Canby Oregon Real Estate

09/17/2022

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Homebuyers should expect more pain. The Federal Reserve is likely to raise rates as inflation soars—and mortgage rates will likely increase.

07/19/2022

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Danielle Hale on home prices, inventory and more.

04/20/2022

* Fannie Mae Home Price Index Measured Home Price Growth At Annual Rate Of 20.0% In Q1 2022. The Fannie Mae Home Price Index (FNM-HPI) accelerated in Q1 2022 to its fastest annual pace in the 47-year history of the index, measuring 20.0 percent year over year, non-seasonally adjusted, up from the 19.1 percent annual rate recorded in Q4 2021. On a quarterly basis, home prices rose a seasonally adjusted 4.8 percent in Q1 2022. “After decelerating toward the end of 2021, the FNM-HPI sped up in the first quarter due to continued strong homebuying demand and a lack of inventory. We believe recent homebuying demand was augmented by many homebuyers pulling forward their home purchase plans in anticipation of rising mortgage rates. Now, with rates having sharply risen since the start of the year – and some of that homebuying demand now met – we expect price growth to begin cooling as the year progresses,” said Doug Duncan, Fannie Mae Senior Vice President and Chief Economist.
Full Story…

Fannie Mae announced today the publication of the Fannie Mae Home Price Index (FNM-HPI), a national, repeat-transaction home price index measuring the average, quarterly price change for all single-family properties in the United States, excluding condos.

03/28/2022

Buyer competition intensified in February due to the expectation of rising mortgage rates and fewer active listings. Find out more in the latest REALTORS® Confidence Index Survey. http://ow.ly/VGfm50IsIOq

03/28/2022

Are you considering the purchase of a home? Interest Rates are on the rise. Good read below!
National Association of Realtors chief economist, Lawrence Yun, said This Week in Real Estate that he expects mortgage rates to be about 4.5% to 5% for the remainder of the year. Dr. Yun further forecasts about a 7% reduction in home sales compared to 2021. It should be noted that the 6.12 million existing home sales in 2021 was the highest level since 2006. Below are a few newsworthy events from the fourth week of March that influence our business:
* Pending Home Sales Dwindle 4.1% in February. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, waned 4.1% to 104.9 in February. Year-over-year, transactions dropped 5.4%. "Pending transactions diminished in February mainly due to the low number of homes for sale," said Lawrence Yun, NAR's chief economist. "Buyer demand is still intense, but it's as simple as ‘one cannot buy what is not for sale.'” "It is still an extremely competitive market, but fast-changing conditions regarding affordability are ahead," he said. "Consequently, home sellers cannot simply bump up prices in the upcoming months, but need to assess the changing market conditions to attract buyers." As of February 2022, higher mortgage rates and sustained price appreciation has led to a year-over-year increase of 28% in mortgage payments. Yun forecasts mortgage rates to be about 4.5% to 5% for the remainder of the year and expects about a 7% reduction in home sales in 2022 compared to 2021. "Home prices themselves are still on solid ground," he added. "They may rise around 5% by year's end and we should see much softer gains in the second half of the year."
Full Story… https://www.nar.realtor/newsroom/pending-home-sales-dwindle-4-1-in-february

* Mortgage Rate Soars Closer To 5% In Its Second Huge Jump This Week. The average rate on the 30-year fixed mortgage shot significantly higher Friday, rising 24 basis points to 4.95%, according to Mortgage News Daily. It is now 164 basis points higher than it was one year ago. Potential buyers are already facing extraordinarily tight supply and sky-high prices. With both rates and prices considerably higher, the median mortgage payment is now more than 20% higher than it was a year ago. Buyers are also facing inflation on everything else in their budgets, which exacerbates the affordability issues. Lawrence Yun, chief economist for the National Association of Realtors, said Tuesday that he expects the rate to hover around 4.5% this year, after previously predicting it would stay at 4%. NAR’s latest official prediction is for sales to drop 3% in 2022, but Yun now says he expects they will fall 6% to 8%.
Full Story… https://www.cnbc.com/2022/03/25/mortgage-rate-soars-closer-to-5percent-in-its-second-huge-jump-this-week.html

* What You Can Expect From The Spring Housing Market. While there are multiple factors causing some uncertainty, including the conflict overseas, rising inflation, and the first rate increase from the Federal Reserve in over three years - the housing market seems to be relatively immune. Freddie Mac reports the 30-year fixed mortgage rate has increased by more than a full point in the past six months. And despite some mild fluctuation in recent weeks, experts believe rates will continue to edge up over the next 90 days. There may be some relief coming for buyers searching for a home to purchase. Realtor.com recently reported that the number of newly listed homes has grown for each of the last two months. Also, the National Association of Realtors (NAR) just announced the months’ supply of inventory increased for the first time in eight months. Prices are always determined by supply and demand. Though the number of homes entering the market is increasing, buyer demand remains very strong. With the demand for housing still outpacing supply, home prices will continue to appreciate. Many experts believe the level of appreciation will decelerate from the high double-digit levels we’ve seen over the last two years. That means prices will continue to climb, just at a more moderate pace. Most experts are predicting home prices will not depreciate.
Full Story… https://www.keepingcurrentmatters.com/2022/03/24/what-you-can-expect-from-the-spring-housing-market/

As the spring housing market kicks off, you likely want to know what you can expect this season when it comes to buying or selling a house.

03/14/2022

Good Morning!
CoreLogic released its latest Homeowner Equity Report This Week in Real Estate that showed homeowners realized an increase of more than $3.2 trillion of equity in mortgaged real estate in 2021. That was an annual increase of 29.3%. The Fed will hike its key policy rate for the first time since 2018 next week. Sam Khater, Freddie Mac’s chief economist, says uncertainty about the war in Ukraine is driving rate volatility in the short-term, however over the long-term rates will continue to rise as inflation broadens. Below are a few newsworthy events from the second week of March that influence our business:
* Homeowners Gained Over $3.2 Trillion in Home Equity in 2021. Soaring home prices over the past year boosted home equity wealth to new highs through Q4 2021. The amount of equity in mortgaged real estate increased by more than $3.2 trillion in Q4 2021, an annual increase of 29.3%, according to the latest CoreLogic Homeowner Equity Report. The average annual gain in equity was $55,300 per borrower, more than two times the gain from a year earlier. U.S. home prices rose by 18% year over year in Q4 2021, up from the 8% annual gain recorded in Q4 2020. Year-over-year home price appreciation increased by 19.1% in January 2022 according to CoreLogic’s latest Home Price Index, though growth is projected to eventually slow over the next 12 months.
Full Story… https://www.corelogic.com/intelligence/homeowners-gained-over-3-2-trillion-in-home-equity-in-2021/

* Volatile Mortgage Rates Rise To 3.85% Amid War, Record Inflation. Mortgage rates have been all over the place lately. They rose this week, reflecting the volatility of the U.S. economy brought by inflation and Russia’s war in Ukraine. The average 30-year-fixed rate mortgage increased to 3.85% for the week ending March 10, up from 3.76% in the previous week, according to the latest Freddie Mac PMMS Mortgage Survey. According to Sam Khater, Freddie Mac’s chief economist, over the long-term, rates will continue to rise as inflation, which spiked 7.9% in February, broadens and shortages increasingly impact many segments of the economy. “However, uncertainty about the war in Ukraine is driving rate volatility that likely will continue in the short term,” he said in a statement. Economists have said that the war in Ukraine could bring a short-term reduction in mortgage rates, as investors flock to safe haven assets like mortgage-backed securities and bonds. However, longer term inflation brought on by the conflict, mainly via oil prices, will cause mortgage rates to rise. The expectation of higher rates increases borrowers’ appetite for new loans.
Full Story… https://www.housingwire.com/articles/volatile-mortgage-rates-rise-to-3-85-amid-war-record-inflation/

* Highest Rates In Nearly 3 Years Ahead Of Next Week’s Fed Hike. The Fed will hike its key policy rate for the first time since 2018 next week, but mortgage rates aren't waiting to move higher. By the end of this week, they were as high as they've been in nearly 3 years. The mortgage market has long since moved on from caring about next week's hike. It was a foregone conclusion by mid-January. Rather, mortgage rates have been responding to a perfect storm of problems that have combined to push the average 30-year fixed rate higher at its fastest pace since 2013. Bottom line, everything hinges on inflation right now. That was already true before Ukraine, and now it's painfully true. Inflation is the Fed's key consideration in making changes that have pushed rates higher. From here, markets will be paying even closer attention to oil prices and inflation metrics. They'll also be listening intently next week as Fed Chair Powell comments on whether the Fed's reaction function might change again in light of the commodity price surge.
Full Story… https://www.mortgagenewsdaily.com/markets/mortgage-rates-03112022

The Fed will hike its key policy rate for the first time since 2018 next week, but mortgage rates aren't waiting to move higher.  By the end of this week, they were as high as they've been in nearly 3 years. The mortgage market has long since moved on from caring about next week& #39...

02/07/2022

The average 30-year-fixed rate mortgage remained flat for the third consecutive week at 3.55% for the week ending Feb. 3, reflecting the impacts of the Omicron variant in the economy, according to the latest Freddie Mac PMMS Mortgage Survey.

02/05/2022

10/06/2021

HELLO ?