Home Buying Is 5% Cheaper Than a Week Ago Mortgage rates are falling—at least for now—after posting rapid jumps in June. Over the last two weeks, the 30-year fixed-rate mortgage has dropped by one-half of a percentage point. Home buying is about 5% more affordable than a week ago, translating to about $100 less in …
Tag: News
Jul 18
Rapid Rise in Mortgage Rates Stalls
Rapid Rise in Mortgage Rates Stalls The quick rise in mortgage rates over the last few weeks is taking a pause. The 30-year fixed-rate mortgage averaged 5.7% this week, dropping from last week’s 5.81%, according to Freddie Mac. Still, rates remain well above where they were a year ago, when they averaged below 3%. Higher …
Jul 18
Condo Vs. Single Family Home
Looking to purchase a home? Conflicted between buying a condominium or a single-family home? Check out our pros and cons to help you make the best decision! With the help of myself and Katy Sychterz of RoundPoint Mortgage, (NMLS# 183951 – 484.534.5107) we can explore homebuying options to help you meet your goals. #RealEstate #Realtor …
Jul 18
New-Home Costs Rising at Unparalleled Rate
New-Home Costs Rising at Unparalleled Rate Inflation is pushing up homebuilding costs at an unprecedented rate, according to Bank of America’s Who Builds the House? report. Supply-chain disruptions and labor shortages are adding pressure to rising prices. The average cost for materials to build a single-family home jumped 42% from 2018 to 2021, adding thousands …
Jul 18
Rent or Buy
Are you looking to move out and get a place of your own, but cannot decide whether to rent or buy? Many renters can afford to buy a home, but don’t even know it! Check below for more information. With the help of myself and Katy Sychterz of RoundPoint Mortgage, (NMLS# 183951 – 484.534.5107) we …
Jun 24
Mortgage Rates Rise Modestly to 5.81%
Mortgage Rates Rise Modestly to 5.81% Mortgage rates inched closer to 6% this week. The 30-year fixed-rate mortgage averaged 5.81%, up modestly from 5.78% last week, according to Freddie Mac. Borrowing costs are mounting higher and higher for potential home buyers, who now find themselves squeezed both financially and by low inventory. “Since the beginning …
Jun 24
Affordability Crisis for Lawmakers
Affordability Crisis for Lawmakers Leaders from the National Association of REALTORS® made the case to members of Congress and their staff on Tuesday that housing affordability is rapidly deteriorating and action is needed to keep homes financially accessible to buyers. In an exclusive virtual briefing, NAR President Leslie Rouda Smith told congressional leaders that for too many …
Jun 23
Sea Isle, NJ. Not Yet Ready to Change Swimming Pool Regulations
By DONALD WITTKOWSKI Sea Isle City finds itself in a swimming pool predicament. More and more homeowners are clamoring for their own pools, but are finding it difficult to squeeze them in on the typically smallish lots in a beach community where property is at a premium. City Council introduced an ordinance in May to …
Jun 23
Speak Up About VA Loans
Speak Up About VA Loans Many service members know little about the benefits of VA mortgages or may even hold negative views about them, according to a Spotlight on VA Loans report commissioned by Navy Federal Credit Union and Operation Homefront. The survey was based on responses from about 1,000 active-duty service members and veterans …
Jun 23
Home Sales Retreat to Pre-Pandemic Levels
Home Sales Retreat to Pre-Pandemic Levels Home sales are falling from their pandemic-fueled highs as home buyers tighten up their budgets. “Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” says Lawrence Yun, chief economist for the National Association of REALTORS®. Movement in both single-family …
Jun 21
Mistakes Buyers Make in Bidding Wars
Mistakes Buyers Make in Bidding Wars Multiple offers on a home sale are still common, and buyers may get caught up in the competition and make some mistakes in the process. One common mistake: buyers who are willing to empty their bank account trying to win. “I’ve had buyers who want to bid all the …
Jun 21
Shrinking Buyer Pool
Shrinking Buyer Pool The Federal Reserve unleashed another hike to its short-term benchmark rate Wednesday. The increase, the Fed’s largest since 1994, likely will have an impact on the housing market, economists say. The Fed’s key rate often influences mortgage rates, though it doesn’t directly affect them. Rates are moving at a much faster clip …
