30-Year Mortgage Rate Inches Down to 2.86% Mortgage rates followed the trend of the 10-year Treasury yield this week and inched lower. But these historically low rates—averaging 2.86% this week for the 30-year fixed-rate mortgage—are expected to rise over the course of the next few months. The National Association of REALTORS® predicts that mortgage rates …
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Sep 20
Mortgages Climb to Highest Level Since April
Mortgages Climb to Highest Level Since April Just when the housing market was starting to fall into a seasonal pattern, mortgage demand takes off. Mortgage applications to purchase a home—a gauge of the housing market—rose 7% last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. That marks the highest level since …
Sep 20
Real Estate Firms Reveal Biggest Challenges Over Next 2 Years
Real Estate Firms Reveal Biggest Challenges Over Next 2 Years Real estate firms saw business activity increase over the past year as the housing market surged across the country. In 2020, single-office firms had a median brokerage sales volume of $4.5 million and 19 real estate transaction sides, up from $4.2 million and 18 …
Sep 15
Home Repairs Lead to Couple Spats
Home Repairs Lead to Couple Spats Home maintenance can be stressful and it can be a source of tension among couples. Many couples who live together admit to fighting over household repairs—some even breaking up over them, according to a new survey from Cinch Home Services, a home warranty company. Nearly 52% of about 1,000 respondents said …
Sep 15
Best Time to Buy Is Now
Best Time to Buy Is Now Between Sept. 12 and Oct. 17, the majority of housing markets nationwide will reach their “sweet spot” with a higher number of homes for sale, lower prices, and less buyer competition compared with the average week of the year, according to realtor.com®’s Best Time to Buy Report. This week …
Sep 14
Building Material Costs Continue to Surge
Building Material Costs Continue to Surge A recent decline in lumber prices is helping to mitigate building costs, but that effect is being offset by numerous increases in other building materials that are surpassing records. Home building materials have climbed by up to 19% over the past year, according to the Bureau of Labor Statistics …
Sep 14
Biden Orders Vaccine Mandate for Large Companies
Biden Orders Vaccine Mandate for Large Companies Real estate brokerages and associations with 100 or more employees are likely to be affected under the new emergency order requiring employees to be fully vaccinated against the coronavirus. President Joe Biden on Thursday announced a mandate for COVID-19 vaccines said to affect more than 80 million …
Sep 13
Supersized Down Payments
Supersized Down Payments With higher home prices, home buyers also are bringing higher down payments. On average, buyers in the country’s 50 largest metro areas brought $46,283 to closing, according to a new study from LendingTree. In some areas, average down payments are much higher. For example, in San Jose, Calif., and San Francisco, the …
Sep 13
Home Equity Hits Record High
Home Equity Hits Record High Housing equity surged nearly 40% compared to a year ago and is at a record high, according to a new report from Black Knight, Inc. The average mortgage holder now has $173,000 in equity. That marks an increase of $20,000 just from the end of the first quarter, the …
Sep 09
Consumer Confidence Inches Up
Consumer Confidence Inches Up The housing market is showing some sings of cooling, which may be making more home buyers more optimistic in a competitive market. Thirty-two percent of consumers said in August it’s a good time to buy, up from 28% in July, according to Fannie Mae’s National Housing Survey, a survey of …
Sep 08
The State of Flood Insurance
The State of Flood Insurance Those who live in areas hit by Hurricane Ida will next face the challenge of navigating insurance. Many standard home insurance and home-rental policies don’t cover flood insurance. Flood insurance is usually a separate policy. About 40% to 50% of the flood damages from Hurricane Ida are covered by …
Sep 08
Job Growth May Fuel Higher Mortgage Rates
Job Growth May Fuel Higher Mortgage Rates Mortgage rates remain below 3% for the eighth consecutive week, but economists believe job growth will determine how much longer they’ll likely stay so low. The 30-year fixed-rate mortgage averaged 2.87% this week, Freddie Mac reports. “Job growth seems to be very critical for the following several months …
