Recent data from the Mortgage Bankers Association shows a slight decrease in mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances. While this drop may seem positive, it has not been significant enough to entice potential homebuyers to make a move. With rates at 6.82%, down from 6.87%, there has been a decrease
Real Estate
The housing market is experiencing a noticeable shift from a seller’s market to a buyer’s market, as indicated by a 5.4% drop in previously owned home sales in June compared to May. Lawrence Yun, chief economist for the National Association of Realtors, highlighted that homes are staying on the market longer, and sellers are receiving
Buying a home is a major financial decision that requires careful consideration and evaluation. According to a recent analysis by Zillow, millions of renter households in 2022 would have been able to purchase a home that year. However, many potential homebuyers might not even realize that they are in a position to buy a house.
In the United States, housing represents one of the largest expenses for consumers. High rents and home prices pose challenges for those looking to save for future home purchases. However, beyond these obstacles, access to affordable credit also plays a crucial role in determining one’s ability to achieve homeownership. An estimated 50 million Americans fall
The recent drop in mortgage rates to the lowest level since March has led to a significant increase in refinancing applications. According to the Mortgage Bankers Association, there was a 15% jump in refinance applications last week, marking the highest level since August 2022. This surge in demand is even more striking when compared to
When it comes to affordable housing, Delaware ranks high thanks to its low property taxes. This state offers an advantage to homeowners in terms of property taxes across the country. Even though housing affordability is average, the effective property tax rate in Delaware is less than half a percent, making it attractive to potential buyers.
Recent indications that inflation is on the decline have opened the door for the Federal Reserve to potentially reduce interest rates as early as this fall. The consumer price index, a vital gauge for inflation, decreased in June for the first time in over four years according to the Labor Department. This news may set
The current housing market looks vastly different from what it was a few years ago, with surging mortgage rates playing a crucial role. The 30-year mortgage rate, a popular option for home buyers utilizing financing, is a key indicator of the state of the market. While the rate has cooled slightly from touching 8% late
China’s upcoming Third Plenum is expected to address a multitude of economic challenges facing the country. While the real estate sector’s issues loom large, analysts predict that the focus of the meeting will shift towards areas such as high local government debt levels and the promotion of advanced manufacturing. This critical policy meeting, set to
The dream of homeownership is becoming increasingly challenging for Gen Zers, with 22% of them citing a lack of affordable starter homes as a barrier. To address this issue, many are turning to fixer-upper homes, which offer an opportunity for savings but also come with potential risks and regrets. The Allure of Fixer-Upper Homes A