The U.S. economy grew faster than initially thought in the second quarter amid strong consumer spending, while corporate profits rebounded, which should help to sustain the expansion.Gross domestic product increased at a 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its second estimate of second-quarter GDP on Thursday. That was an upward revision from the 2.8% rate reported last month.The econom
The Federal Reserve signaled late last week that it will likely cut its benchmark interest rate in September, which has already helped push mortgage rates lower, Freddie Mac says.The 30-year fixed-rate mortgage averaged 6.35% this week, and some economists believe rates will continue to fall further over the upcoming weeks. Late last week, Federal Reserve Chair Jerome Powell said the “time has come for policy to adjust” and said an interest r
U.S. consumer confidence rose to a six-month high in August as more upbeat views of the economy and inflation offset waning optimism about the labor market.The Conference Board’s gauge of sentiment increased to 103.3 from an upwardly revised 101.9 a month earlier, data out Tuesday showed. The median estimate in a Bloomberg survey of economists called for a reading of 100.7.A measure of expectations for the next six months rose to a one-year hig
The Mortgage Bankers Association’s refinancing index jumped 34.5% to a more than two-year high of 889.3. Mortgage applications to purchase a home climbed 2.8% in the week ended Aug. 9, the largest advance since the first week of June.The contract rate on a 30-year fixed mortgage eased 1 basis point to 6.54%, the MBA data showed Wednesday. The rate on a 15-year fixed mortgage dropped 7 basis points to 5.96%, the lowest since May of last year.The
Sales of new U.S. single-family homes rose to their highest level in more than a year in July as a drop in mortgage rates boosted demand, offering more evidence that the housing market is recovering.New home sales jumped 10.6% to a seasonally adjusted annual rate of 739,000 units last month, the highest level since May 2023, the Commerce Department's Census Bureau said on Friday. It was also the sharpest increase in sales since August 2022.The sa
For the first time since 2020, the median U.S. monthly mortgage payment has declined. During the four weeks ending August 18, the $2,587 figure reached its lowest level since February and was down 0.1% from a year ago, according to Redfin.The downward trend is likely due to falling mortgage rates, which are sitting at a 15-month low of just below 6.5%, down from a peak of 7.2% in May. Although home prices remain near record highs, up 3.6% year-ov
Some would-be home buyers are waiting for borrowing costs to drop even lower. Is that a wise strategy?Mortgage rates have remained in the mid-6% range in recent weeks—the 30-year fixed-rate loan was at a 6.46% average this week, according to Freddie Mac. But some aspiring home buyers may still be waiting for even lower rates before they make a move, hoping to get a better deal on borrowing costs, even though rates are dramatically lower than th
Existing-home sales tallied a 1.3% uptick in July following 4 months of declines, according to NAR data released Thursday. However, market headwinds have kept sales sluggish compared to 2023Existing-home sales rose 1.3 percent month over month in July, breaking a four-month streak of monthly declines, according to data released Thursday by the National Association of Realtors.Transactions for single-family homes, townhomes, condominiums and co-o
Buyers are finally getting more housing options to choose from. Read more from NAR’s latest housing report.Home affordability conditions are improving slightly, which helped to fuel more real estate transactions in July. Existing-home sales, which account for completed transactions for single-family homes, townhomes, condominiums and co-ops, saw their first uptick in about four months, rising 1.3% in July compared to June, NAR’s latest housin
The slow price growth is attributed to a shortage in housing inventory and limited buyer competition, according to a Redfin report published on TuesdayWhether it’s refining your business model, mastering new technologies, or discovering strategies to capitalize on the next market surge, Inman Connect New York will prepare you to take bold steps forward. The Next Chapter is about to begin. Be part of it. Join us and thousands of real estate
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