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As borrowing costs increase, rate dispersion among lenders is growing. Your clients could save up to $1,200 annually by shopping around, experts say.Mortgage rates are inching up, with the 30-year fixed-rate loan increasing to a 6.5% average this week, Freddie Mac reports. Homeownership remains attainable for Americans who can afford a 20% down payment and a monthly mortgage payment of $1,880 on a median-priced home, says Nadia Evangelou, senior
A dip in mortgage rates and a backlog of empty homes helped power sales of newly constructed houses for the second-straight month in January, according to data from the US Census Bureau Sales of newly constructed homes surged between December and January, notching the strongest sales pace since at least March 2022, new data shows.New-home sales clocked in at a seasonally adjusted rate of 670,000 units in January, 7.2 percent higher than
Demand for purchase loans down 18% week over week and 41% from a year ago as mortgage rates rise for the second week in a row to hit new 2023 highs, MBA survey showsRebounding mortgage rates have cooled homebuyer demand for mortgages to the lowest level since 1995, according to a weekly survey of lenders by the Mortgage Bankers Association.The MBA’s Weekly Mortgage Applications Survey shows demand for purchase mortgages was down a sea
On the multifamily front, high costs and a greater concern for the environment are spurring efforts to cut construction time and expense while increasing sustainability.In the multifamily space, the need for new building processes and materials and the possibility of paring construction and labor costs are generating a buzz. This is especially true as rising costs and inflation, labor shortages and an increased concern for the environment continu
Spring is around the corner, and the signs are pointing to a pick-up in sales on the horizon. Read more from NAR’s latest housing report. Existing-home sales continued to ease in January, marking a yearlong stretch of declines coming off pandemic-fueled highs. But median home prices still are rising.Total existing-home sales—completed transactions that include single-family homes, townhomes, condos and co-ops—decreased 0.7% in January compa
Check out the reddish and pinkish hues topping this year’s picks, and let us know which ones you like. From Pantone’s Viva Magenta to Sherwin-Williams’ Redend Point, the 2023 Colors of the Year—reddish and pinkish hues—may serve as inspiration for your clients’ next home improvement project. “People are ready to bring color back into the home, taking a step outside their color comfort zones,” says Andrea Magno, director of color m
Borrowing costs may see temporary increases in the coming weeks but are expected to stabilize. Mortgage rates jumped this week, driven up by a record number of jobs and higher-than-expected inflation, says Nadia Evangelou, senior economist and director of real estate research for the National Association of REALTORS®. The 30-year fixed-rate mortgage averaged 6.32%, up from 6.12% last week, according to Freddie Mac.While mortgage rates may see te
After falling for five straight weeks, mortgage rates jumped last week, triggering a decline in mortgage demand.Total mortgage application volume fell 7.7% last week, compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.39% from 6.18%, with points rising to
Builder confidence rose 7 points in February, to 42, according to the latest NAHB Housing Market Index. It's the highest score since September and the largest 1-month increase in a decade The outlook for the housing market has improved for two-consecutive months, leaving builders cautiously optimistic as the spring homebuying season fast approaches, according to the latest Wells Fargo/National Association of Home Builders Housing Market Inde
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