Mortgage rates dipped slightly last week and analysts expect them to gradually descend further through the year. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.46%, dipping from the week prior’s 6.49%. A year ago at this time, the 30-year FRM averaged 7.23%. The 15-year also fell from 5.66% to 5.62%….
Buyers are paying less per month on housing than in April, and even better results are on the horizon. Redfin reports that the typical buyer’s housing payment was $2,588 during the four weeks ending August 11, almost $250 below April’s all-time high and up only 1% year-over-year. This is the smallest YOY increase in the…
By KIMBERLEY HAAS Buyers waiting on the sidelines for home prices to drop may be out of luck this year. During a webinar on Thursday afternoon, Mike Simonsen, founder and president of Altos Research, said that by now it has been clear enough for long enough that even the most strident of bubble-bursters recognizes that…
April brought no change in pending home sales, according to the National Association of Realtors. NAR’s Pending Home Sales Index remained at 78.9 in April, the same reading as in March. An index of 100 is equal to the level of contract activity in 2001. Year-over-year, pending sales dropped by 20.3%. “Not all buying interests…
Single women who live by themselves are most likely to own a home than single men in 48 of 50 states, according to a new analysis by LendingTree. LendingTree looked at data from the U.S. Bureau of Labor Statistics and found that women own about 2.46 million more homes than single men. Single women own…
Guild Mortgage is rolling out a new rate buydown program, the company announced in a press release. The program, Payment Advantage, applies to any borrower locking in a conventional mortgage. Guild will then pay 1% of the borrower’s interest rate for one year. The borrower’s monthly payment will increase after that period, but they may…
Even as the housing market is rapidly cooling, homeowner equity rose again in Q3, according to ATTOM Data’s Q3 2022 Home Equity & Underwater Report. The report found that 48.5% of mortgaged residential properties were considered equity-rich, up from 48.1% in Q2 and from 39.5% a year earlier. This is a slower increase than previous…
Mortgage loan application volume fell 2.3% last week, reversing a two-week uptick, the Mortgage Bankers Association’s weekly survey shows. Overall applications dipped to their lowest level since 2000. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 2.3%. The adjusted purchase index fell 1% while the unadjusted purchase index dropped…
Millennials are often touted as getting the short stick when it comes to the housing market. Over the housing boom of the last two years, many Millennials who recently reached prime homebuying age started looking to buy their first home. But high competition and limited inventory have made this a notoriously difficult market for first-time…
By KIMBERLEY HAAS A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families. During a hearing, Ways and Means Republican Leader Rep. Kevin Brady said American families and workers are finding that President Joe Biden’s economy is “cruel.” “Working women haven’t had it this bad in…
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