After weeks of rising rates, mortgage rates are now falling. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports.“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the econom
When it comes to the value of a home, yards in Hawaii get the most consideration in the U.S.Living Cozy, a homeware and furniture brand analyzed the average home value and yard size in each state to identify where the size of a yard could have the biggest impact on a property’s value. Researchers found that Hawaii is the state with the highest yard value compared to the other states.“Famous for its luxury homes with large backyards, houses in
Median prices in designated economically-challenged areas are mirroring what is occurring elsewhere in the housing market—and the prices are climbing. The median single-family home and condo price increased from the fourth quarter of 2021 to the first quarter of 2022 in 55% of opportunity zones nationwide, and jumped by at least 20% annually in half of those areas, according to a new report from ATTOM Data Solutions.Median values are up in abou
Last year, home buyers spent nearly $3 trillion on real estate—the highest ever. That exceeds previous highs by more than $600 million that were set in 2020 and 2005, CoreLogic reports.Home prices are the main culprit behind that surge. By the end of 2021, home prices were 50% above their highest peak before the market downfall in 2006, CoreLogic reports.Home sales also contributed to the record-breaking year; 2021 marked the largest number of
The 30-year fixed-rate mortgage fell slightly this week, a temporary retreat after weeks of steady increases. The 30-year fixed-rate mortgage averaged 5.25%, Freddie Mac reports. Rates dropped following the 10-year Treasury yield trend this week. Last week’s average was 5.30%.“Economic uncertainty is causing mortgage rate volatility,” says Sam Khater, Freddie Mac’s chief economist. “As a result, purchase demand is waning, and homeb
For the third consecutive month, existing-home sales fell, but buyers are still eager. Higher mortgage rates and prices and low inventory continue to chip away at affordability. Some regions of the U.S., however, continue to see gains.Nationwide, existing-home sales—completed transactions of single-family homes, townhomes, condos, and co-ops—decreased 2.4% in April compared to March, according to the National Association of REALTORS®’ late
As home buyers have stretched their budgets to buy, they have discovered more unexpected costs of homeownership. Forty-four percent of recent buyers surveyed said they already spent over their personal budget for the home, according to a new ConsumerAffairs survey of about 1,000 adults.Home buyers said they spent an average of $10,334 more than they intended for their home, and younger adults—millennials—were the most likely to overspend. The
The rental market boom continues, and renters are paying a lot more. The U.S. median rental price reached a new high in April—$1,827, realtor.com® reports. Rents have maintained their record-breaking streak that began in January 2021.“April data illustrates the perfect storm of supply and demand dynamics behind the continued rent surge, from a low number of available rentals to higher for-sale housing costs forcing many would-be buyers to re
Fifty-six percent of home buyers went with the first mortgage rate offer they received, according to a new survey from LendingTree of more than 1,000 homeowners. But nearly half of those who gathered multiple quotes reported that they saved money by doing so—46% of borrowers who shopped around said the first offer they received was not the lowest rate.Overall, only about a quarter of survey respondents said they received offers from two lenders
As home prices climb, the number of homes considered equity rich is growing nationwide, but some areas are outpacing others. A home attains an equity rich status when a loan balance secured on a property is less than 50% of the home’s estimated market value.In the first quarter, about 45% of residential homes with a mortgage were considered equity rich, according to the first quarter of 2022 U.S. Home Equity and Underwater Report published by A
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
