Mortgage Rates Back Above 3% The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey. “As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing,” says Sam Khater, Freddie Mac’s chief …
Category: Real Estate Tips
Oct 18
Rents Post Biggest Increase Since 2006
Rents Post Biggest Increase Since 2006 Demand is surging for rental units and that is pushing up prices. The amount homeowners could receive from renting their home increased by 0.4%, which may seem small but is the largest one-month increase since 2006, according to the latest Consumer Price Index. Rents of primary residences jumped by …
Oct 18
No Need to Panic Over Foreclosure Spike
No Need to Panic Over Foreclosure Spike While U.S. foreclosure starts rose 67% in September compared with a year ago, they remain well below historic levels. The significant jump has to be seen in context: It is comparing the rate of foreclosure starts now to those of a year ago, when pandemic-led moratoriums were preventing foreclosures from moving forward. …
Oct 18
Home Buyers With Government Loans Struggle to Compete
Home Buyers With Government Loans Struggle to Compete Government-backed loans can offer lower down payment requirements and help some aspiring buyers purchase a home. But these loans often come with several extra requirements that may slow the process and put some at a disadvantage in a fast-paced offer situation. Eighty-nine percent of sellers would be …
Oct 13
Find Deepest Seasonal Discounts on Homes
Find Deepest Seasonal Discounts on Homes Home buyers nationwide tend to see the lowest premiums during October and during the winter months, according to a new analysis from ATTOM Data Solutions, a real estate data firm, of more than 33 million single-family home and condo sales over the past eight years. Buyers may be more …
Oct 12
Don’t Blow the Budget
Don’t Blow the Budget Over the last few months, high competition and the limited housing stock for sale have brought double-digit annual gains to home prices. That has locked out many buyers, particularly first-time home buyers, or forced them to stretch their budgets to the maximum. Amid those dynamics, the median price of an existing …
Oct 12
Mortgage Rates Dip Below 3%
Mortgage Rates Dip Below 3% Home buyers have another shot at snagging mortgage rates under 3% this week. The 30-year fixed-rate mortgage fell to 2.99%, defying expectations that below 3% rates were now gone. The Federal Reserve recently warned that it will soon begin tapering its bond purchases, which is expected to move rates …
Oct 11
Builders Seek Alternative Materials for Faster Construction
Builders Seek Alternative Materials for Faster Construction Builders are up against short supplies of a variety of materials needed to build homes, such as wood paneling, ceiling joists, and pipes. They’re searching for substitutes to keep construction schedules on time, but the process is also adding to their costs. Supply shortages have become a …
Oct 11
Debt Limit Deal Came After NAR, White House Meeting
Debt Limit Deal Came After NAR, White House Meeting Lawmakers on Capitol Hill announced Thursday that they’ve reached a deal to lift the national debt ceiling through December while continuing to work on a longer-term budget solution. The deal comes a day after Charlie Oppler, president of the National Association of REALTORS®, met with …
Oct 06
Homeowner Equity May Keep Foreclosures at Bay
Homeowner Equity May Keep Foreclosures at Bay Rising home prices have meant most homeowners have seen significant gains in equity over the past year. That may prove to be a critical buffer to help owners hit hard by economic uncertainty during the pandemic avoid foreclosure. In the second quarter, the average annual equity gain for …
Oct 06
Ideas About Millennial Homeowners That Never Came True
Ideas About Millennial Homeowners That Never Came True Millennials have been a closely watched group in real estate for years, and forecasters have long made predictions about their entrance into homeownership. The beliefs about this massive segment of potential buyers have been significant—they favor renting over buying, they just want to live in the city, …
