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 …
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Aug 22
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 …
Aug 22
NAR Earns Green Business Bureau’s Platinum Certification for Sustainability
NAR Earns Green Business Bureau’s Platinum Certification for Sustainability The National Association of REALTORS® has earned the Green Business Bureau’s platinum certification for sustainability—the highest level awarded—in the first year the association applied for the honor. Only one in five companies that apply meet the requirements to earn the GBB’s platinum certification. As a trusted …
Aug 19
Mortgage Rates Settle In the 5% Range
Mortgage Rates Settle In the 5% Range Mortgage rates appear to be settling in the 5% range after recent dramatic climbs that shocked home buyers. The 30-year fixed-rate mortgage averaged 5.13% this week, down slightly from its 5.22% average a week ago, Freddie Mac reports. Mortgage rates peaked at 6% in early June, which prompted …
Aug 17
Builders Concerned About Sudden Pullback in New-Home Market
Builders Concerned About Sudden Pullback in New-Home Market Builders say more buyers are backing out of sales contracts for new homes as traffic fizzles, causing homebuilder confidence to drop for the eighth straight month, the Commerce Department reported Tuesday. Single-family home construction last month declined 10% annually, matching the lowest level since the onset of …
Aug 17
What Climate, Health Care Bill Doesn’t Do
What Climate, Health Care Bill Doesn’t Do President Joe Biden signed the Inflation Reduction Act into law Tuesday, a sweeping climate, healthcare and tax bill that spares affordable housing investment and other real estate from the most feared new taxes. The $784 billion legislation allows Medicare to negotiate prescription drug prices, invests billions of dollars …
Aug 16
10 Most Affordable Lake Towns
10 Most Affordable Lake Towns Lakefront homes may offer home buyers a chance to buy a waterfront property at a more affordable price than a vacation home on the ocean. Some of the least expensive lake towns may not be as well-known, but they offer house hunters a chance to live on the water and …
Aug 16
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’ Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again this week, clocking in at 5.22%, Freddie Mac reports. Last week, the average for the 30-year …
Aug 15
Possible Economic Downturn Likely to Be Mild
Possible Economic Downturn Likely to Be Mild The country isn’t officially in a recession yet, despite two consecutive quarters of national contraction of the gross domestic product, a commonly cited indicator of an economic downturn, says Lawrence Yun, chief economist for the National Association of REALTORS®. And several healthy economic trends, including a robust job …
Aug 15
Grants Aim to Inspire More Women Real Estate Leaders
Grants Aim to Inspire More Women Real Estate Leaders The Women’s Council of REALTORS® wants to inspire more women to take on leadership roles in the real estate industry through its Supporting Women of Real Estate grants, which provide local and state REALTOR® associations funding for new and innovative programs aimed at advancing women. While …
Aug 12
Mortgage Rates Dip Below 5%; Buyers Get ‘A Second-Chance Opportunity’
Mortgage Rates Dip Below 5%; Buyers Get ‘A Second-Chance Opportunity’ After weeks of escalating borrowing costs, home buyers are getting a second chance to lock in lower rates. The 30-year fixed-rate mortgage fell to an average just below 5% for the week ending Aug. 4, Freddie Mac reports. With rates dipping in recent days, mortgage …
Aug 10
Dip in Mortgage Rates Little Consolation to Squeezed Buyers
Dip in Mortgage Rates Little Consolation to Squeezed Buyers With volatile mortgage rates driving home buyers from the market, economists are skeptical that a dip in borrowing costs this week will have a meaningful impact. The 30-year fixed-rate mortgage fell to an average of 5.3%—still nearly double what it was a year ago—for the week …
