10 Things to Know About the Current Housing Market
High mortgage rates and low inventory have made the housing market challenging, but understanding these key points can provide clearer context about where the market is headed
July 4, 2024
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High mortgage rates and low inventory have made the housing market increasingly difficult to navigate.
With high mortgage rates and limited inventory keeping home prices up, the current housing market can be tricky to navigate. Real estate data platform CoreLogic put together a list of 10 key points buyers, investors, and other industry professionals should know about the current housing market in order to understand the direction it's headed. Key points include: low mortgage delinquency rates, the rising debt-to-income ratio of current homebuyers; low inventory driving prices up; a strong reliance on FHA loans from buyers; and more.
The U.S. overall mortgage delinquency rate remained near a historically low 2.6% in April according to CoreLogic , down slightly from one year earlier. Further, the serious delinquency rate for all outstanding mortgages was at an all-time low of 0.9% and the foreclosure rate held steady at 0.3% (where it has been since early 2023), indicating that borrowers in later stages of delinquency are finding alternatives to foreclosure. While overall delinquency rates are low, these rates for Federal Housing Administration (FHA) loans remain higher than other mortgage types.
