<p>Mortgage rates are approaching 7% as the <a href="http://dailywire.com/topic/housing" target="_blank" rel="noopener">housing</a> market continues to experience turmoil.</p>
<p>The 30-year fixed mortgage rate remained below 3% for much of the past two years, according to <a href="https://fred.stlouisfed.org/series/MORTGAGE30US" target="_blank" rel="noopener">data</a> from government-backed mortgage company Freddie Mac. Since the beginning of the year, however, the rate has surged from just over 3% and reached 6.29% as of last week — marking a 0.25% increase from the preceding week alone.</p>
<p>“The housing market continues to face headwinds as mortgage rates increase again this week,” Freddie Mac Chief Economist Sam Khater said in a <a href="https://freddiemac.gcs-web.com/news-releases/news-release-details/30-year-fixed-rate-mortgage-increased-quarter-percent-week" target="_blank" rel="noopener">press release</a> last week. “Impacted by higher rates, house prices are softening, and home sales have decreased. However, the number of homes for sale remains well below normal levels.”</p>
<p>Contributing to the soaring mortgage rates are actions from the Federal Reserve to <a href="https://www.dailywire.com/news/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy" target="_blank" rel="noopener">raise</a> the target federal funds rate by 0.75%, a move which followed two identical hikes in June and July, in an attempt to relieve elevated inflationary pressures. The policy provoked a stock market <a href="https://www.dailywire.com/news/if-hes-elected-the-stock-market-will-crash-trumps-2020-warning-about-biden-comes-true" target="_blank" rel="noopener">selloff</a>.</p>
<p>Mortgage applications have therefore fallen 3.7% in a single week, according to <a href="https://www.mba.org/news-and-research/newsroom/news/2022/09/28/mortgage-applications-decrease-in-latest-mba-weekly-survey" target="_blank" rel="noopener">data</a> from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. The portion of mortgage activity attributable to refinancing dropped from 32.5% to 30.2%.</p>
<p>Meanwhile, the National Association of Realtors’ Pending Home Sales Index fell 2% in August and 24.2% year-over-year. &#8220;The direction of mortgage rates — upward or downward — is the prime mover for home buying, and decade-high rates have deeply cut into contract signings,&#8221; National Association of Realtors Chief Economist Lawrence Yun remarked in a <a href="https://www.nar.realtor/newsroom/pending-home-sales-dropped-2-0-in-august" target="_blank" rel="noopener">statement</a>. &#8220;If mortgage rates moderate and the economy continues adding jobs, then home buying should also stabilize.&#8221;</p>
<p>In the second quarter of 2022, the median sale price of a home in the United States was $440,300, according to <a href="https://fred.stlouisfed.org/series/MSPUS" target="_blank" rel="noopener">data</a> from the Department of Housing and Urban Development, marking a 36% rise from $322,600 in the second quarter of 2020. Home prices are <a href="https://www.dailywire.com/news/home-prices-mortgage-rates-expected-to-stay-elevated-through-next-year" target="_blank" rel="noopener">expected to increase</a> another 4% in 2023 — a relative slowdown from 17.8% in 2021 and 12.8% in 2022.</p>
<p>The western portion of the United States has witnessed the most severe slowdown in purchase activity amid the high prices, with the region’s Pending Home Sales Index falling year-over-year by 31.3%. &#8220;Home prices are the least affordable in the West and, consequently, the region suffered deeper annual declines in contract signings due to rising interest rates when compared to other areas of the country,&#8221; Yun added. &#8220;However, the recent increases of the last two months, though small, are encouraging.&#8221;</p>
<p>The pressures in the housing market are also <a href="https://www.dailywire.com/news/rental-market-remains-brutal-nationwide-cools-in-some-large-cities" target="_blank" rel="noopener">impacting conditions</a> in the rental space, particularly in large cities on the west coast. In Seattle, Washington, expensive real estate is compelling would-be homebuyers to search for apartments, prompting the city council to unanimously greenlight a special election that will determine whether officials should create more affordable housing, as detailed in an <a href="https://www.zumper.com/blog/rental-price-data/" target="_blank" rel="noopener">analysis</a> from Zumper.</p>
<p>Six of the 10 cities with the most expensive rental rates for one-bedroom apartments are located in California. Although the national average for one-bedroom rent reached $1,503 in September, some rental markets — such as San Jose, California; Miami, Florida; and Nashville, Tennessee — saw moderate month-over-month decreases in average one-bedroom rent.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

Mortgage Rates Near An Astonishing 7%

Bud Light Sales Continue To Plummet, May Soon Lose Status As Number-One Beer

‘Profoundly Christian’: Former Head Of Anglican Church Presses British Government To Endorse Assisted Suicide

Ben Shapiro Reacts To Debt Limit Deal, Hits Both Democrats And Republicans Over Spending Habits

‘The Chosen’ Defends Pride Flag Spotted On Set: ‘Let The Show Speak For Itself’

Chick-Fil-A Faces Backlash As Their Diversity Efforts Resurface, Other Woke Brands Take Beating

North Korea Sentenced Two-Year-Old To Life In Prison After Family Caught With Bible: State Department

News

Economy

Federal Reserve

Housing

Inflation

Interest Rates

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

Mortgage Rates Near An Astonishing 7%