Based on the most recent survey from Freddie Mac's Primary Mortgage Market Survey, the average rate for a 30-year fixed-rate mortgage in the U.S. stood at 7.22 percent as of May 2, 2024.
Based on the National Association of Home Builders newly released Remodelers Survey, results revealed that bathroom and kitchen remodels remain the most popular projects in 2024.
Like many economic metrics, the journey toward stabilizing the U.S. housing market is fraught with challenges. Although there has been a modest recovery in home sales and inventories from last year's lows, elevated mortgage rates continue to hamper affordability, deterring many potential buyers.
According to a recent survey by national property broker Redfin, almost 58% of U.S. homeowners feel they probably couldn't afford to repurchase their current homes at today's prices and mortgage rates.