Late May is the best time to maximize profits on a home sale as shoppers buckle down for a purchase before summer vacation. A new Zillow analysis found that homes listed in the last two weeks of May sold for 1.6% more. That puts $5,600 more bucks in a typical seller’s pocket. Historically, shoppers buckle…
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 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…
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…
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%…
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,…
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…
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…
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…
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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