0
0.0
Jan 16, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
olick is joining us with the latest diana, good morning. >> reporter: good morning, frank.s a week ago of the surge in interest from pewer from buyerd sellers. the 30-year fixed hit 8% in october and started coming down in november and sharply in december it is now 6.69%. despite 4 inches of fresh snow and freezing temperatures over the weekend, buyers showed up to this open house in detroit on saturday the renovated home is listed at $254,000 well below the median price nationally, but it is the key to get this woman out looking >> i have a home in georgia. that finance rate i got back when the market crashed. i know i'll never get 4% i don't want 9%. it is not a credit card. it's a house >> reporter: the fannie mae survey states that consumers think the rates will drop it year they are trying to get a jump on the competition. there is still not a lot for sale, but sellers will get in the game because of lower rates. >> because rates have changed somewhat and sales are feeling more comfortable with putting more homes on the market it is not as reflective as of this moment.
olick is joining us with the latest diana, good morning. >> reporter: good morning, frank.s a week ago of the surge in interest from pewer from buyerd sellers. the 30-year fixed hit 8% in october and started coming down in november and sharply in december it is now 6.69%. despite 4 inches of fresh snow and freezing temperatures over the weekend, buyers showed up to this open house in detroit on saturday the renovated home is listed at $254,000 well below the median price nationally, but...
0
0.0
Jan 4, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
diana olick is here to see if this key consumer sector is set for rebound.iana. >> reporter: good morning, frank. current homeowners are sitting on $10.6 trillion in home equity that they can access while still keeping 20% equity in the homes. that's just t3% of the 2020 pea. they are not tapping it. why? the cost of taking it out it higher. 0.41% of total equity available at the beginning of q3 was withdrawn according to ice mortgage technology. that is half of the average withdrawal rate from 2010 to 2021. that is the ten years leading up to the tightening cycle. covering all kinds of rate dynamics during the years where homeowners were taking out 1% each quarter. what does that mean? cash? it is equal to $54 billion of missing withdrawals that might have otherwise stimulated the broader economy. over the last 18 months, 2$250 billion in lost spending many people are not taking money out because of the interest rates. rates are moving lower. if they move significantly lower that could change. cashout refinances are 90% of the refi activity. those who do wi
diana olick is here to see if this key consumer sector is set for rebound.iana. >> reporter: good morning, frank. current homeowners are sitting on $10.6 trillion in home equity that they can access while still keeping 20% equity in the homes. that's just t3% of the 2020 pea. they are not tapping it. why? the cost of taking it out it higher. 0.41% of total equity available at the beginning of q3 was withdrawn according to ice mortgage technology. that is half of the average withdrawal...
0
0.0
Jan 19, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
diana olick joins us now to dig into data. a slight gain in december. i'm not sure why given the sales are based on closing. so that is contracts that were signed in late october and november when mortgage rates were at recent highs, around 8%. existing home sales in december at 1% month of the month, and we're 6.2% lower compared with december 2022. for the full year, sales were at the lowest level since 1995. that's down 19% from 2022's full year sales. prices hit a record high for both december and the full year. the medium price for a home sold in december was up or 0.4% year over year. that of course was due to the still tight supply. although inventory improved slightly, 1 million units for sale at the end of december, down 11.5% from november, but up 4.2% from the year before. holmes state on the market longer in december, an average of 29 days, up from 25 in november. and first time buyers are really struggling. just 29% of the sales. historically, first timers should be making up 40% of the market. the realtors chief
diana olick joins us now to dig into data. a slight gain in december. i'm not sure why given the sales are based on closing. so that is contracts that were signed in late october and november when mortgage rates were at recent highs, around 8%. existing home sales in december at 1% month of the month, and we're 6.2% lower compared with december 2022. for the full year, sales were at the lowest level since 1995. that's down 19% from 2022's full year sales. prices hit a record high for both...
0
0.0
Jan 19, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
now for existing home sales for the month of december, we're going to turn to diana olick. diana?e sales in december fell 1% month to month to a seasonally adjusted annualized rate of 3.78 million units. that's a miss. the street was looking for a slight gain. sales 6.2% lower compared with december 2022 and, of course, we have the full year sales that came in at 4.09 million units. that is the lowest level since 1995. and down 19% from 2022. prices, however, hit a record high for both december and the year. the median home price sold in december was $382,600, up 4.4% year over year due to tight supply, although inventory did improve slightly. 1 million units for sale at the end of december, down 11.5% from november up 4.2% from the year before at a 3.2 month supply, six months is considered a balanced market between buyer and seller. now homes stayed on the market longer in december, averaged 25 days up from november. they were just 29% of sales historically first-time buyers make up 40% of the market. the realtors chief economist said this marks the bottom of the recent sales cy
now for existing home sales for the month of december, we're going to turn to diana olick. diana?e sales in december fell 1% month to month to a seasonally adjusted annualized rate of 3.78 million units. that's a miss. the street was looking for a slight gain. sales 6.2% lower compared with december 2022 and, of course, we have the full year sales that came in at 4.09 million units. that is the lowest level since 1995. and down 19% from 2022. prices, however, hit a record high for both december...
0
0.0
Jan 19, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
diana olick has sort of been preaching this to us for a year or more, but if there is no availabilityement to tell you about. sports illustrated laying off nearly all its staff and the staff of the magazine is into. i used to work for the company that owned it. the company that licensed the magazine for publication missed a payment, and therefore the company that owns the brand revoked the licensing agreement. sports illustrated! in my house since i was a young boy. thanks for watching power lunch. >> closing bell begins right now. >>> welcome to closing bell. i'm mike santoli in fourth got rough in. today stocks are barreling higher. the index is up by more than 1% across the board. the dow ahead by 400 points. they are a french entry day highs. we've got you covered as we head towards the. close scott walker is live from the american express pga tour event in look into, california. he will join us shortly with a big interview you will not want to. ms. energy founder and ceo west eaten. 's we begin here at this make-or-break hour with the most important u.s. stock market on track for
diana olick has sort of been preaching this to us for a year or more, but if there is no availabilityement to tell you about. sports illustrated laying off nearly all its staff and the staff of the magazine is into. i used to work for the company that owned it. the company that licensed the magazine for publication missed a payment, and therefore the company that owns the brand revoked the licensing agreement. sports illustrated! in my house since i was a young boy. thanks for watching power...
0
0.0
Jan 10, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
diana olick has the call. >> it was a mixed bag on kb. they beat on the top and bottom lines and deliveries exceeded expectations, but the average price of a kb home sold during the quarter was down 4.5% year over year. that could be part of the stock issue. gross margin had a narrow beat, which may have been a result of that pricing pressure and potentially buying down mortgage rates. the builders have been doing that aggressively lately. and in october, the 30-year fixed hit a 20-year high. briefly over 8%. it fell slowly into the 6% range, so, in the release, ceo jeff metzger said, we have experienced a meaningful sequential increase in our net orders for the first five weeks of our 2024 first quarter, as consumers are responding favorably to the recent decline in mortgage rates. so, again, things could get a bit brighter, melissa. >> diana, thank you. what do we make of the home builders now? rates have come down, that should be a tail wind. >> and the run over -- since, well, since rates came down, right, since that move in late octo
diana olick has the call. >> it was a mixed bag on kb. they beat on the top and bottom lines and deliveries exceeded expectations, but the average price of a kb home sold during the quarter was down 4.5% year over year. that could be part of the stock issue. gross margin had a narrow beat, which may have been a result of that pricing pressure and potentially buying down mortgage rates. the builders have been doing that aggressively lately. and in october, the 30-year fixed hit a 20-year...
0
0.0
Jan 17, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
still, builders were largely down today in the market, with toll brothers leading the losses diana olick has the details on this morning's numbers >> hi, di. >> hey, ty two sets of data out this morning show consumers are getting back into the housing market thanks to the recent drop in mortgage interest rates the mortgage bankers association reported that mortgage applications to buy a home jumped 9% last week compared to the previous week. they were still 20% lower than the same week one year ago but they have been rising steadily for the past few weeks. now, mortgage rates last topped out around 8% in october, and now back in the 6% range, though they did make a move higher this week to now 6.88%, and that's the highest since december 13th. in addition, we saw a big beat on home builder sentiment in january. it jumped seven points to 44 on the naahb monthly index. the street was looking for just a two-point gain anything below 50 is still considered negative, but it's moved ten points higher in two months and now at the highest level since september. builders say it's all about the lo
still, builders were largely down today in the market, with toll brothers leading the losses diana olick has the details on this morning's numbers >> hi, di. >> hey, ty two sets of data out this morning show consumers are getting back into the housing market thanks to the recent drop in mortgage interest rates the mortgage bankers association reported that mortgage applications to buy a home jumped 9% last week compared to the previous week. they were still 20% lower than the same...
0
0.0
Jan 3, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
diana olick joins us now with the data. diana?application numbers are in and we get two weeks worth since the mba was closed last week. these are the two weeks when mortgage rates sat below 7% for first term since september. the average rate on the 30-year fixed ended the year at 6.76%, lower than two weeks ago, higher than it was a week ago. so still well below the 8% high we saw in mid-october. but the sharp drop we saw at the start of december got a little bit choppier toward the end of the month. as a result, total mortgage application volume ended the year 9.4% lower than it was two weeks ago. that is seasonally adjusted because the numbers are for two weeks and kind of messy. i'm going to give you year over year comparisons on the breakdown instead of week to week. applications to refinance the home loan ended the year 15% higher than a year ago. applications for a mortgage to buy a home ended the year 12% lower. those who can benefit from a refi are clearly trying to get in when they can. home buyers, however, are still con
diana olick joins us now with the data. diana?application numbers are in and we get two weeks worth since the mba was closed last week. these are the two weeks when mortgage rates sat below 7% for first term since september. the average rate on the 30-year fixed ended the year at 6.76%, lower than two weeks ago, higher than it was a week ago. so still well below the 8% high we saw in mid-october. but the sharp drop we saw at the start of december got a little bit choppier toward the end of the...
0
0.0
Jan 4, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
we have diana olick with more. >> reporter: mike, whohomeowner are sitting on $6 trillion of equity they 2022 peak. they are not tapping it with mortgage rates high. the cost of taking it out is higher. 0.41% of equity available at the beginning of qs 3 was withdrawn during the quarter according to ice mortgage technology. that is less than half the average withdrawal rate from 2010 to 2021 or the years leading up to the fed tightening cycle. what does that mean in real cash? it is equal to $54 billion in so-called missing withdrawals during that quarter that might have otherwise stimulated the broader economy. that is according to ice's andy walden. he calculated $250 billion in the last 18 months. rates are now moving lower, if they move lower, that could change. as it is, cashout refinances make up 90% of the latest refi activity with the borrowers who do do it with the record $104,000 on average. that is on average from $65,000 just two years ago. there is a lot of opportunity there, mike. >> i guess the question, for one thing, it seems maybe homeowners have a cushion in addition to
we have diana olick with more. >> reporter: mike, whohomeowner are sitting on $6 trillion of equity they 2022 peak. they are not tapping it with mortgage rates high. the cost of taking it out is higher. 0.41% of equity available at the beginning of qs 3 was withdrawn during the quarter according to ice mortgage technology. that is less than half the average withdrawal rate from 2010 to 2021 or the years leading up to the fed tightening cycle. what does that mean in real cash? it is equal...
0
0.0
Jan 3, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
our diana olick joins us with those details. good morning, diana. >> good morning, carl.nd we got two weeks worth since the mba was closed last week. these are the two weeks when mortgage rates sat below 7% for the first time since september. the average on the 30-year fix ended the year at 7.67%, lower than where it was two weeks, but higher than where it was a week ago, but of course, still well below the 8% high we saw in mid-0k9. but the sharp drop we saw in the start of december, kind of got a bit choppier. as a result, total mortgage application volume ended the year 9.4% lower than it was two weeks before, and that is seasonably adjusted. because the numbers for two weeks are kind of messy, and i'm going to give you year over year comparisons to break it down. applications to refinance a home loan ended the year 15% higher than a year ago. applications for a mortgage to buy a home ended the year 12% lower. now, those who can benefit from a refi are clearly trying to get in while they can. but home buyers are still contending with very little supply and very high an
our diana olick joins us with those details. good morning, diana. >> good morning, carl.nd we got two weeks worth since the mba was closed last week. these are the two weeks when mortgage rates sat below 7% for the first time since september. the average on the 30-year fix ended the year at 7.67%, lower than where it was two weeks, but higher than where it was a week ago, but of course, still well below the 8% high we saw in mid-0k9. but the sharp drop we saw in the start of december,...
0
0.0
Jan 17, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
olick. >> reporter: a big beet on homeowner sentiment in january, jumping 7 points the street was looking considered negative but it's moved ten points higher in the last two months and is at the highest level since september. that coincides with a drop in mortgage interest rates from the high 7% range to the 6% range and builders in the report point to that and the growing affo affordable they note headwinds in available labor and costs. and sales expectations in the next six months jump 12 points to 57. and buyer traffic jumped five points it increased the most in the northeast into positive territory. it was flat in the midwest we'll get a read on how the confidence is playing into housing starts and building permits. leslie >> a significant beat there. we're 30 minutes into the trading session. here are stock movers. boeing is one of them. the faa it announced it co compcom completed the inspections of max 739 planes as dave gets set to week at a town hall at a spirit plant. >>> a few bullish calls on netflix, key bank raising the target to 545 a share while bank of america and wells
olick. >> reporter: a big beet on homeowner sentiment in january, jumping 7 points the street was looking considered negative but it's moved ten points higher in the last two months and is at the highest level since september. that coincides with a drop in mortgage interest rates from the high 7% range to the 6% range and builders in the report point to that and the growing affo affordable they note headwinds in available labor and costs. and sales expectations in the next six months jump...
0
0.0
Jan 18, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
. >>> we've got fresh housing data crossing and we'll go to diana olick who has the numbers. >> housingtarts and building permits came in better than expected in december but break out single families where we have the biggest problem with supply single family starts were down 8.6% compared to november wiping out a lot of big november gains and up compared to december of 2022 the monthly drop is surprising given how much demand there is due to the exist shortage of homes for sale and december was the warmest on record for the month. in addition, builder sentiment rose if both december and january because of the sharp drop in mortgage rates into the 6% range on the 30-year fixed. multifamily starts were up 7.5% for the month offsetting single family but they're more volatile and the starts were down as a record number of new apartments come online this year building permits an indicator of future construction were up for single family month to month up almost 33% year over year. still we might have expected that number to be bigger given what larger builders have been reporting about dem
. >>> we've got fresh housing data crossing and we'll go to diana olick who has the numbers. >> housingtarts and building permits came in better than expected in december but break out single families where we have the biggest problem with supply single family starts were down 8.6% compared to november wiping out a lot of big november gains and up compared to december of 2022 the monthly drop is surprising given how much demand there is due to the exist shortage of homes for sale...
0
0.0
Jan 10, 2024
01/24
by
CNBC
tv
eye 0
favorite 0
quote 0
diana olick joins us now with more. good morning, diana. >> good morning, becky. with total application volume up nearly 10% from the previous week. and that is seasonally adjusted with an additional adjustment by the mortgage bankers association for the new year's holiday. now, this happened even as the average rate on the 30-year fixed for conforming loans increased to 6.81% from 6.76% for loans with a 20% down payment. that rate peaked at around 8% in october, and was in the 7% range for much of last year. applications to refinance a home loan jumped 19% from the previous week and were 30% higher than the same week one year ago. the rate is still 39 basis points higher than it was a year ago, but it is 26 basis points lower than it was four weeks ago. while there are a lot of borrowers who can benefit from a refinance given how low rates were two years ago, those who can are clearly getting back into the market. now, applications for a mortgage to buy a home rose 6% for the week, but we're still 16% lower than the same week one year ago. i have been hearing fro
diana olick joins us now with more. good morning, diana. >> good morning, becky. with total application volume up nearly 10% from the previous week. and that is seasonally adjusted with an additional adjustment by the mortgage bankers association for the new year's holiday. now, this happened even as the average rate on the 30-year fixed for conforming loans increased to 6.81% from 6.76% for loans with a 20% down payment. that rate peaked at around 8% in october, and was in the 7% range...