Mansion Global Daily: Mortgage Rates Surpass 7% for the First Time in 20 Years

Hong Kong Existing-Home Prices Fell to Lowest Level Since Early 2019

Existing-home prices in Hong Kong fell 2.1% in September, the fourth straight month of declines, and reached the lowest level since January 2019, according to the latest government data. So far this year, the home price index compiled by the Rating and Valuation Department has dropped 8.1%. “The equity market is weak, and with the possible interest rate hike in November, we expect home prices to correct by about 1 to 2 percentage points toward the end of the year, bringing the full-year correction to about 10%,” said Buggle Lau Kai-fai, chief analyst at Midland Realty. South China Morning Post

Australian Novelist Lists Sydney Mansion for A$15 Million

Marcus Zusak, an Australian writer known for best-selling novels “The Book Thief” and “The Messenger,” and his wife, Mika, are selling their mansion in Woollahra, New South Wales, for A$15 million (US$9.73 million). The auction will take place on Nov. 19. The three-story, Victorian Italianate home in the eastern suburb of Sydney was built in 1890 and renovated in 2020 by architect Mary Ellen Hudson. Ms. Mika paid A$4.5 million in 2009 for the property.

U.S. Mortgage Rates Surpassed 7% for the First Time in 20 Years

The average 30-year fixed-rate mortgage in the U.S. reached 7.08% last week, the first time conventional home-loan rates climbed past 7% in 20 years, according to the weekly survey by Freddie Mac. Since the first week of January, the 30-year fixed rate has risen 4 percentage points. The 15-year fixed-rate mortgage averaged at 6.36% last week. In the face of higher borrowing costs, many potential home buyers are “choosing to wait and see where the housing market will end up, pushing demand and home prices further downward,” Sam Khater, Freddie Mac’s chief economist, said in a press release Thursday. Yahoo

Hamptons, New York, Housing Market Remains Hot Due to Lack of Supply

The median home price in the Hamptons, a stretch of affluent beach towns on Long Island, New York, remained at $1.6 million in the third quarter, tying the record high set in the previous three-month period, according to a report Thursday by Douglas Elliman. The main factor was a lack of supply, which declined for the 12th quarter in a row to only 1,049 homes at the end of September. A typical home took an average 70 days before selling, down from 96 days a year earlier. Bloomberg