Rent growth is coming down from its post pandemic pace, and rents may, in some isolated cases be inching lower according to two new studies. While the numbers vary between the two reports, both the National Association of Realtors (NAR) and Redfin report annual increases are slowing aggressively. NAR says rents for vacant 0-to-2-bedroom properties had an increase in the single digits for the second consecutive month in September, 7.8 percent year-over-year. Redfin pegs the August to September decline at 2.5 percent and says the annual increase is down to 8.5 percent, half the pace of six months earlier. It was the fourth month that Redfin has noted a slowdown. Despite these recent changes, both companies say rent growth remains much higher than it was pre-pandemic, NAR says twice as high. NAR says the median asking rent in the 50 largest metropolitan areas was $1,759 in September, down $12 from August and $22 from the July peak. Redfin puts the median September rent at $2,002. The Realtor group points out that the growth in rents for studio apartments is not slowing as fast as it is for 1- or 2-bedroom units. It remains in double digits, although barely, at 10.1 percent.  Still, the growth rate across the board has changed significantly from the prior year. While prices are declining nationally, some large metros are still experiencing stratospheric growth. The two companies, however, don’t agree on which ones. NAR cites the usual subjects as growing fastest; Chicago with an annual rate of 23.9; Boston at 19.9 percent, and New York, at 18.2 percent. Redfin has a more unusual list; Oklahoma City, 24.1 percent; Pittsburgh, 20.0 percent; and Indianapolis 17.9 percent.

October 14, 2022 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.15% -0.02%   6.01% 7.13% 15 Yr. Fixed 5.72% -0.03%   5.55% 6.5% 30 Yr. Jumbo 6.33% -0.02%   6.1% 7.45% Compare Mortgage Rates from Local Lenders for Oct 14, 2022 Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.15% -0.02 0.00 15 Yr. Fixed 5.72% -0.03 0.00 30 Yr. FHA 5.75% -0.05 0.00 30 Yr. Jumbo 6.33% -0.02 0.00 7/6 SOFR ARM 5.56% -0.03 0.00 30 Yr. VA 5.77% -0.04 0.00 Updates Daily - Last Update: 2/6 Freddie Mac Rate Change Points 30 Yr. Fixed 6.11% +0.01 0.00 15 Yr. Fixed 5.50% +0.01 0.00 Updates Weekly - Last Update: 2/5 Mortgage Bankers Assoc. 30 Yr. Fixed 6.24% +0.08 0.55 15 Yr. Fixed 5.64% +0.09 0.61 30 Yr. Jumbo 6.34% -0.05 0.40 Updates Weekly - Last Update: 1/28 UMBS 30YR 5.0 100.05 +0.01   95.71 100.50 UMBS 30YR 5.5 101.49 +0.04   98.11 101.64 10 YR Treasury 4.213 +0.033   3.932 4.608 MBS Price Change UMBS 4.5 98.06 +0.03 UMBS 5.0 100.05 +0.01 UMBS 5.5 101.49 +0.04 GNMA 4.5 97.84 +0.10 GNMA 5.0 100.18 +0.11 GNMA 5.5 101.22 -0.02 Pricing as of: 2/7 11:49AM EST US Treasury Yield Change 2 YR Treasury 3.496 +0.044 5 YR Treasury 3.753 +0.036 7 YR Treasury 3.965 +0.026 10 YR Treasury 4.213 +0.033 30 YR Treasury 4.851 +0.006 Pricing as of: 2/7 11:49AM EST Other News Rent Growth Slowing in Many Areas, Still at Elevated Levels Fri, Oct 14, 2022 4:20PM Rent growth is coming down from its post pandemic pace, and rents may, in some isolated cases be inching lower according to two new studies. While the numbers vary between the two reports, both the National Association of Realtors (NAR) and Redfin report annual increases are slowing aggressively. NAR says rents for vacant 0-to-2-bedroom properties had an ... (read more) Tax, Insurance Products; Primer on Fed's Moves and Inflation; Julia Gordon to Address Likelihood of FHA MIP Change Fri, Oct 14, 2022 9:44AM Camping: “where you spend a small fortune to live like a homeless person.” Lenders have done a remarkable job in the last few years trying to reduce homelessness in an indirect way, namely putting credit-worthy borrowers in well-collateralized properties in a compliant manner despite COVID. But let me get right to the point. It’s not good out there now for r... (read more) Latest Video Potential home buyers are cautious about buying as mortgage rates top 7% Consumer sentiment hits 59.8 The 2pm Bond Report - October 14, 2022 Retail sales remain unchanged in September vs. expected 0.3% increase Around the Web CNBC Consumer spending was flat in September and below expectations as inflation takes toll Calculated Risk Blog Q3 GDP Tracking: Moving on Up Wells Fargo September CPI: Bad Service Calculated Risk Blog House Prices to National Average Wage Index CNBC Inflation increased 0.4% in September, more than expected despite rate hikes CNBC Here's the inflation breakdown for September 2022 in one chart Calculated Risk Blog Hotels: Occupancy Rate Down 3.5% Compared to Same Week in 2019 Reuters ECB staff sees lower rate peak than market, sources say CNBC UK Finance Minister Kwasi Kwarteng reportedly out after market chaos and tax-cutting plans CNBC Treasury yields fall as markets digest hotter-than-expected inflation data Calculated Risk Blog Weekly Initial Unemployment Claims increase to 228,000 Calculated Risk Blog Retail Sales Unchanged in September Wall Street Journal Retail Sales Report to Show How High Inflation Affects Consumer Purchases

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