Close Menu
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

What's Hot

How to Finance Used Equipment

July 2, 2025

You bailed during the stock market dip in April: 5 moves to make now

July 2, 2025

Animoca’s Moca Foundation launches Moca Chain for decentralized digital identity

July 2, 2025
Facebook X (Twitter) Instagram
  • Contact Us
  • Privacy Policy
  • Terms Of Service
Wednesday, July 2
Doorpickers
Facebook X (Twitter) Instagram
  • Home
  • Economic News
  • Stock Market
  • Real Estate
  • Crypto
  • Investment
  • Personal Finance
  • Retirement
  • Banking
Doorpickers
Home»Personal Finance»Weekly Mortgage Rates Cool; Metro Home Prices Hit Record Highs
Personal Finance

Weekly Mortgage Rates Cool; Metro Home Prices Hit Record Highs

August 15, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

Mortgage rates
mostly stabilized in the week ending Aug. 15, following last week’s significant drop.

30-year fixed-rate mortgages fell slightly to 6.28%. One basis point equals one one-hundredth of a percentage point.

While rates may be stabilizing, home prices are still on the rise across the nation.

Discover mortgages today and kickstart your homeownership aspirations

Receive customized rates. Your lender matches are just a few questions away.

Median home prices reach record highs in select metro areas

The selling prices of single-family existing homes surged in the second quarter of 2024 in 89% of monitored metro areas, according to the National Association of Realtors (NAR).

In these regions, three metros experienced price increases of almost 20%: Racine, WI (19.8%), Glen Falls, NY (19.8%), and El Paso, TX (19.2%). The national median single-family existing-home price rose by 4.9% from the same period last year, reaching $422,100.

Seven of the top 10 most expensive metros at the end of Q2 are in California. The priciest metro measured was San Jose-Sunnyvale-Santa Clara, where the median home price jumped 11.6% to a staggering $2,008,000.

NAR Chief Economist Lawrence Yun noted that this is advantageous for homeowners who continue to see their equity grow, while prospective buyers face an even tougher climb up the economic ladder. “It’s challenging for those looking to purchase a home as the necessary income to qualify has nearly doubled from just a few years ago,” he said.

In fact, the national median home sale price is $100,000 higher than in Q2 2019, which the St. Louis Federal Reserve estimates at $322,500. That’s a rise of almost 31% in just five years. To provide additional context, the average 30-year mortgage rate never exceeded 4.65% throughout 2019, compared to 2024’s peak (so far) of 7.448% in May.

While price growth may appear daunting, it is slowing down

Those in the market to purchase a home may find these figures discouraging, but price growth is gradually decelerating. The national median home price increased by 4.9% in Q2, compared to 5% in Q1. And while sale prices rose in 89% of monitored metro areas in Q2, this is down from 93% in Q1.

10% of monitored metro markets actually saw price decreases, up from 7% in Q1.

If you’re planning to buy a home, there are actions you can take now to enhance affordability — specifically, exploring for
the best rate
.

Discover mortgages today and get started on your homeownership goals

Receive personalized rates. Your lender matches are just a few questions away.

cool Highs Hit Home Metro Mortgage prices Rates record weekly
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

How to Finance Used Equipment

July 2, 2025

Understanding Home Warranty vs. Home Insurance

July 2, 2025

Finance Writers Share Regrets From Prime Days Past

July 1, 2025
Add A Comment
Leave A Reply Cancel Reply

Top Posts

How to buy Alphabet stock

August 26, 20240 Views

New L1 Blockchain Claims 297,450 TPS

June 26, 20250 Views

Blackstone explores $3 billion sale of music rights portfolio

January 26, 20250 Views
Stay In Touch
  • Facebook
  • YouTube
  • TikTok
  • WhatsApp
  • Twitter
  • Instagram
Latest
Personal Finance

How to Finance Used Equipment

July 2, 20250
Investment

You bailed during the stock market dip in April: 5 moves to make now

July 2, 20250
Crypto

Animoca’s Moca Foundation launches Moca Chain for decentralized digital identity

July 2, 20250
Facebook X (Twitter) Instagram Pinterest
  • Contact Us
  • Privacy Policy
  • Terms Of Service
© 2025 doorpickers.com - All rights reserved

Type above and press Enter to search. Press Esc to cancel.