The inventory of homes for sale jumped in May, up 6.7% month to month and 18.5% higher than in May last year.
The median price of an existing home sold in May was $419,300, a record-high price in the Realtors’ recording, and up 5.8% year over year.
Sales of previously owned homes are sitting at a 30-year low and didn’t move much in May as prices hit a new record and mortgage rates remain high.
So-called existing home sales in May were essentially flat, down 0.7% from April to a seasonally adjusted, annualized rate of 4.11 million units, according to the National Association of Realtors, or NAR. Sales fell 2.8% from May of last year.
This count of closed sales is based on contracts likely signed in March and April. The sluggish sales pace came as rates took a big leap in April.
Hidden gems aren’t hard to come by in Orlando — you just have to seek them out. From storied sub shops to walk-up Mediterranean delis to late-night taco spots, Orlando is full of great eateries that may be just out of site or nestled in a small space.
Here are 24 of Orlando’s best hole-in-the-wall restaurants.
King Bao 710 N. Mills Ave., Orlando This Mills Avenue mainstay specializes in diminuitive Asian buns stuffed with creative and delicious mixes of proteins and veggies.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.16% from 7.09%.
Mortgage demand from homebuyers was 26% lower than the same week one year ago.
Applications to refinance a home loan fell 2% for the week and were 35% lower than the same week one year ago.
US mortgage rates surged this week, rising to their highest level in 21 years.
The 30-year fixed-rate mortgage averaged 7.09% in the week ending August 17, up from 6.96% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.13%.
Rates have been above 6.5% since the end of May and climbing higher since mid-July. The last time rates were over 7% was in November of last year when they hit 7.08%. This week’s average rate is the highest the 30-year, fixed-rate mortgage has been since April 2002 when it was 7.13%.
Mortgage rates have spiked during the Federal Reserve’s historic rate-hiking campaign sending home affordability to its lowest level in several decades. Buying a home is more expensive because of the added cost of financing the mortgage, and homeowners who previously locked in lower rates are reluctant to sell. The combination of low inventory and high costs has squeezed would-be homebuyers, sending home sales about 20% lower than a year ago.
“The economy continues to do better than expected and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s chief economist. “Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
George Soros’ Open Society Foundations will lay off at least 40% of its staff one month after the 92-year-old announced he handed the reins of the multi-billion-dollar foundation to his son, Alexander Soros.
The job cuts were announced in a statement signed by Alexander Soros and the foundation’s president, Mark Malloch-Brown. It said the foundation would undergo “significant changes” to its operating model.
“Through this new model, the Board aims to transform operations across the global network, with the goal of generating a nimbler organization better able to build on past achievements and confront urgent and emerging challenges,” the statement said.
Average long-term U.S. mortgage rates reached their highest level in more than two decades this week and are likely to climb further as the Federal Reserve has all but guaranteed more rate increases in its battle to tamp down persistent inflation.
Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate climbed to 6.92% from 6.66% last week. Last year at this time, the rate was 3.05%.
The average rate on 15-year, fixed-rate mortgages, popular among those looking to refinance their homes, rose to 6.09% from 5.9% last week, the first time it’s breached 6% since the housing market crash of 2008. One year ago, the 15-year rate was 2.3%.
High rates have pushed many prospective homebuyers out of the market
America’s gross national debt exceeded $31 trillion for the first time this week, a grim financial milestone that arrived just as the nation’s longterm fiscal picture has darkened amid rising interest rates.
The breach of the threshold, which was revealed in a Treasury Department report, comes at an inopportune moment, as historically low interest rates are being replaced with higher borrowing costs as the Federal Reserve tries to combat rapid inflation. While record levels of government borrowing to fight the pandemic and finance tax cuts were once seen by some policymakers as affordable, those higher rates are making America’s debts more costly over time.
“So many of the concerns we’ve had about our growing debt path are starting to show themselves as we both grow our debt and grow our rates of interest,” said Michael Peterson, the CEO of the Peter Peterson Foundation, which promotes deficit reduction. “Too many people were complacent about our debt path in part because rates were so low.”
The new figures come at a volatile economic moment, with investors veering between fears of a global recession and optimism that one may be avoided.
A government report Tuesday that showed signs of some slowing in the labor market was received by investors as a signal that the Fed’s interest rate increases, which have raised borrowing costs for companies, may soon begin to slow.
Higher rates could add $1 trillion to what the federal government spends on interest payments this decade, according to Peterson Foundation estimates.
That is on top of the record $8.1 trillion in debt costs that the Congressional Budget Office projected in May.
The $31 trillion threshold poses a political problem for President Joe Biden, who has pledged to put the United States on a more sustainable fiscal path and reduce federal budget deficits by $1 trillion over a decade.
Average long-term U.S. mortgage rates rose this week for the sixth straight week, marking new highs not seen in 15 years, before a crash in the housing market triggered the Great Recession.
Mortgage buyer Freddie Mac reported Thursday that the average on the key 30-year rate climbed to 6.70% from 6.29% last week. By contrast, the rate was 3.01% a year ago. The average rate on 15-year, fixed-rate mortgages jumped to 5.96% from 5.44% last week.
Freddie Mac noted that for a typical mortgage amount, a borrower who locked in at the higher end of the range of weekly rates over the past year would pay several hundred dollars more than a borrower who locked in at the lower end of the range.
13,657,378 views Nov 10, 2010 University of Central Florida students study for test and get accused of cheating. Somehow a test bank of 700 questions floats around in the class. Students studied the 700 questions for a 50 question exam. The professor finds out and makes all students retake the exam. He claims he has a forensic analysis team on the case. No one can get out of retaking the exam unless they have a signed note from god.
Average long-term U.S. mortgage rates climbed over 6% this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market.
Mortgage buyer Freddie Mac reported Thursday that the 30-year rate rose to 6.02% from 5.89% last week. The long-term average rate has more than doubled since a year ago and is the highest it’s been since November of 2008, just after the housing market collapse triggered the Great Recession. One year ago, the rate stood at 2.86%.
Rising interest rates — in part a result of the Federal Reserve’s aggressive push to tamp down inflation — have cooled off a housing market that has been hot for years.
US Stocks plummeted in their worst day since June 11, 2020 after key August inflation data ticked upward, surprising investors.
The market is worried that hotter-than-expected inflation will prompt the Federal Reserve to raise interest rates more aggressively, inflicting serious damage to the US economy in the process.
