Mortgage rates collapsed by 47 basis points. Is this a turning point?

The 30-year fixed rate decreased this week to an average of 6.61%, down from last week’s 7.08% Some lenders have experienced a spike in borrowers’ demand for mortgage loans following last week’s rate collapse due to softer inflation data. However, according to executives and loan officers, it’s too early to say that this marks a turning point … Continued

Home Prices Retreat in Nearly All Major Markets

According to the new Knock Sellers-Buyers Market Index, of the top-100 largest metropolitan markets, 98 of them reported home price declines in September, while 15 markets reported home prices falling by more than 10% from their highs set earlier this year.  So what does this mean? According to Knock, a confluence of events that led to the … Continued

4 Ways Homeowners Can Use Their Equity

Your equity is a powerful tool that can help you achieve your goals as a homeowner. And chances are, your equity grew substantially over the past year. According to the latest Equity Insights Report from CoreLogic, homeowners gained an average of $51,500 in equity over the past year. If you’re looking for the best ways to use your growing equity, here … Continued

October saw mortgage apps rise for new homes by 6%

MBA’s report found that new home sales increased by 3% from September Mortgage applications for new home purchases dipped by 15.2% year-to-year in October, according to a monthly builder survey published by the Mortgage Bankers Association this week. However, on a month-to-month basis, activity was actually 6% higher in October than in the month prior. The strong … Continued

Two Graphs That Show Why You Shouldn’t Be Upset About 3% Mortgage Rates

With the average 30-year fixed mortgage rate from Freddie Mac climbing above 3%, rising rates are one of the topics dominating the discussion in the housing market today. And since experts project rates will rise further in the coming months, that conversation isn’t going away any time soon. But as a homebuyer, what do rates above 3% really mean? Today’s Average Mortgage Rate … Continued

Mortgage rates decline to 3.09%

Rates dropped from 3.14% in the prior week, according to Freddie Mac’s PMMS The average 30-year-fixed rate mortgage dropped to 3.09% during the week ending Nov. 4, down from 3.14% the week prior, according to the latest Freddie Mac PMMS Mortgage Survey. A year ago, the 30-year fixed-rate mortgage averaged 2.78%. Most economists believe mortgage rates will climb following as … Continued

Investors are buying more, but spending less

Investor purchases account for over 15% of all purchases so far in 2021 Real estate investors are buying more properties, but paying less for them, according to a report from RealtyTrac based on ATTOM Data Solutions home sales data. In the second quarter of 2021, investor purchases accounted for 15.4% of all home purchases nationwide, compared with 11.5% of all … Continued

There’s no sign of the typical fall slowdown in home buying

Redfin reports that 33% of homes go under contract within a week One-third of homes that went under contract had an accepted offer within one week of hitting the market, a new report from Redfin found. This is up from 30% during the same period a year prior and 2.2 points from a month earlier. The report is based … Continued

Important Distinction: Homes Are Less Affordable, Not Unaffordable

It’s impossible to research the subject of buying a home without coming across a headline declaring that the fall in home affordability is a crisis. However, when we add context to the most recent affordability statistics, we soon realize that, though homes are less affordable than they have been over the last few years, they are more affordable than … Continued

Millennials struggle to compete with boomers for homes

Buyers needing financing or insisting on inspection still competitive Young people make up a smaller share of recent homebuyers than in previous years most likely due to the increased market activity of baby boomers, a new Zillow report published on Thursday found. It’s hardly breaking news that the demand for housing has drastically increased over the past 18 … Continued