Super-Low Mortgage Rates Era Is Over The Federal Reserve on Wednesday voted to raise its benchmark interest rate by a quarter of a point to the highest point in more than a decade, and the housing market is now bracing for impact. The Fed lifted its rate to range between 2 percent and 2.25 percent. …
Tag: News
Sep 27
Lack of Flood Insurance Costs Billions
Lack of Flood Insurance Costs Billions In the aftermath of Hurricane Florence, a new problem is surfacing: The shrinking number of households that have flood insurance. Flood damage is not included in a standard homeowners’ insurance policy. So if a mortgage lender does not require a borrower to obtain it, the onus falls on …
Sep 26
Get home buying confidence – with the FAB program
Get home buying confidence – with the FAB program Put maximum home buying power in your court when you need it the most. When purchasing a home in today’s marketplace, you need every advantage you can get. The Forward Advantage buy (FAB) program, provided by Freedom Mortgage, offers you the confidence of having a competitive …
Sep 25
Fall Time means Price Drops for a Quarter of Homes
Fall Time means Price Drops for a Quarter of Homes The fall season is cooling down more than the temperature outside; it’s also putting a much-needed chill on hot housing markets, where home prices have become unaffordable to the average buyer. More than one in four home sellers dropped their asking price last month, according …
Sep 24
30-Year Mortgage Rates Reach Highest Level Since May
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 …
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. …
