As home-buying season kicks off, average mortgage rates exceeded 4%—their highest levels since May 2019, Freddie Mac announced Thursday.
To help you stay current on the market, ZeroDown compiled a weekly real estate market report in Bellingham using data from Redfin. Statistics are as of the four weeks ending March 13. Metros with more than 50 homes sold during this time period were considered for metro-level rankings for each statistic.
Mortgage applications for new home purchases dropped 3.9% between February 2021 and 2022, according to Builder Application Survey data for February 2022 from the Mortgage Bankers Association. This also marks a 1% drop since January of this year. MBA further estimates that new home sales slumped for a third consecutive month in February with 791,000 units sold.
In early March, Federal Reserve Chair Jerome Powell came out in favor of a .25-point interest rate increase to mitigate…