30-Year Mortgage Rates Reach Highest Level Since May For the fourth consecutive week, mortgage rates continued to climb as home buyers face higher borrowing costs. “Mortgage rates are drifting upwards again and represent continued affordability challenges for prospective buyers—especially first-time buyers,” says Sam Khater, Freddie Mac’s chief economist. “Borrowing costs are moving right now for …
Category: News
Sep 21
Selling Luxury See Uptick in Sales
Selling Luxury See Uptick in Sales Luxury housing markets continue to climb, as 20 major counties post double-digit gains in home prices, according to realtor.com®’s 2018 Luxury Home Index, released today. The number of sales at or above $1 million climbed 6 percent over the last year. Realtor.com® defines the luxury price tier as the top …
Sep 20
Down Payments Near Record Highs
Down Payments Near Record Highs Home buyers are putting more money down on a home purchase than ever before. The size of down payments during the second quarter climbed to a median of $19,900, a record high, according to ATTOM Data Solutions’ research, which dates back to the first quarter of 2000. What’s more, this …
Sep 19
Demystifying Interest only loans
Demystifying Interest only loans What is an interest only loan? An interest only mortgae is a loan where you are only required to pay the interest that accrues on the loan each month and are not required to pay any principal unitl after the initial interest only period has expired. The typical interest only period …
Sep 18
Mortgage Fraud Becoming More Prevalent
Mortgage Fraud Becoming More Prevalent Mortgage fraud climbed 12.4 percent year over year in the second quarter of 2018, and about one out of every 109 mortgage applications has been found to contain false or misleading information, according to real estate data firm CoreLogic. “Because home prices are rising and demand is strong, most mortgage …
Sep 17
Mortgage Rates Increase
Mortgage Rates Increase A strong job market and consumer credit are driving up mortgage rates for the third consecutive week and now to their highest level in six weeks. Mortgage rates are 0.82 percent higher than a year ago—the largest year-over-year increase since May 2014, Freddie Mac reports. Despite the higher rates, Sam Khater, Freddie …
Sep 14
Property Damage Predicted as Florence Nears
Property Damage Predicted as Florence Nears Hurricane Florence is churning off the East Coast, threatening to slam the Carolinas and Virginia with high winds and catastrophic flooding as early as Thursday afternoon. More than 10 million people in the storm’s path have been ordered to evacuate. Meteorologists predict the eye of the hurricane to come …
Sep 13
Americans’ Ideal Home
Americans’ Ideal Home September 11, 2018 A waterfront home in the suburbs that has nearly 5,000 square feet and a one-story ranch may be at the top of American consumers’ real estate wish lists, according to findings from a Porch.com survey of more than 600 Americans and Europeans about their ideal home designs, amenities, and locations. …
Sep 12
HUD Home Purchase Program
HUD Home Purchase Program Achieve your dream of home ownership with the new HUD Home Purchase program. For just $100 down you can purchase certain HUD homes. Also, if you add a renovation option – one mortgage does it all – financing both the purchase and upgrades to your new home. Program highlights 580 minimum …
Sep 11
Places where Bad Credit Won’t Block a Home Purchase
Top Places where Bad Credit Won’t Block a Home Purchase. In some places in the U.S., bad credit doesn’t have to be a deterrent to scoring a mortgage and buying a home. Researchers from realtor.com® analyzed metros to find where a less-than-perfect credit score—even those well under 650—can still land buyers a home. To get …
Sep 10
Mortgage Rates Rise
Mortgage Rates Rise Mortgage rates rose slightly for the second consecutive week, and economists warn that more rises are likely to come. “Borrowing costs may be slowly on the rise again in coming weeks, as investors remain optimistic about the underlying strength of the economy,” says Sam Khater, Freddie Mac’s chief economist. Mortgage rates are …
Sep 07
Home Flippers worried about Inventory as it Dries Up
Home Flippers worried about Inventory as it Dries Up The rate of home flipping in the U.S. plunged almost to a four-year low in the second quarter as the number of distressed or low-priced homes dropped, according to a new report by real estate data firm ATTOM Data Solutions. A flip is defined as a home …
