Mortgage rates are hovering just above 6% following the Fed’s historic rate cut, and borrowers can expect more cooling through the year. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage averaged 6.09%, down from 6.20% the week prior. A year ago at this time, the 30-year fixed-rate mortgage averaged 7.19%. 15-year loans…
By KIMBERLEY HAAS Vice President Kamala Harris brought up housing during her speech at the Democratic National Convention in Chicago. Harris was talking about her plan to create an “opportunity economy” where everyone has a chance to compete and succeed regardless of where they live. “As President, I will bring together labor and workers, small…
As affordability declines, the hot housing market is starting to see signs of cooling. In April, 15% of home sellers dropped their asking prices, a 5.9% YOY increase, Redfin reported. The increase is a six-month-high and the largest annual gain on Redfin’s record, which dates back to 2015. But buyers still outnumber sellers, so the…
Broker confidence fell for the second straight month in February, though brokers are “cautiously optimistic” about the future, according to RISMedia’s February Broker Confidence Index (BCI). The index, which is scaled 1 to 10, fell to 7.5 from January’s 7.9 and December 2021’s 8.2. For the 3,000 brokers surveyed, rising interest rates were not a…
By KIMBERLEY HAAS As the COVID-19 pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” It is estimated that about 4.4 million Americans quit their jobs in September after months of dramatic departure numbers, which means those employees are…
End of content
End of content
Before You Go, Get the Latest News and UPDATES!
Stay Tuned!