The interest rate on the 30-year fixed mortgage fell this week, offering relief to home buyers who are reeling from escalating costs. The quick rise in mortgage rates over the last few weeks is taking a pause. The 30-year fixed-rate mortgage averaged 5.7% this week, dropping from last week’s 5.81%, according to Freddie Mac. Still, rates remain well above where they were a year ago, when they averaged below 3%. Higher rates have been sending sho
Just because you’re burdened with high student loan doesn’t mean you can’t get a good mortgage deal – but good credit will help Americans continue to hold a staggering amount of student loan debt, with the potential to derail many people's hopes of buying a home.The most recent data shows that American student loan borrowers – 45 million strong – owe about $1.7 trillion in student loan debt. That makes student loan debt the second-
NAR economist says homebuying costs have increased $800 every month so far this year. Mortgage rates inched closer to 6% this week. The 30-year fixed-rate mortgage averaged 5.81%, up modestly from 5.78% last week, according to Freddie Mac. Borrowing costs are mounting higher and higher for potential home buyers, who now find themselves squeezed both financially and by low inventory.“Since the beginning of the year, home buying has cost about $8
First-time buyers often rely on family gifts to afford the down payments on their homes. Now California Legislators want the government to fill the role of a generous relative.Lawmakers are proposing creating a billion-dollar fund in this year’s state budget that would provide California’s first-time buyers either all of the money they need for a down payment, or very close to it, in exchange for partial ownership stakes in those residences.T
However, housing prices continue to accelerate, with the national median surpassing $400,000 for the first time. Read more from NAR’s latest report. Home sales are falling from their pandemic-fueled highs as home buyers tighten up their budgets. “Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” says Lawrence Yun, chief economist for the National Association
The reversal after declines over the last three weeks has economists closely watching for the Fed’s anticipated rate hike next week.Following three weeks of declines, mortgage rates reversed course and headed back up this week. The 30-year fixed-rate mortgage averaged 5.23% for the week ending June 9; a year ago, it averaged below 3%.Increased economic activity and incoming inflation data were behind the most recent rate increases this week, sa
Rising home prices keep pushing up equity for homeowners. The average homeowner gained about $64,000 in equity from the first quarter of 2021 to the first quarter of this year, according to a new report from CoreLogic.About 62% of all properties nationwide saw an increase in annualized equity gains in the first quarter. California, Hawaii and Washington posted the highest average equity increases at $141,000, $139,000 and $114,000 respectively, a
Mortgage applications dropped 6.5% last week, and demand reached the lowest point in 22 years, the Mortgage Bankers Association reported Wednesday. The index reflects applications for refinancings and home purchases.Mortgage applications for a home purchase, a gauge of homebuying, dropped 7% for the week and are now 21% lower than a year ago, the MBA reports. Refinance applications dropped another 6% this week and are 75% lower than the same week
Celebrity mansions are known for being grand. Outfitted with luxurious amenities and fancy finishes, they come with ultra-high price tags. In the celebrity home market, the average purchase price was more than $11.5 million, and the average interior size was more than 10,000 square feet.But what other characteristics do celebrity-style homes share? Ruby Home, a luxury real estate brokerage in Los Angeles, compiled data from 128 celebrity homes na
Americans have become outdoor enthusiasts since the pandemic began. Fifth-three percent of individuals participated in outdoor recreational activities in 2021—a record high, according to a recent Outdoor Industry Association survey.Americans’ love for the outdoors has had a big influence on real estate as buyers search for homes that allow them to enjoy outside activities more.“During the pandemic, we saw a shift in migration trends from ur
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