Jefferson City Weekly Real Estate Update | MO State News
According to Mortgage Bankers Association weekly survey.
“The buying market has been hurt by persistently weak housing inventories and soaring mortgage rates over the past two months,” Joel Can, an economist with the Mortgage Bankers Association, said in a statement. “These worsening affordability issues have been particularly difficult for potential first-time buyers.”
Demand for mortgages to buy a home fell 7% last week and was 21% lower than a year ago.
The average interest rate on a 30-year fixed rate mortgage went from 5.33% to 5.40%. For a 15-year fixed rate mortgage, the average rate went from 4.59% to 4.62%.
Loan refinancing fell 6% for the week and was 75% lower than a year earlier.
“While rates were still lower than they were four weeks ago, they remained high enough to continue to suppress refinancing activity,” Kan said.
The Federal Reserve meets next week and could announce another hike in its main borrowing rate. On Thursday, Freddie Mac, the mortgage buyer, reported a 30-year rate of 5.23%. The average rate had not exceeded 5% for more than a decade before April 2022.
To help you stay up to date with the market, ZeroDown compiled a weekly report on the real estate market in the Jefferson City, MO metropolitan area using data from red fin. The stats are from the four weeks ending June 5, 2022. Metros with more than 50 homes sold during that time period were considered for metro-level rankings for each statistic.