Mortgage rates reversed course and soared to the highest averages in seven years, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 4.61 percent this week, which matches the highest level since May 19, 2011.“Healthy consumer spending and higher commodity prices spooked the bond markets and led to higher mortgage rates over the past week,” says Sam Khater, Freddie Mac’s chief economist. “Not only are buyers facing higher borrow
Notarize, a company that allows professionals or businesses to legally notarize documents online, announced $20 million in a new round of funding, bringing the company’s total to $31 million. Notarize was part of Second Century Ventures’ 2017 REach program, a strategic investment arm of the National Association of REALTORS® that helps companies launch into the real estate, financial services, banking, home services, and insurance industri
U.S. banks are reportedly relaxing their lending standards on some commercial real estate loans. This marks the first time in nearly three years that lenders have taken such a move on commercial loans, the CoStar Group reports.The Federal Reserve’s first quarter survey of senior loan officers shows that banks are easing standards and terms on commercial and industrial loans to large and middle-market firms. They have mostly left loan standards
Mortgage rates are edging noticeably higher this week, and would-be home buyers and refinancing homeowners may have missed out on a chance to lock in a lower rate.Mortgage application volume for refinancings and home purchases dropped 2.7 percent last week on a seasonally adjusted week-to-week basis, the Mortgage Bankers Association reported Wednesday. Mortgage application volume is 4.5 percent lower than the same week a year ago.Applications for
The Great Recession still has a lasting impact on how many consumers shop for homes today, builders say. Even consumers who did not lose a home to foreclosure during the housing crisis are still shopping for homes more cautiously than they did during the early 2000s and the height of the housing boom.“Buyers became more cautious in the homebuying process,” says Dennis Webb of Fulton Homes. “If they were not directly affected, then they cer
In a competitive housing market, some buyers are increasingly losing out to those who are willing make an all-cash offer to close the deal. All-cash offers are attractive to sellers since they tend to close quickly and aren’t contingent on any potential hang-ups from a buyer’s financing. Now, a new startup is making headlines with an offer to turn nearly any buyer’s offer into an all-cash one to better compete.The company, Ribbon, is launch
For years, a real estate professional in Edmond, Okla., has told his sellers that even if you price your home for just a dollar, the market would determine what the sales price would be. “This time, I had some sellers who were bold enough to take me up on trying that theory out,” says Ryan Hukill, the listing agent on a four-bedroom, four-bathroom home that was listed for just $1.In less than a week, the home was under contract and fetched
The affordability crisis is growing in San Francisco, and home buyers are desperate to find a place that they can afford. An affordable housing development in downtown is offering 95 one-, two-, and three-bedroom apartments. But the development recently made headlines when 6,580 people applied for the homes in just three weeks. Developers turned to a lottery to decide who would get the units.Developers and cities are increasingly turning to lotte
Some college grads are choosing to stay put in the town where they attended school. College towns can be attractive to younger generations. They tend to offer walkable areas, abundant restaurant and music scenes, and plenty of employment hubs. Homeownership also tends to be a strong investment since there’s plenty of ongoing demand from young and old buyers."People go [to college towns] with the intention of pursuing a degree ... but find these
More aspiring home buyers are increasingly turning to crowdfunding to drum up money for a down payment.Several new crowdfunding platforms have debuted, such as HomeFundMe and Feather the Nest, to help potential home buyers raise funds to purchase a home or make home repairs. Online registries like HoneyFund include the option of gifting a down payment contribution.“The number one challenge that we hear from millennials in terms of their ability
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