Section
Real Estate
Mortgage rates, home prices and the housing market.
Market data by TradingView. Some quotes may be delayed. Not investment advice.
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Los Angeles elects Nithya Raman, who vows to triple homebuilding in America's least affordable big city
The AP called the mayor's race for the councilmember on Thursday after Karen Bass conceded. Her plan runs on permitting "shot clocks" and fewer fees, and the arithmetic of a $1.12 million median home shows why she made it the centerpiece.
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Mortgage rates fall to 7.18% for a third straight week, but a $400,000 loan is still $255 a month dearer than a year ago
Freddie Mac's 30-year average is now 22 basis points below its October peak of 7.40%, worth about $60 a month on a $400,000 loan. The 10-year Treasury yield has fallen from 5.28% to 4.90% over the same stretch.
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Mortgage rates slip to 7.22% on Mortgage News Daily, saving $22 a month on a $400,000 loan
Mortgage News Daily's 30-year index fell 0.08 points on Wednesday as the 10-year Treasury yield eased after the midterms. Freddie Mac's weekly reading, due at noon ET Thursday, last stood at 7.24%.
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Zillow grows revenue 7% to $724 million as home sales revenue falls 4%: shares drop 16% after hours
Mortgages and rentals carried the quarter while Zillow's core residential business shrank, traffic fell, and a $165 million legal settlement turned a profit into a $158 million net loss.
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Appeals court clears Mamdani's pied-à-terre tax: up to 11,200 homes, $380M to $500M a year
A New York appeals court threw out the owners' lawsuit on standing grounds, so the surcharge on second homes keeps rolling out. Two other challenges could still kill it.
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Florida voters pass Amendment 3 with 62%: homeowners get a bigger tax break, landlords may get the bill
The measure triples the homestead exemption in 2027 and halves the assessment cap on commercial property, while local governments lose a projected $4.6 billion in its first year. Who pays the difference is the open question.
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Mortgage rates fall for a third week, yet purchase applications drop 2% and sit 19% below last year
The MBA's 30-year contract rate slipped to 7.3% from 7.37% in the week to Oct. 30, the lowest since September, but cheaper money is not bringing buyers back: a year ago the same rate was 6.17%.
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AG Mortgage Investment Trust (now TPG MITT) book value falls 7.3% to $9.27 as Cherry Hill deal nears
The mortgage REIT reported a $0.49 per share loss for the third quarter and earnings available for distribution of $0.21 against a $0.24 dividend. The Cherry Hill merger terms are unchanged.
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Freddie Mac: 7.24% mortgages still cost $284 more a month than a year ago
The weekly 30-year average fell another eight basis points. On an illustrative $400,000 loan, that trims about $22 monthly, much less than the increase from last year's rate.
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Extra Space Storage raises its 2026 forecast to $8.40-$8.50 a share as costs fall 1.8%
The self-storage landlord grew same-store revenue 2.7% in the third quarter, but cut repairs by 20% and insurance by 16.5%, and its own guidance implies a softer fourth quarter. It also named a new CEO.
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What the new-home sales report actually means for a framer, a roofer and a moving company
Headlines say sales fell as mortgage rates surged. Census says the 0.6% dip is within the margin of error, but a 7.32% rate adds $241 a month to the typical new-house payment.
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One in five US home listings has now cut its price: 20.8% in September, the most in four years
Realtor.com and Redfin data show sellers cutting prices as buyers hit a record low of 929,000. One figure in a widely shared Associated Press story is off.
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Trump's housing order cancels no one's mortgage insurance today: it covers only future loans
The executive order sets up a pilot to drop private mortgage insurance automatically and to waive lender title insurance on refinances. The text makes both conditional, and neither touches today's 7.32% rate.
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Homebuilders are paying for sales with margin: NVR gross margin falls to 18.3%, M/I to 20.9%, Pulte to 24.8%
PulteGroup, NVR and M/I Homes all reported lower profit and fewer orders for the third quarter. The filings show where the incentives went: gross margins down 140 to 300 basis points in a year.
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Trump orders pilot to cancel mortgage insurance automatically, but nothing changes for borrowers yet
The housing order signed Thursday directs FHFA to build a program, widen a title insurance waiver and set up a manufactured housing task force. Mortgage rates, at 7.32%, are the bigger bill.
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Florida approves four homeowners rate cuts covering 62,000 policies, but your renewal may differ
The state says the cuts, up to 10.4%, take effect at renewal. Approved rates are not your bill: coverage, deductible, discounts and fees all count. Here is how to check.
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Atlanta Fed: Miami-area home ownership costs ease to $3,980 from $4,310, still 60% of income
The Fed estimates a median-income household would spend about 60% of income to own the area's $534,333 median-priced home. Nearly 60% of renters are cost-burdened too. These are modeled estimates, not a typical bill.
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Mortgage rates fall to 7.32%, the first drop in weeks, but it saves just $22 a month on a $400,000 loan
Freddie Mac's 30-year average slipped from 7.40% as Treasury yields eased. A year ago it was 6.19%, and that gap is still worth about $300 a month.
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What the housing lock-in actually means for a moving company, a remodeler and a real estate office
Nearly half of mortgages carry a rate under 4% while new loans cost 7.4%. On a $400,000 loan the gap is about $1,029 a month, which is why people stay put and who feels it.
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Mortgage rates fell for the first time in two months and applications still dropped 5.3%
The MBA's 30-year rate slipped 9 basis points to 7.41%, a move worth about $25 a month on a $400,000 loan. Purchase applications fell 7% on the week and sit 18% below last year.
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Housing starts fall 5.2% to 1.22 million as 43% of builders cut prices, the most since 2020
Census says the drop is inside its margin of error, but permits, completions and builder sentiment all point the same way. A look at what the official numbers do and do not prove.
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What a 7.3% drop in pending home sales actually means for an agent, a mover and an HVAC contractor
Signed contracts on existing homes fell 7.3% in September and 11.3% from a year ago as the 30-year rate hit 7.40%. The drop lands on different trades in different months, and the arithmetic is not the same for each.
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What 150,000 mortgage resets and a $1,080 payment jump mean for an owner-operator, a restaurateur and a contractor
ICE data says 150,000 adjustable-rate borrowers reset for the first time this year, with a median payment increase of $1,080. The reset rate is still below today's 7.40% fixed rate, which changes what to do about it.
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What builders cutting prices at a record share means for a spec builder, a framing sub and a remodeler
The NAHB builder index fell to 29 in October and 43% of builders cut prices, the highest share since 2020. Here is what that does to three kinds of construction business, with the arithmetic.
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What a 7.40% mortgage rate that stopped rising means for a first-time buyer, a self-employed buyer and a move-up seller
Freddie Mac's 30-year average held at 7.40% on Thursday after seven straight weekly increases. On a $400,000 loan that is $301 a month more than a year ago, and about $13,000 more income needed to qualify.
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What Fannie Mae's 7.5% mortgage forecast actually means for a remodeler, a mover and a spec-home builder
Fannie Mae now expects the 30-year rate to average 7.5% through 2027, up from 6.7%. The same rate move lands on a remodeler, a moving crew and a builder carrying unsold houses in three different ways.
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What September's home-sales uptick actually means for a brokerage, a mortgage broker and a property manager
Existing-home sales rose 1.5% to a 3.99 million annual pace, but those deals were signed at lower rates. Here is what the number does, and does not, say about the next three months for the firms paid at closing.
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Pending home sales fall to a 12-year low as 14.5% of deals collapse and all 50 big metros decline
Redfin's September data shows contracts down 4% in a month, the biggest drop in three years, with a record-high cancellation rate outside the 2020 shutdown. At 7.40% mortgage rates, the same loan costs about $231 a month more than it did a year ago.
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Mortgage rates rise to 7.40%, a seventh straight weekly gain, and lenders widened their margin
Freddie Mac's 30-year average is up 75 basis points since late August. This week the 10-year Treasury barely moved, yet mortgages rose 12 basis points, which adds about $33 a month on a $400,000 loan.
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Tishman Speyer signs a 150-year Chrysler Building lease, a tower roughly half empty
The $235 million deal puts prebuilt suites on 75% of the vacant space. The land rent that sank the last owner works out to about $25 a square foot a year at its peak, before a tenant pays anything for the building itself.
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What 15% fewer home-purchase applications actually mean for a furniture store, a landscaper and a move-out cleaner
The Mortgage Bankers Association says its 30-year rate hit 7.49% and purchase applications are down 15% from a year ago. The trades that live off closings feel it first, and in different ways.
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What a record 21% price-cut rate actually means for a house flipper, a home stager and a handyman
Redfin says 21.1% of sellers cut their asking price in the four weeks ending September 20, the highest for the time of year since 2022, with 30.9% in Denver. The rise is small, which tells a flipper, a stager and a handyman three different things.
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Boomers will hand off 13.9 million homes in a decade, but only 380,000 are starter homes
Realtor.com's new analysis finds the biggest release since the pandemic will land mostly in family and large homes. Starter homes, the ones first-time buyers can afford, are about 3% of it.
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Berkshire lifts its Lennar stake to 11.2%; 97% of this week's buying came on one day, at $81.59
Berkshire has spent about $403 million on Lennar shares since September 17 at an average near $79. The latest Form 4 shows the slowdown is less a taper than two token days and one big one, and this week's purchase already sits below Friday's close.
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Home flipping returns fall to 21.5%, but ATTOM's $60,526 gross profit is before rehab costs that can exceed it
ATTOM's Q2 report shows the two-year slide in flip margins continuing. Its own methodology says rehab typically runs 20% to 33% of resale value, more than the typical gross profit, and Dallas flips at a high rate on a 1.8% gross margin.
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Reverse mortgage endorsements fall to 1,790, the lowest since April 2020, as the 10-year yield climbs 85 basis points
HECM endorsements fell 6.7% in September and HMBS issuance fell 17%. A 10-year yield at its highest since 2002 lowers how much a borrower can take out, because HUD's formula sets proceeds off that yield.
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Price cuts hit 20.8% of US listings, a four-year high, but the rate jump since last fall would need a 9% cut to offset
Realtor.com counts 1.16 million homes for sale, up 5.5%, and the West has replaced the Midwest as the soft spot. Prices per square foot are down 1.7%; the rise in mortgage rates adds about $251 a month on a $400,000 loan.
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10-year yield climbs to 5.28% despite a 29,000-job report as mortgage-bond ETFs see $2.4 billion of outflows
A weak jobs number pulled Treasury yields down in the morning, and they were higher by early afternoon. The selling in mortgage bonds is what keeps a 7.28% mortgage rate from easing.
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FHFA readies two-bureau mortgage credit reports; TransUnion rises 3% anyway after a 12% slide
Fannie Mae and Freddie Mac may soon accept credit reports from two bureaus instead of three, Bloomberg reported. The bureau stocks did most of their falling earlier in the week, and the saving for a borrower is measured in tens of dollars.
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What 7.28% mortgage rates actually mean for a title office, a home inspector and a landlord buying a duplex
Freddie Mac's 30-year average jumped 25 basis points to 7.28%, the biggest weekly rise since 2022. Refinance applications are 56% below a year ago and purchases 14% lower, and those two numbers land very differently on three kinds of business.
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Manhattan office asking rents jump 9% in a quarter to $85.08 as available space hits its lowest since 2020
Colliers counts 64.76 million square feet available, a 12.4% rate, after a tenth straight quarter of tightening. That is a sharp contrast with office debt nationally, and it is the small tenants renewing leases who feel it first.
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Mortgage rates jump to 7.28%, the highest since November 2023 and the biggest weekly rise since 2022
Freddie Mac's 30-year average rose 25 basis points in a week. On a $400,000 loan that is about $68 a month more than last week and $251 more than a year ago, and almost all of it tracks the 10-year Treasury.
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Mortgage applications fall 6% as the MBA rate hits 7.3%; ARM share climbs to 10.3%
Refinance applications fell 9% and purchases 4% in the week to Sept. 25. Borrowers are turning to adjustable-rate loans, but the 5/1 ARM rate jumped 37 basis points in the same week, twice the rise in the fixed rate.
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Mortgage rates reach 7.58%, the highest since November 2023, while the 10-year sits at a 2007 high
Every loan type in Mortgage News Daily's table is at a 52-week high. The gap between mortgage rates and Treasuries has narrowed by about half a point since 2023, which is why mortgages are not worse.
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Case-Shiller home prices up 1.9% in July, but 12 of 19 metros slipped on the month and real prices fell again
The national annual gain picked up from 1.6%, led by Chicago at 6.9%. After inflation, prices fell for a 14th straight month, while a buyer's monthly payment on the same loan is about $193 higher than a year ago.
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What the VantageScore mortgage switch actually means for a self-employed buyer, a mortgage broker and a landlord
A major lender will make VantageScore 4.0 its default score on conforming and VA loans this quarter, and the FHFA says Fannie and Freddie will price both scores on one grid. For a broker, the score bill on 30 files a month can run from about $30 to more than $1,600. Here is who gains, who does not, and the arithmetic.
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Fair Isaac slides 26% as Rocket Mortgage makes VantageScore its default; FHA and jumbo loans stay on FICO
Rocket Mortgage will pull VantageScore 4.0 first on conforming and VA loans from the fourth quarter. About $4.8 billion came off FICO's market value by mid-morning, but Rocket's own carve-outs show how much of the business is still FICO's for now.
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FHFA home prices rose 0.3% in July and 2.6% in a year; Middle Atlantic up 6.3%, Mountain up 0.6%
The national gain hides a tenfold spread between regions. On a median-priced home, the jump in mortgage rates since last fall costs a buyer about three times as much each month as the rise in the price itself.
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Fair Isaac falls 21% as Fannie and Freddie move to one pricing grid with VantageScore; scores are 68% of its sales
FHFA Director Bill Pulte said the two mortgage giants will price loans off a single grid that includes VantageScore. Scores make up 68% of FICO's revenue and earn a 91% segment margin, which is why the stock reacted this hard.
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Morgan Stanley picks Dallas for a 3,800-job hub: $684 million from the bank, $62 million in public incentives
Texas granted $43.8 million and Dallas $18.5 million, about $16,400 per promised job. The "$1.3 billion" headline figure includes a developer's tower the bank will lease, and most of the jobs arrive after 2031.
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Mortgage rates hit 7.50% in a daily index, the first time since April 2024; the 10-year is at 5.24%
Mortgage News Daily's 30-year index is up 0.69 of a point in a month. On a $400,000 loan that is $187 a month more, and the cheaper-looking alternatives now save far less.
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Brixmor and Everview buy Slate Grocery REIT for $2.34 billion; the pitch is rents 32% below Brixmor's own
Brixmor takes 23 grocery-anchored centers outright for $636 million and a 20% stake in 92 more. Its filing says in-place rents average 32% less than its current portfolio, which is the upside it is paying for.
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Mortgage delinquencies rise to 3.53% in August, ICE says; prepayments on 2023-2025 loans fall by 61%
The headline delinquency rate is mostly a calendar effect. The bigger shift is in prepayments: the recent borrowers who were supposed to refinance have stopped, and rates just moved further out of reach.
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Office CMBS delinquency hits 13.2%, highest since at least 2019; half of troubled loans were still paying
CRED iQ data show 71% of distressed office debt is a refinancing problem, not a missed-payment problem. With the 10-year Treasury above 5%, that gap is getting wider, not narrower.
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Mortgage rates jump to 7.45% in a daily survey, well above Freddie Mac's 7.03% weekly reading
Mortgage News Daily's index rose 19 basis points in one day as Treasury futures volume hit about 3.8 million contracts. Freddie Mac's weekly figure had not yet captured the move.
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Freddie Mac's apartment-loan delinquencies rise to 0.64% from 0.42% in February, while home loans hold at 0.60%
Freddie Mac's August report shows stress building in multifamily lending, not in single-family mortgages. Its own gauge of interest-rate exposure is also more than five times what it was a year ago.
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Commercial property sales hit $107 billion in August, but $70 billion was mergers; the rest fell 21%
MSCI data show one apartment REIT merger drove a 127% jump in volume. Strip it out and ordinary property sales shrank, while the gap between cap rates and the 10-year yield has narrowed since.
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HouseCanary files Chapter 11 over a $30 million loan while it waits to collect a $175 million-plus verdict from Rocket
The property-data company behind Google's home listings pilot says bankruptcy is the way to stop a lender seizing it before a court turns its jury win into a judgment.
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Mortgage rates top 7% in Freddie Mac's survey at 7.03%, the highest since January 2025
The weekly 30-year average rose from 6.95%. On a $400,000 loan that is $193 a month more than a year ago, and nearly all of the rise came from the 10-year Treasury, not from lenders.
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What August's new-home sales jump actually means for a framer, a cabinet shop and a spec builder
New-home sales rose 6.4% to a 684,000 annual pace, but the Census Bureau says the gain is inside its margin of error. The useful news for the trades is in the detail: more homes sold before they were built, and finished homes sitting longer.
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Median down payment rises to $27,100 in the second quarter, but it is still lower than a year ago
Realtor.com's new report shows buyers put down 13.7%, up from 12.9% in the first quarter and down from 14.3% a year earlier. Here is what the gap to 20% down is worth at current mortgage rates.
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Granite Point puts itself up for review and sets a 1-for-10 reverse split, with its stock at 15% of book value
The commercial real estate lender says it is weighing a merger, asset sales or new capital. Its shares are worth about $40 million against a June book value of roughly $275 million, and its cash has been falling.
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Fed's Barr says more rate hikes are likely as home affordability hits a 21-year low
Governor Michael Barr said the Fed was "out of position" before last week's hike and that further increases are likely in his base case. In the same speech he laid out why mortgage relief will not come from the Fed alone.
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What 7% mortgage rates actually mean for a remodeler, a moving company and a real estate team
The MBA's 30-year rate hit 7.12%, the highest since May 2024. Refinance applications are 62% below a year ago and purchase applications 11% lower. For businesses that live on home sales and refinancings, here is what that does to the work.
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Lennar spinoff Millrose borrows $1 billion at 6.5% and 6.75%, partly for Dream Finders-Beazer land
The homesite financier is paying about 1.7 to 1.9 points over Treasuries, and part of the money must be returned if the homebuilder merger is not done by May 2027.
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Mortgage rates hold at 7.17%, and the usual escape hatches save less than they did a year ago
The daily 30-year average is $311 a month above its 52-week low on a $400,000 loan. Adjustable and 15-year loans now sit closer to the 30-year than they did a year ago.
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KB Home earns $1.05 a share as revenue falls 20%, and trims its full-year margin range to 16.0%-16.2%
The builder says full-year numbers stay "within the ranges" it gave in June. Put the two releases side by side and the ranges have narrowed to their low end, while cancellations jumped to 18%.
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Home prices rose 3.7% in a year, the fastest pace in 12 months, in the strongest buyer's market on record
Redfin's August index shows prices still climbing even with 58% more sellers than buyers. Add higher mortgage rates and the same house costs about $224 a month more than a year ago.
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What a 5% 10-year Treasury actually means for a dentist, a restaurant owner and a landlord with a loan reset
The 10-year yield closed at 5% or higher on three days last week, the first time since 2007. For an owner whose building loan was fixed in 2021 and resets now, our worked example shows the payment rising about 38%. Here is the arithmetic.
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Berkshire crosses 10% of Lennar and buys $212 million more stock in three days; shares jump 6.5%
Berkshire bought near Lennar's 52-week low, days after the homebuilder's profit halved. Crossing 10% also means every future trade has to be disclosed within two business days.
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MBA and Fannie Mae cut mortgage lending forecasts, but both still see home-purchase loans growing in 2027
The MBA now expects $2.101 trillion of mortgages in 2027, less than this year. Its forecast tables show the cut is a refinance story, and both forecasts assume lower rates than borrowers are getting now.
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Mortgage rates jump to 6.95%, the biggest weekly rise in more than a year
The average 30-year fixed rate climbed from 6.76% to 6.95% in Freddie Mac's weekly survey, as the Fed raised rates and the 10-year Treasury yield pushed above 5%.
