After posting their biggest drop in a decade last week, mortgage rates remain at multi-month lows—and borrowers are rushing to take advantage. The 30-year fixed-rate mortgage averaged 4.08 percent this week, Freddie Mac reports in its weekly mortgage market survey. Mortgage applications surged 18.6 percent last week as borrowers locked in lower financing costs, the Mortgage Bankers Association reports.“Purchase mortgage application demand saw
Businesses are reportedly receiving letters and faxes from an entity called “First National Bank” that is offering lines of credit and secured or long-term loans. But federal authorities are warning that First National Bank is “not a licensed or chartered bank.”The Office of the Comptroller of the Currency sent a notice to banks and other officials across the country Thursday warning that “First National Bank,” which cl
The U.S. median home list price surged in March to $300,000 for the first time ever, according to realtor.com®’s monthly housing trends report. That also marks a price increase of 7 percent year over year.“The typical U.S. home list price has set a new high right on the cusp of the spring homebuying season, and despite a slowing growth rate, home prices will likely continue to set new records later this year,” says Danielle Hale, real
New-home construction is picking up in some markets. But what lures some buyers to new-home construction over a previously owned home?Older home buyers—between 54 to 72 years old—are the most likely to purchase a new home, according to the National Association of REALTORS®’ newly released 2019 Home Buyers and Sellers Generational Trends Report.Many buyers—38 percent—who purchased new homes say they were looking to avoid renovation
The two largest sources of mortgage money in the United States want self-employed loan shoppers to know that their chances of getting a home loan approved have increased.Fannie Mae and Freddie Mac have rolled out automated underwriting technology for lenders that take a lot of the guesswork and risk out of the approval process for mortgage applications of the self-employed.One of the reasons lenders have been reluctant to approve l
High rents don’t just hurt Americans’ pocketbooks—they could be affecting people’s health too. A new study shows that more than half of renters say they delayed health care because they couldn’t afford it. Medical professionals surveyed said they’ve dealt with patients who have expressed concerns and anxiety about affordable housing, according to the survey of 1,000 U.S. renters commissioned by Enterprise Community Partners
Bank of America announced on Tuesday a new $5 billion affordable homeownership initiative that will include down payment or closing cost help for low- to moderate-income and multicultural home buyers. The program is aimed at helping more than 20,000 individuals and families over the next five years move toward homeownership, the bank said.Bank of America’s Neighborhood Solutions program includes a down payment and closing cost assistance o
Technology may be aiding home searches, but buyers know they can only go so far before they need a real estate agent. Eighty-seven percent of all buyers purchased their home through a real estate agent—and 92 percent among buyers 28 and younger, according to the National Association of REALTORS®’ newly released 2019 Home Buyers and Sellers Generational Trends Report.The biggest benefit of using a real estate agent during buyers' home se
High rents continue to wreak havoc on Americans’ pocketbooks. “Rental affordability is a significant challenge for metropolitan areas across the United States,” says Steve Guggenmos, vice president of Freddie Mac Multifamily Research and Modeling. “Our research shows that supply just hasn’t kept pace with demand in many metros, and that’s pushing affordable rents out of reach for millions of American families.”Of the top 50 largest
Downsizing is losing its appeal, and most home buyers are supersizing their home again to accommodate a growing number of people under one roof, according to the National Association of REALTORS®’ newly released 2019 Home Buyers and Sellers Generational Trends Report.Multigenerational homes are growing in demand. One in six Gen Xers purchased a home that could accommodate multiple generations, and most of them did so because of their
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
