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Mortgage Rates

Mortgage rates for Texas homebuyers

New Home Sales Plunge with Affordability Concerns

New home sales took a serious nosedive in April. The Census Bureau reported new home sales for April at a seasonally adjusted annual rate (SAAR) of 591,000. That was way below consensus estimates and a 16.6 percent slide from the March figure.  New home sales were down 26.9 percent from April of last year. Previous months' estimates were also revised lower. The following two charts help explain why the consensus has been oblivious to what's really happening. Something was bound to give, and it finally did. In layman's terms, new homes are no longer affordable [...]

By |2022-05-24T21:24:39+00:00May 24th, 2022|Denton County Home Prices, Denton County Homes For Sale, Denton County New Homes, Denton County Real Estate, Denton County Relocation, DFW Homes For Sale, DFW New Homes, DFW Real Estate, DFW Relocation, Housing Market, Markets, Monetary Policy, Mortgage Rates, New Home Sales|0 Comments
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North Texas Housing Market Looks Like A Bubble

The North Texas housing market is looking like a bubble waiting to burst. Home prices continued to melt up in April. Median and average home prices hit new all-time highs across the Dallas-Fort Worth area. The median home price in Denton County hit a new record high of $480,000, an increase of 22.9 percent from last year. Average prices hit $577,607. That was up 25.1 percent year-over-year. The melt-up in prices is pretty astounding considering mortgage interest rates are now solidly above 5 percent. Monthly payments for a prospective home buyer in North Texas have [...]

By |2022-05-21T11:50:44+00:00May 10th, 2022|Denton County Home Prices, Denton County Homes For Sale, Denton County Real Estate, Denton County Relocation, Denton Tx Home Prices, Denton TX Homes For Sale, Denton TX Real Estate, DFW Home Prices, DFW Homes For Sale, DFW Real Estate, DFW Relocation, Economy, Housing Market, Markets, Monetary Policy, Mortgage Rates|0 Comments
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Fed Hikes Rates 50 Basis Points, Punts Balance Sheet Reduction to June 1st

The Federal Reserve increased the Federal Funds rate to a range of 0.75-1.00 percent. The 50 basis-point rate hike was largely expected. Powell shot down any talk of a 75 basis-point hike. Jerome Powell also announced that balance sheet reduction would begin June 1st. The FOMC statement. "The Committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With appropriate firming in the stance of monetary policy, the Committee expects inflation to return to its 2 percent objective and the labor market to remain strong. In support [...]

By |2022-05-05T14:02:49+00:00May 5th, 2022|Economy, Housing Market, Monetary Policy, Mortgage Rates|0 Comments
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New Home Sales Market Finally Cooling Off

The market for new home sales is finally cooling off. The Census Bureau reported new home sales for March at 735,000 units (SAAR). This was 8.6% below the revised February estimate. It was also a 12.6% drop from March of last year. The median sales price of a new home contracted in March 2022 was $436,700. The average sales price was $523,900. Those were both new record highs. The unadjusted inventory of new homes stood at 5.7 months, up from 5.3 in February. Sky high prices and rising interest rates are now acting to cool [...]

By |2022-04-27T11:43:04+00:00April 27th, 2022|Denton County Home Prices, Denton County Real Estate, Denton County Relocation, Denton Tx New Homes, Denton TX Real Estate, DFW Home Prices, DFW New Homes, DFW Real Estate, DFW Relocation, Mortgage Rates, New Home Sales|0 Comments
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Denton County Home Buyers Front-Run Rate Hikes Sending Prices Soaring

Fear of missing out (FOMO) was the theme last month in Denton County Texas as home buyers behaved like irrational humans often do. Buyers jumped into the local housing market front-running the coming Federal Reserve rate hikes. Home prices shattered records as a result. The median price of home rose 25.3% year-over-year to a record $464,000. Average prices rose 23.6% to a record high $554,098. Closed sales were roughly flat compared to last year. That's a testament to how frenzied the activity was given the current backdrop of spiraling interest rates. Pending sales (contracts) fell 10 [...]

By |2022-04-14T14:54:28+00:00April 12th, 2022|Denton County Home Prices, Denton County Homes For Rent, Denton County Homes For Sale, Denton County Real Estate, Denton County Relocation, Denton Tx Home Prices, Denton TX Homes For Sale, Denton TX Real Estate, DFW Home Prices, DFW Homes For Lease, DFW Homes For Sale, DFW Real Estate, DFW Relocation, Housing Market, Housing Policy, Monetary Policy, Mortgage Rates|0 Comments
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Mortgage Rates Breach 5% Mark After Brainard Speech

U.S. mortgage rates breached the critical 5 percent level today. Prepared remarks from FOMC dove Lael Brainard spooked the markets into a tailspin sending yields on the 10-year Treasury above 2.56 percent. Average mortgage interest rates quoted from Mortgage News Daily spiked to 5.02 percent. This is the first time rates have been this high since 2018. You may remember that the fourth quarter of 2018 also saw the stock market and real estate markets come unglued before the Fed stepped in to intervene. Unfortunately for real estate bulls, this time is different. Instead of [...]

By |2022-04-06T11:47:53+00:00April 5th, 2022|Denton Tx Home Prices, Denton TX Homes For Sale, Denton TX Real Estate, DFW Home Prices, DFW Homes For Sale, DFW Real Estate, Housing Market, Housing Policy, In the Press, Markets, Monetary Policy, Mortgage Rates|0 Comments
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New Home Sales Begin Slide As Interest Rates Rise

New home sales are beginning to slide as rising rates clamp down on the housing market euphoria. The Census Bureau reported February new home sales at a seasonally adjusted annual rate (SAAR) of 772,000 units. That's a 2 percent slide from January and down 6.2 percent from last year. The unadjusted February sales estimate shows 65,000 new homes sold. That translates to a 7 percent slide year-over-year. The median price of a new home came in at $400,600. The average price posted at $511,000, a new record high for the series. It's interesting to note [...]

By |2022-03-23T18:47:44+00:00March 23rd, 2022|Denton County New Homes, Denton County Real Estate, Denton County Relocation, Denton Tx New Homes, Denton TX Real Estate, DFW New Homes, DFW Real Estate, Economy, Mortgage Rates, Real Estate|0 Comments
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Collateral Damage Coming to the North Texas Housing Market

Collateral damage in the North Texas housing market is beginning to reveal itself. Inflation is at a fresh 40-year high. Homes have never been more expensive, and interest rates are on the rise. Official consumer price inflation just printed at an annual pace of 7.9 percent. This is with many of the official CPI metrics understating actual inflation. This is also before the spike in global energy markets with the tragedy unfolding in Ukraine. While many housing industry pundits were clinging to the slight drop in mortgage rates last week, that blip is now a [...]

By |2022-03-17T14:46:55+00:00March 10th, 2022|Denton County Home Prices, Denton County Homes For Sale, Denton County New Homes, Denton County Real Estate, Denton County Relocation, Denton Tx Home Prices, Denton TX Homes For Sale, Denton Tx New Homes, Denton TX Real Estate, DFW Home Prices, DFW New Homes, DFW Real Estate, DFW Relocation, Economy, Housing Market, Housing Policy, Monetary Policy, Mortgage Rates, Real Estate|0 Comments
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New Home Sales Fall as Rising Rates Temper Demand

New home sales fell in January to a seasonally adjusted annual rate (SAAR) of 801,000 units. The previous three months were revised higher. Census Bureau estimates put new home sales 4.5 percent below the revised December numbers. New home sales were 19.3 percent lower than January of last year. The median price of a new home contracted in January was $423,300. The average sales price of a new home posted at $496,900. That was a new all-time high. Median and average new home prices both hit new record highs in North Texas in January. On [...]

By |2022-02-25T12:37:03+00:00February 24th, 2022|Denton County New Homes, Denton County Real Estate, Denton County Relocation, Denton Tx New Homes, Denton TX Real Estate, DFW New Homes, DFW Real Estate, DFW Relocation, Economy, Housing Market, Housing Policy, Monetary Policy, Mortgage Rates|0 Comments
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North Texas Housing Market Correction Taking Shape

A housing market correction is coming to North Texas. Don't say you weren't warned. The data points have been piling up for months. The only question remaining is how this all plays out, or more specifically how much pain the Fed is willing to tolerate. Inflation Rages Today's headline print for CPI inflation came in at a red-hot 7.5%. Despite many experts' assumptions that inflation would be moderating, core inflation has actually been increasing in each of the last three month's readings from the Bureau of Labor Statistics. Jerome Powell and the FOMC decided to [...]

By |2022-02-17T16:37:36+00:00February 10th, 2022|Denton County Home Prices, Denton County Homes For Rent, Denton County Homes For Sale, Denton County New Homes, Denton County Property Taxes, Denton County Real Estate, Denton County Relocation, Denton Tx Home Prices, Denton TX Homes For Sale, Denton Tx New Homes, Denton TX Property Taxes, Denton TX Real Estate, DFW Home Prices, DFW Homes For Sale, DFW New Homes, DFW Real Estate, DFW Relocation, Economy, Housing Market, Monetary Policy, Mortgage Rates|0 Comments
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