Mortgage rates have taken a big leap at the start of the new year. In the first week of 2022, the 30-year fixed-rate mortgage jumped nearly 60 basis points higher than a year earlier, averaging 3.22% this week, Freddie Mac reports.“Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” says Sam Khater, Freddie Mac’s chief economist. “With highe
The Federal Housing Finance Agency announced it would be increasing upfront fees on second-home mortgages and on mortgages that finance homes with balances that exceed standard conforming loan limits. The fees are expected to increase the purchase cost of second homes and homes in high-cost areas.The new fees from Fannie Mae and Freddie Mac will take effect on April 1.Upfront fees for mortgage loans on second homes will rise between 1.125% and 3.
The latest COVID-19 variant is prompting a wave of new infections—more than 1 million daily cases were reported on Monday alone. Omicron is also the most contagious variant yet. But housing analysts don’t believe omicron will hamper the housing market and deter buyers and sellers—at least it doesn’t done that so far, observers say.Housing analysts acknowledge they were concerned as the new strain reached the U.S. in November and then saw
Lumber prices are soaring once again: Following a dip last spring and summer, they have nearly tripled over the past four months.Builders say that increase has caused the price of an average new single-family home to rise by more than $18,600. It has also added nearly $7,300 to the price of an average new multifamily home, translating into $67 a month more in rent for a new apartment, according to the National Association of Home Builders.Price v
Conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac have jumped in most of the country to $647,200, an increase of $98,950 from 2021’s limit of $548,250. The higher levels are in response to rising home prices over the past year.The new loan limits took effect Jan. 1.The Federal Housing Finance Agency’s House Price Index shows that home prices rose 18.05%, on average, between the third quarters of 2020 and 2021. The 2022
The new year began in tragedy for households in Colorado, as wind-driven wildfires swept through numerous suburban neighborhoods and left homes and businesses in rubble and ash.About 991 homes were destroyed after the Marshall and Middle Fork fires blanketed the Denver suburbs and Boulder County, Joe Pelle, Boulder County Sheriff, told USA Today. An additional 127 homes were damaged by fire. Officials continue to assess the full extent of th
The hot housing market fueled an all-time record for the amount Americans borrowed to buy homes in 2021.Mortgage lenders issued $1.61 trillion in purchase loans last year, according to preliminary data from the Mortgage Bankers Association. That tops a previous record set in 2005 of $1.51 trillion.Home prices have grown by double digits over the past year. That is driving up mortgage balances as Americans stretch their budgets to afford a home.Th
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Long-distance, state-to-state moves saw an increase this year, according to new U.S. Census Bureau data. Some states came out clear winners as they gained more new residents over the year.MoveBuddha analyzed more than 400,000 relocation queries in 2021 to compile its 2021–2022 moving migration report to see the top growing and declining states and cities across the U.S.Florida continues to post significant gains in new residents. It had the lar
Mortgage rates stayed low for the final week of 2021, but housing analysts largely predict rates will be heading up in the coming weeks.“Mortgage rates have been effectively been moving sideways despite the increase in new COVID cases,” says Sam Khater, Freddie Mac’s chief economist. “This is because incoming economic data suggests that the economy remains on firm ground, particularly cyclical industries like manufacturing and housing. Mo
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