Real Estate Trends and Mortgage Rate Impact

A for sale sign in Arlington, Virginia, marked August 22, 2023

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[{"selector":"#anim-3248ff22-0c16-4f5b-92f0-da7c3729f233 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.013844994683797%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-6d579fd4-2095-4edc-9dd8-d2a017d3138d","keyframes":{"transform":["translate3d(-109.91254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-13a0729c-af9f-40bc-95a7-c579ee6d0c37","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b72658c5-34c4-466d-b41b-24a8d0a7ce50","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-38966dfd-3d8a-405a-849f-d7c546bdda49","keyframes":{"transform":["translate3d(126.29630%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-876c4342-ece5-4f49-a82b-66473340c63c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-27e4ce1d-7f44-4b31-bcb8-d8a294c8e195","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Refinance applications saw a 13% weekly jump but remained 29% lower compared to the same week last year

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[{"selector":"#anim-a474fc4a-b8fe-48af-88d7-143180d3a043 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.013844994683797%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-320cbd57-14ec-45e4-9d21-89068979b90e","keyframes":{"transform":["translate3d(-109.91254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ba92d7c3-9ca3-4bdc-bed8-dcc29bb83f2c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98679b25-1d1d-4dd8-a4ed-e71299793b6c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-1f6d39d1-e2a9-4e8b-9d89-f0374b6e5945","keyframes":{"transform":["translate3d(126.29630%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a0a26265-5030-4123-96dd-87790ef61b06","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b13ed6d0-5e2b-4ac4-9959-eab6e02ff906","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] The average contract interest rate for 30-year fixed-rate mortgages rose to 7.31%

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[{"selector":"#anim-96910d1a-4d14-4aaa-b086-c97855f89f18 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.013844994683797%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-75f54cc7-6219-41be-bfad-95fd4fb61ef6","keyframes":{"transform":["translate3d(-109.91254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e48f088f-dfde-4263-8fa2-767d72c383bd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8344e6db-e058-42c7-be3c-baac6b5f3810","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d90ed8de-4bc7-4050-92f2-fa8d55dfae79","keyframes":{"transform":["translate3d(126.29630%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-512e3186-3dc6-42a0-9675-a88532c623d5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7966bc06-425b-43fe-b185-c1bf59a71ccc","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Fluctuations in the small refinance market can result in significant percentage changes

[{"selector":"#anim-49d6cda5-821b-457c-be1f-8c4bdf75e693 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.013844994683797%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-558a108b-9399-4cb0-81ef-4cfcf00c8aa7","keyframes":{"transform":["translate3d(-109.91254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3a20f7f0-b8eb-4098-bb13-00c9de0f7f4e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d1ffb359-b384-4959-8f29-17c007102afa","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-c00e434c-12b0-46ea-a6eb-b62277259997","keyframes":{"transform":["translate3d(126.29630%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0ce959c8-52ff-4db4-8a91-5a9c2cf0afb6","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-12299a0f-0420-43c7-861c-473b2d501318","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Mortgage applications for home purchases increased by 2% but were 26% lower year-over-year

[{"selector":"#anim-10df4819-4f29-4be2-a988-cdda52e8416a [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.013844994683797%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-0ff7822a-d24c-4cdc-8015-145c1f62ee92","keyframes":{"transform":["translate3d(-109.91254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9378ad2c-64ed-44a7-b097-9d414951ec37","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6237c2f5-2e1d-4738-8f78-ae24ec306039","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d7cdc589-63ce-45b6-ae3f-e7c28c54178a","keyframes":{"transform":["translate3d(126.29630%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0cc0e3da-23bf-4331-bd6f-33266c2c1c8b","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f1cd44b1-9c0d-43d3-ad36-0d0d831087a4","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Homebuyers face challenges due to higher rates and limited inventory

[{"selector":"#anim-50b49fdc-7a15-4003-a6bd-e26293842d94 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(-5.013844994683797%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] [{"selector":"#anim-39663dae-cfaf-4417-b5e4-51d44d51c49b","keyframes":{"transform":["translate3d(-109.91254%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-eb167295-d0dc-4352-8162-f672ace2375a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b45a23fd-f8ef-4672-b3ff-de6f3c285bf2","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-4c0e27e3-816c-489e-92c2-0a2fd497b5ea","keyframes":{"transform":["translate3d(126.29630%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2efe5330-2d3d-4275-8b47-22ad9c711fff","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a1fab259-0595-489e-a87c-44259551295f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] With rising home prices, the average loan size for purchases reached $416,800, leading to bidding wars amid low supply