For the seventh time in the last nine weeks, the 30-year fixed-rate mortgage dropped, reaching the lowest average since November 2016, Freddie Mac reports in its weekly mortgage market survey.“While the industrial- and trade-related economic data continues to dominate the news, the drop in mortgage rates over the last two months is already being felt in the housing market,” says Sam Khater, Freddie Mac’s chief economist. “Through late Jun
Home buyers are finding fewer homes for sale that are meeting their price expectations. Half of all home buyers say they’re looking for a home priced under $288,000. But that is 9.1% below—or $27,000 less--than the median list price of currently available homes, a new realtor.com® study finds.“The price difference between what buyers are searching for, closing on, and what’s available on the market demonstrates just how big the gap is fo
Falling prey to a wire fraud scheme, he lost the down payment that took his family years to save. Now he’s helping real estate pros protect their clients against cyber scams. After a yearlong search, Aaron Cole and his family finally found their dream home in Canby, Ore., in December 2018. The seller accepted Cole’s $440,000 offer, and with a down payment of $123,000, he and his wife were ready to move in just in time to celebrate Christmas a
In the nation’s priciest areas, you’ll need to be in the top 20% to 30% of household earners to afford a median-priced home, according to a new study by Zoocasa, a real estate website.Researchers evaluated how much income households need to qualify for a mortgage on a median-priced home in 35 of the largest cities in the U.S. They factored in a 20% down payment, a mortgage rate of 4.5%, and a 30-year fixed-rate mortgage.The top three most acc
The equity of homeowners ages 62 and older has reached an all-time high, according to the latest index reading from the National Reverse Mortgage Lenders Association report. Seniors saw their housing wealth grow by 2.7% or $104 billion in the first quarter of this year, reaching a $7.14 trillion record.The increase in elderly homeowners’ wealth was mostly attributed to an estimated 2.4%, or $110 billion, increase in senior home values.As older
The living room is one of the most popular and central areas in a home. And a few easy updates can instantly transform it into an inviting space.Apartment Therapy recently interviewed interior designers to learn some of the latest trends in living room design. Here are a few trends they noted:1. Offer up a more relaxed vibe.The living room is getting less formal in its design, moving away from some of the modern straight edges that have been
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President Donald Trump has signed an executive order to ease or, in some cases, eliminate rules that have been blamed for blocking greater construction of affordable housing. Homebuilding is near its lowest level in 60 years, contributing to a nationwide housing shortage that has pushed home prices up and battered affordability.Trump announced that a newly created initiative called the White House Council on Eliminating Barriers to Affordabl
Many homeowners who purchase a fixer-upper say it was because they believed they’d save money. But they actually end up spending about the same or more than if they had opted for a move-in-ready home, according to a new study from Porch, a home remodeling website.Porch surveyed more than 1,000 homeowners about recent repairs to their homes. More than one-third of respondents said they lived in fixer-uppers.On average, respondents who bought a m
1. Planting trees too close to the home.Homeowners may not realize how big a tree will grow as it matures and plant it too near the property. “Plant them several feet away from your home so their limbs won’t rub against your home,” Melissa Okabe, a real estate professional at Alta Properties in Los Angeles, told Apartment Therapy. “Overhanging limbs can also damage the roof, and spreading roots might damage the foundation.”2. Failing at
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