Bidding Wars Reach Their Lowest Level This Year

Kennith Bogan

Redfin analysis: In Aug., about 59% of offers on homes written by Redfin agents faced competition, a record low for this year and the lowest level since 2020.

SEATTLE – Competition for homes on the market is lessening, which could provide an opening for home buyers who have been losing out amid this year’s bidding wars.

In August, about 59% of offers on homes written by Redfin agents faced competition, which is a record low for this year and the lowest level since 2020, according to a Redfin analysis. That’s down from a peak of 74% in April.

There have been additional recent signs that the housing market is cooling somewhat: Contract signings in July have dropped, mortgage applications for home purchases – a gauge for future homebuying – have been easing and more sellers are making price adjustments.

Still, sellers continue to have the upper hand. The number of

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Mortgage Rates Dip Lower This Week; 30-year Loan at 2.86%

Kennith Bogan

Freddie Mac: It’s down from 2.88% final week and shut to the 2.87% the 30-calendar year FRM was at this time past year. The 15-12 months FRM now stands at 2.12%.

WASHINGTON (AP) – Regular extensive-phrase mortgage loan fees dipped decrease this week as financial prospective customers ongoing muted amid a wave of new delta variant coronavirus circumstances. They remained below 3%.

Mortgage purchaser Freddie Mac described Thursday that the typical price for a 30-calendar year mortgage loan edged down to 2.86% from 2.88% past 7 days. That’s pretty shut to the place the benchmark amount stood at this time past yr, 2.87%. It peaked this year at 3.18% in April. House bank loan costs fell in the early summer time and then remained constant regardless of increases in inflation.

The charge for a 15-calendar year loan, a well known possibility for home owners refinancing their mortgages, fell to 2.12%

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