news aggregator

The lull in available homes for sale continued to be the crux of many of the challenges plaguing buyers and real estate professionals alike.

Despite gradual growth in the housing stock, agents and brokers argue that it’s not enough to account for the deficit that has been brewing for a decade now.

They’re still going up. The 30-year fixed-rate mortgage (FRM) averaged 5.81% this week, up from 5.78% last week, according to the latest Primary Mortgage Market Survey® (PMMS®) released by Freddie Mac Thursday.

Key points:

Despite rising mortgage rates, mortgage applications increased 4.2% from one week earlier, according to the latest data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 17, 2022.

Here are the key points from the survey:

The median rental price hit its latest new high of $1,849 per month in May, representing a 26.6% increase since 2019 before the pandemic began, according to the latest realtor.com® Monthly Rental Report, released this week.

While May marked the 10th straight month of double-digit annual growth in national rents, the increase was the smallest since September 2021, offering renters a glimpse of a light at the end of the tunnel, realtor.com® said.

More key findings:

Leading Real Estate Companies of the World® has announced that it has added Hemlane to its Solutions Group program of preferred business resources for its global network of 550 market-leading real estate firms. Hemlane’s property management platform allows real estate brokers and teams to offer full rental lifecycle services, avoiding traditional barriers and risks, according to a release.