Mortgage
Interest rates for mortgages have stabilized at below 7%.
– Mortgage rates remained stable, with the average rate on a 30-year fixed-rate mortgage at 6.93% as of Wednesday.
– The Mortgage Bankers Association reported no increase in loan applications, as homebuyers are waiting for lower rates and more listings to hit the market.
– Renting is now more affordable than buying a home in all of the top 50 U.S. housing markets, with Austin being a prime example.
– The median monthly rent payment in February was $1,530, while the monthly mortgage payment was $3,695, making buying a starter home 141.5% more expensive than renting one.
– Rental prices fell in February for the seventh month in a row on an annual basis, with the biggest price cuts seen in smaller units.
– Rent for studios decreased by 1.5% year over year, while rent for one-bedroom and two-bedroom units also saw slight decreases.
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