Mortgage rates inched up slightly from their near all-time lows this week. The 30-year fixed-rate mortgage averaged 2.87%, Freddie Mac reported.“Following last Friday’s strong jobs report, which revealed broad-based gains in employment and wage growth, mortgage rates are moving higher,” said Sam Khater, Freddie Mac’s chief economist. “After dropping for six consecutive weeks, the 30-year fixed-rate mortgage increased by 10 basis points
Bidding wars are growing more commonplace in the rental market as the demand for apartments and single-family rentals outpaces the supply.“We’ve been leasing property for almost 20 years, and we haven’t seen an applicant pool this competitive since we’ve started,” Vipin Motwani, managing principal at Iron Gate Development in Clinton, Md., told CNBC. Two weeks ago, Motwani listed a home for rent in Clinton and quickly received 10 applica
Lot values for single-family, detached homes have never been higher. In 2020, prices jumped 18% to a median lot price nationwide of $53,000, according to an analysis of Census data by the National Association of Home Builders.The higher prices for lots—along with material costs—have pressed on buyers’ and builders’ budgets in building new homes.Lots are priciest in the New England area. Half of all single-family detached spec homes starte
As the rental market surges, investors are looking to extend their portfolios. Many investors are mom-and-pop investors, who own one or two properties. But where can rental investments offer the biggest returns over the long term?SmartAsset, a personal finance resource, analyzed 120 U.S. cities with populations of 200,000 or more to determine which markets pose the most favorable home investments. They factored in housing affordability and rental
California’s largest single wildfire on record continues its long trail of destruction in the northern part of the state, scorching an area more than twice the size of New York City. Nearly 900 homes have been destroyed since the Dixie Fire began in mid-July. A historic Gold Rush town in Greenville has mostly been destroyed.Firefighters reported on Monday that the Dixie Fire has been about 25% contained. But blazing temperatures forecast for th
New fears over the fast-spreading COVID-19 delta variant are moving mortgage rates lower. The 30-year fixed-rate mortgage spent another week under 3%.“With global uncertainty surrounding the delta variant of COVID-19, we saw 10-year Treasury yields drift lower and consequently mortgage rates followed suit,” said Sam Khater, Freddie Mac’s chief economist. “The 30-year fixed-rate mortgage dipped back to where it stood at the beginning of 20
Higher home prices are translating into mega wealth for those who own.Thirty-four percent of residential properties in the U.S. with a mortgage were considered “equity rich” in the second quarter, which means the combined estimated amount of loans secured by the properties was at least 50% of its estimated market value, according to a new report from ATTOM Data Solutions. The number continues to grow, increasing from 31.2% in the first quarte
Unlike past housing booms, the real estate market is seeing a surge in sales at the very top of the housing market. More expensive properties are selling nearly twice as fast as lower- and mid-priced homes.“Wealthier Americans have benefited greatly during the pandemic thanks to the rising stock market, which typically helps grow net wealth,” Lawrence Yun, chief economist at the National Association of REALTORS®, told The Washington Pos
Profit margins for home sellers took an unexpected dip in the second quarter, but they continue to significantly exceed levels from a year ago. The dip may be a sign that investment returns may be declining, according to ATTOM Data Solutions’ second-quarter 2021 U.S. Home Sales Report.In the second quarter, the typical single-family and condo sale in the U.S. posted an average profit of $94,500. That was up from $90,000 in the first quarter and
Borrowers can still take advantage of some of the lowest mortgage rates of all time. For the fifth consecutive week, the 30-year fixed-rate mortgage has remained below 3%. Also, the 15-year fixed-rate mortgage averaged 2.10% this week, an all-time low, Freddie Mac reported.“As the economy works to get back to its pre-pandemic self, the fight against COVID-19 variants unfolds, owners and buyers continue to benefit from some of the lowest mortgag
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