Mortgage rates dip slightly as investors weigh recession risks. The average rate on a 30-year fixed-rate mortgage fell to 5.51%, down from 5.53% last week.

Mortgage rates

The median price of a home sold in June was $416,000, up 13.4% from a year ago. However, the pace of home price appreciation is slowing,  

Home prices continue

The number of homeowners who are 30 days or more behind on their mortgage payments increased in the first quarter of 2023.

More homeowners

The Federal Housing Administration (FHA) has increased the mortgage insurance premium (MIP) for some borrowers.

FHA loans become

The Department of Veterans Affairs (VA) has made it easier for borrowers with credit scores below 620 to qualify for a VA loan. 

VA loans become more accessible

Some mortgage lenders are starting to slow down the pace of lending, as they become more cautious about the risk of rising interest rates and a potential recession. 

Mortgage lenders

The housing market is starting to cool, as rising interest rates and inflation make it more expensive to buy a home. 

The housing market

Homebuilders are starting to cut back on construction, as they become more cautious about the demand for new homes.  

Homebuilders are starting

The Biden administration is considering measures to cool the housing market, such as increasing the down payment requirement for government-backed loans. 

The government is considering

The future of the housing market is uncertain, as it is unclear how rising interest rates and inflation will impact the demand for homes. 

The future of the housing market