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% to 5.5%, and mortgage rates slipped in anticipation of the news. But Orphe Divounguy, senior macroeconomist at Zillow Home Loans, warned that investors will likely recalculate their inflation forecasts based on employment and wage growth data, “causing large swings in mortgage rates.”
That means uncertainty for homebuyers.
Matt Ronne, senior loan officer with Motto Mortgage Preferred Brokers in Athens, TN, said that this year, with…
Inflation is forcing homeowners to put renovations on the back burner, but most would still rather renovate than move.
Nearly 60% of respondents to a new survey from Discover Home Loans said they are postponing their renovation projects as projects become more expensive than their budgets. Another 26% will reduce the scope of their projects due to increased costs.
But 79% would still rather renovate their current home than purchase a new one. Just under half of respondents said they are no longer interested in buying a home specifically because of rising interest rates.
“Our survey results show that homeowners are still looking to invest in their homes, despite higher home improvement costs. With large amounts of existing home equity…
By KIMBERLEY HAAS
Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year.
During an IGNITE: Live! webinar on Monday, Executive Vice President Mike Fawaz announced that they are continuing their 37.5 BPS credit on these loans.
Fawaz said they want to make sure that they listen to their broker partners and their feedback.
“This is something we have been extending every single month since December. And the feedback continues to be incredible and positive and broker partners want it,” Fawaz said.
Fawaz explained the philosophy behind the promotion.
“When you think about it, we are very competitive when…
By CHUCK GREEN Next time you run into someone in the local Starbucks who happens to have their home on the market, be a sport and plop an extra scone into their bag, huh? A little butter and jam, too? After all, sellers probably aren’t riding the wave of a sugar high induced by whatever they will pocket in their real estate transactions as experts say the price of an average home in the United States is decreasing. The cities expected to be the most heavily hit include: San Francisco: -10.36% Seattle: -9.55% San Diego: -7.24% Los Angeles: -5.61% Denver: -5.60% Dallas: -4.34% Portland: -4.25% Las Vegas: -3.69% What is contributing to the drop in housing prices? B. George Ratiu,…
Most pet owners are willing to forgo their dream home if it doesn’t suit their furry friends, according to a new survey from Realtor and HarrisX. Of more than 3,000 American adults surveyed, 82% who owned pets and planned to buy a home in the next year reported that their pets’ needs are just as important as their own or their family’s needs. About three-quarters of homeowners own a pet, and 79% say they consider their animals when choosing a home or apartment. More than 60% of prospective buyers say they have passed on an otherwise perfect home because it didn’t accommodate their pets. Neighborhoods matter, too, as 87% of those with pets looking to buy a house within the next…
Good Morning! Today is Wednesday, May 4. J.D. Vance won the Ohio Senate Republican primary. The Supreme Court said the leaked draft striking down Roe v. Wade was authentic but not final. The EU proposed a total ban on Russian oil. The Mortgage Note Reports Maintain Your Home, Build Wealth: An app that helps homeowners maintain their property inside and out has been developed by Consumer Reports and leaders there say this could potentially increase value during the sale process. Editor Kimberley Haas reports. Home Price Growth: More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021. Migration Trends: More home shoppers are searching for houses outside their current metros in Q1 2022 as remote work…
