Buying Is Cheaper Than Renting In 22 States, If You Have A 20% Down Payment

Buying Is Cheaper Than Renting In 22 States, If You Have A 20% Down Payment

According to a new Zillow Home Loans analysis, recent rate declines pushed monthly payments down across the country, resulting in an affordability boost for homebuyers – but only under certain conditions. Assuming a 20% down payment and factoring out taxes and insurance, New Orleans, Chicago, and Pittsburgh offer the greatest savings when comparing homeownership to…

Zillow Launches “BuyAbility” Tool For Home Shoppers

Zillow Launches “BuyAbility” Tool For Home Shoppers

Zillow Home Loans launched a new tool to help buyers gauge whether they can afford a home. Users input their income, credit score, and monthly budget. BuyAbility then offers buyers a real-time estimate of the price and monthly payment on a home they’re considering, personalized to their specific budget. It also gives users an idea…

Metros With Fewer Mortgages See Less Rate Lock-In

Metros With Fewer Mortgages See Less Rate Lock-In

Inventory is doing best in cities with fewer mortgages and older homeowners, reinforcing the impact of high interest rates on the market. That’s according to a new report from Zillow, which found that metros where more homes are owned outright are seeing the fastest growth in new listings. Pittsburgh, Buffalo, and Cleveland have the highest…

Home For The Holidays: Will It Be Better To Buy At Thanksgiving Or Christmas?
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Home For The Holidays: Will It Be Better To Buy At Thanksgiving Or Christmas?

By ERIN FLYNN JAY Holiday home shoppers who are sensitive to mortgage interest rates near 8% may resist the idea of buying before Thanksgiving, hoping that Santa Claus brings relief, but is waiting until Christmas the answer this season? On Wednesday, the Federal Reserve held its target range for the federal funds rate at 5.25%…

Fed’s Decision To Hold Steady Welcome News In Mortgage World

Fed’s Decision To Hold Steady Welcome News In Mortgage World

By PATRICK LAVERY As experts almost unanimously predicted, the Federal Reserve Board on Wednesday held its target range for the federal funds rate at 5.25% to 5.5%, meaning after a year and a half of upheaval, the range will approach the end of 2023 not having budged for more than a third of this year,…

Mortgage-Free Living: Are Americans Paying Off Their Houses?
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Mortgage-Free Living: Are Americans Paying Off Their Houses?

By CHUCK GREEN Okay, you’ve undoubtedly heard of those who play with house money. Yeah, that rocks. By the same token, you’re probably similarly familiar with those who don’t owe money on their house. No mortgage. Zippo. That not only rocks – and thunderously, at that — it brings the house down. C’mon, who doesn’t…

Leaders React To Mortgage Fee Changes As Debate Continues
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Leaders React To Mortgage Fee Changes As Debate Continues

By CHUCK GREEN Industry leaders and economists are sharing their opinions about changes to fees for loans backed by Fannie Mae and Freddie Mac after reports that homebuyers with good credit scores and substantial down payments will pay more so fees for borrowers limited by income or wealth can be reduced. The changes to the…

Rates Down As Buyers Hit The Spring Market
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Rates Down As Buyers Hit The Spring Market

Homebuyers lucked out again this week as rates continued sliding, falling by nearly twenty basis points. Officials at Freddie Mac reported Thursday that the 30-year fixed-rate mortgage rate averaged 6.42%, down from 6.60% the week prior. A year ago at this time, the 30-year FRM averaged 4.42%. The 15-year fixed-rate mortgage dipped from 5.90% to…

It’s Their Move: What Will The Feds Do About Interest Rates?
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It’s Their Move: What Will The Feds Do About Interest Rates?

By PATRICK LAVERY Speculation about what actions leaders at the Federal Reserve will take at their meeting starting Tuesday has been building for weeks, and opinions over the right course of action are varied. Should they stay the course, steadily raising interest rates to try to continue to curb inflation? Should they be more aggressive?…

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