‘Home Alone’ house in the Chicago suburbs hits the market- The 9,000sqft home will cost you a whooping $5.25 million. According to Zillow, this is the first time the home has been on the market since 2012, when the current owner bought the property for $1.58 million.
Pending Home sales slump to the lowest level since the start of the pandemic!
Weekly mortgage demand increased again as interest rates fall below 7%. The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.84% from 7.02%.
Applications for a mortgage to purchase a home rose 5% for the week but were still 11% lower compared with the year before.
With a stronger than anticipated job report, the Federal Reserve decided to leave interest rates unchanged. The public and market were forecasting a drop in interest rates!
What will this do to the spring real estate market? we will see.
2024 Top 10 Housing markets:
The list is based on an analysis of home value appreciation, how long it takes to sell a home and job growth relative to housing supply.
*December home sales close out the worst sales year since 1995.
Mortgage rates dropped last week, as incoming data point to a slowing economy and support a pivot by the Federal Reserve to begin cutting rates next year.
As a result, applications to refinance a home loan increased 19% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Refinance demand was 27% higher than the same week one year ago.