ALL THE MONEY NEWS YOU NEED TO KNOW | | | | | | Swapna Venugopal Ramaswamy | National Housing and Economy Correspondent @SwapnaVenugopal | | | | |
Happy Fri-yay, Daily Money readers! Hope you have some fun plans for the weekend. This is Swapna Venugopal Ramaswamy bringing you today's top headlines. |
Not surprisingly, existing-home sales fell in September. They slipped 2% from last month and 15% from a year earlier, according to a report from the National Association of Realtors released Thursday. | Housing affordability has taken a hit as mortgage rates surge TOM E. PUSKAR/MANSFIELD NEWS JOURNAL |
The median sales price for existing homes, meanwhile, dropped to $394,300 in September from $404,100 in August. However, it rose 2.8% above the price from a year earlier, marking the fourth consecutive year-over-year increase. |
"The Federal Reserve simply cannot keep raising interest rates in light of softening inflation and weakening job gains," said NAR Chief Economist Lawrence Yun. |
Mortgage rates averaged 7.63% for a 30-year conventional loan this week, according to data released Thursday by Freddie Mac. |
"In this environment, it's important that borrowers shop around with multiple lenders for the best mortgage rate," advises Sam Khater, Freddie Mac's chief economist. |
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