to pending: 59 Inventory: 20,066 Inventory per capita: 0.024043433 One-year price change forecast: -160.0% Percent aged 25 to 39: 16.35% 10. Muncie, IN Median sale price: $152,814 Median household income: $58,286 Income to sale-price ratio: 38.14% Days to pending: 12 Inventory: 293 Inventory per capita: 0.002608595 One-year price change forecast: 160.0% Percent aged 25 to 39: 18.41% 11. Peoria, IL Median sale price: $142,080 Median household income: $72,327 Income to sale-price ratio: 50.91% Days to pending: 11 Inventory: 928 Inventory per capita: 0.002563614 One-year price change forecast: -100.0% Percent aged 25 to 39: 17.89% 12. El Paso, TX Median sale price: $235,000 Median household income: $62,331 Income to sale-price ratio: 26.52% Days to pending: 30 Inventory: 3,196 Inventory per capita: 0.003664873 One-year price change forecast: 70.0% Percent aged 25 to 39: 22.11% 13. Eau Claire, WI Median sale price: $259,763 Median household income: $79,378 Income to sale-price ratio: 30.56% Days to pending: 43 Inventory: 453 Inventory per capita: 0.002590451 One-year price change forecast: 10.0% Percent aged 25 to 39: 19.75% 14. Yuma, AZ Median sale price: $306,083 Median household income: $66,397 Income to sale-price ratio: 21.69% Days to pending: 49 Inventory: 828 Inventory per capita: 0.003883295 One-year price change forecast: 180.0% Percent aged 25 to 39: 18.13% 15. Decatur, IL Median sale price: $124,945 Median household income: $61,550 Income to sale-price ratio: 49.26% Days to pending: 10 Inventory: 243 Inventory per capita: 0.002415723 One-year price change forecast: -150.0% Percent aged 25 to 39: 18.66% 16. Huntsville, AL Median sale price: $303,761 Median household income: $89,668 Income to sale-price ratio: 29.52% Days to pending: 29 Inventory: 2,254 Inventory per capita: 0.004274979 One-year price change forecast: -10.0% Percent aged 25 to 39: 20.83% 17. Youngstown, OH Median sale price: $151,734 Median household income: $54,215 Income to sale-price ratio: 35.73% Days to pending: 14 Inventory: 1,382 Inventory per capita: 0.003244368 One-year price change forecast: 100.0% Percent aged 25 to 39: 18.39% 18. Green Bay, WI Median sale price: $325,239 Median household income: $80,421 Income to sale-price ratio: 24.73% Days to pending: 40 Inventory: 791 Inventory per capita: 0.002383377 One-year price change forecast: 120.0% Percent aged 25 to 39: 18.79% 19. Jonesboro, AR Median sale price: $191,251 Median household income: $61,817 Income to sale-price ratio: 32.32% Days to pending: 38 Inventory: 738 Inventory per capita: 0.005410954 One-year price change forecast: -210.0% Percent aged 25 to 39: 20.78% 20. Syracuse, NY Median sale price: $231,720 Median household income: $77,356 Income to sale-price ratio: 33.38% Days to pending: 7 Inventory: 807 Inventory per capita: 0.001235918 One-year price change forecast: 200.0% Percent aged 25 to 39: 18.66% Data and Methodology This SmartAsset study examined 180 metro areas for which data was available. Metro areas are ranked based on four metrics, composed of: Affordability. Median sale price relative to median income. Median sale price comes from Zillow (Smooth, All Homes, Monthly) for 4/30/2025. Median income comes from the U.S. Census Bureau's 1 Year ACS. The data is from 2023, adjusted for wage growth of 5.58% through April 2025 per FRED. Growth potential. Zillow's Home Value Forecast; All Home Forecast, 1 Year; Homes (SFR, Condo/coop), smoothed. 4/30/2026 Competition. Median days to pending, Zillow. 4/30/2025 Inventory per capita Zillow: For-Sale Inventory, All Homes, Smoothed, Monthly U.S. Census Bureau 1 year ACS 2023 Social. Population aged 25-39: U.S. Census Bureau one year ACS 2023 This story was produced by SmartAsset and reviewed and distributed by Stacker. Sign in to access your portfolio
Yahoo
15 hours ago
- Business
- Yahoo
Asking prices for Worcester County homes rose slightly in June. See current median price
The median home in Worcester County listed for $577,400 in June, slightly up from the previous month's $575,000, an analysis of data from shows. Compared to June 2024, the median home list price increased 5% from $562,450. The statistics in this article only pertain to houses listed for sale in Worcester County, not houses that were sold. Information on your local housing market, along with other useful community data, is available at Worcester County's median home was 1,980 square feet, listed at $299 per square foot. The price per square foot of homes for sale is up 3.9% from June 2024. Listings in Worcester County moved briskly, at a median 25 days listed compared to the June national median of 53 days on the market. In the previous month, homes had a median of 23 days on the market. Around 1,020 homes were newly listed on the market in June, a 13.8% increase from 896 new listings in June 2024. The median home prices issued by may exclude many, or even most, of a market's homes. The price and volume represent only single-family homes, condominiums or townhomes. They include existing homes, but exclude most new construction as well as pending and contingent sales. In Massachusetts, median home prices were $799,450, a slight decrease from May. The median Massachusetts home listed for sale had 1,870 square feet, with a price of $444 per square foot. Throughout the United States, the median home price was $440,950, a slight increase from the month prior. The median American home for sale was listed at 1,852 square feet, with a price of $233 per square foot. The median home list price used in this report represents the midway point of all the houses or units listed over the given period of time. Experts say the median offers a more accurate view of what's happening in a market than the average list price, which would mean taking the sum of all listing prices then dividing by the number of homes sold. The average can be skewed by one particularly low or high price. The USA TODAY Network is publishing localized versions of this story on its news sites across the country, generated with data from Please leave any feedback or corrections for this story here. This story was written by Ozge Terzioglu. Our News Automation and AI team would like to hear from you. Take this survey and share your thoughts with us. This article originally appeared on Gardner News: Worcester County home listings asked for more money in June Solve the daily Crossword
