The latest Market Talks covering Financial Services. Exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
1231 ET – Mortgage rates falling from a 23-year high have brought some early holiday cheer for home shoppers and sellers. A Zillow market report for November shows monthly costs for a new mortgage are falling, inventory is trending back toward normal, and price cuts are uncharacteristically common. Mortgage rates are still above 7%, but price cuts are surprisingly common, and mortgage costs eased a bit. These factors favor buyers who are reluctant to pause their home search in the off-season. Buyers received a bit of relief as monthly mortgage costs on a typical home purchase fell 1.5% from October to November. Affordability improved, too, with mortgage payments, as a share of household income, falling from October’s record high of 40.4% to 38.6% in November. Still, the typical national home value is up 2.8% from last year and now stands at $347,415. (chris.wack@wsj.com)
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