As mortgage rates continue to rise, consumers are searching for ways to lower their monthly payments. One popular option that is gaining traction is the adjustable-rate mortgage (ARM). Although ARMs offer lower interest rates than fixed-rate mortgages, they are often perceived as riskier due to their unpredictable nature. Despite these concerns, the share of ARM
Real Estate
The housing market continues to experience strong demand and limited supply, leading to a significant increase in home values. According to the S&P CoreLogic Case-Shiller national home price index, home prices in February rose by 6.4% year over year, marking the fastest rate of price growth since November 2022. The 10-city composite also saw a
As we enter the spring real estate market, potential homebuyers and sellers are closely monitoring the fluctuating mortgage rates. According to data from Freddie Mac via the Federal Reserve, the average 30-year fixed-rate mortgage has risen to 7.17% for the week ending April 25th, up from 7.10% the previous week. With uncertainties looming over when
The recent reports about Saudi Arabia’s NEOM megaproject scaling back some of its plans have raised concerns about the futuristic desert development on the Red Sea coast. In early April, Western media outlets reported that The Line project, part of the NEOM initiative, would not meet its initial ambitious goals. The original plan of having
As the spring housing market grapples with low supply, high prices, and increasing interest rates, potential homebuyers are turning towards new construction homes. According to Nicole Bachaud, a senior economist at Zillow Group, new homes offer more incentives and availability compared to previously owned properties. Statistics from the U.S. Census Bureau and the U.S. Department
Last week, mortgage rates experienced a third consecutive increase, reaching the highest level since November. Consequently, mortgage application demand suffered a 2.7% decline compared to the previous week, according to the Mortgage Bankers Association’s index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances also rose to 7.24% from 7.13%, with
Floodplain buyouts, facilitated by FEMA’s Hazard Mitigation Grant Program, have been instrumental in assisting homeowners who have experienced devastating flooding in their properties. By purchasing damaged homes and converting the land into open space or flood collection areas, communities can potentially mitigate the impact of future flooding events. This not only benefits individual homeowners by
When buying a newly built home, many buyers are often surprised by the total cost. The median sale price for new construction in the U.S. was $400,500 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. However, the value of a newly built house depends on various factors,
Recent regional bank earnings have raised concerns regarding the stability and vulnerabilities of these financial institutions. Sheila Bair, former chair of the U.S. Federal Deposit Insurance Corp, has expressed worries about the reliance on industry deposits and concentrated exposure to commercial real estate. She also highlighted the potential instability of uninsured deposits, even for healthy
Vietnamese property tycoon Truong My Lan has been handed a severe sentence for her involvement in a major financial fraud case in Vietnam. She was found guilty of embezzlement, bribery, and violating banking rules related to lending. The court sentenced her to death for the embezzlement charges and 20 years in prison for each of