Recent reports indicate a slight improvement in home affordability for buyers this summer. According to data from the Mortgage Bankers Association, the median new mortgage payment dropped to $2,167 in June, showing a 2.4% decline from the previous month. This improvement is attributed to declining mortgage rates, which have increased the purchasing power of homebuyers
Real Estate
The Federal Reserve is currently contemplating making its first interest rate cut in years this fall, which could potentially drive down mortgage rates. Even minor cuts in rates have the potential to significantly impact what homebuyers will end up paying. Prospective homebuyers have been eagerly anticipating the central bank’s decision to lower rates. While the
Homeowners across the country are facing a significant increase in their homeowners’ insurance premiums, with prices rising by an average of 21% between May 2022 and May 2023, according to Policygenius. Experts attribute this sharp spike in insurance costs to the rise in catastrophic severe weather events. As insurers grapple with higher costs due to
Living in a major city like Shanghai can come at a steep cost, with monthly rent in the city-center averaging around $2,700. However, according to Numbeo’s data, the real shock comes from cities like Hong Kong and Singapore, where the cost of living is even higher. A family of four in these cities can expect
With Vice President Kamala Harris on track to become the Democratic nominee for president, there is much speculation on how her policies will align with those of President Joe Biden, particularly in the realm of affordable housing. Harris has been a vocal advocate for affordable housing throughout her career, aiming to ensure that every American
Recently, there has been a slight decrease in mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances, reaching 6.82%. Despite this decrease, potential homebuyers have not shown a significant increase in purchasing activity. The decrease in rates over the past few weeks has not been substantial enough to entice buyers to make a
The housing market experienced a 5.4% drop in sales of previously owned homes in June compared to the previous month. This decline was also apparent in year-over-year sales, which were down by 5.4%. These figures indicate the slowest sales pace since December, pointing to a significant shift in market dynamics. Chief Economist for the Realtors,
When considering whether or not to buy a home, the first step is to assess your financial situation. According to a recent study by Zillow, in 2022, there were millions of renter households who could have afforded to buy a home. However, many renters may not be aware that they are in a position to
Housing remains the most significant expense for consumers in the U.S., with high rents and home prices posing obstacles for potential homebuyers. However, access to affordable credit presents another significant roadblock. An estimated 50 million Americans fall into the category of “credit invisible,” meaning they do not have a credit file or score. This lack
In the past week, mortgage rates have plummeted to their lowest level since March, prompting a significant surge in refinancing applications. The Mortgage Bankers Association reported a 15% increase in refinance applications compared to the previous week, reaching the highest level seen since August 2022. This jump in demand was an astounding 37% higher than