Mortgage rates barely budged this week, but that likely soon will change after the Federal Reserve’s bond tapering announcement this week.The 30-year fixed-rate mortgage averaged 2.88% for the week ending Sept. 23, Freddie Mac reports.Rates are largely predicted to rise on the heels of the Fed’s decision to reduce its bond purchases before the end of the year. The National Association of REALTORS® is forecasting that 30-year fixed-rate
An increasing number of homeowners—particularly younger adults—are seeing their home as a potential revenue stream. They’re more open to renting out their home to generate extra money and help offset the costs of owning, finds a new survey of more than 3,000 consumers conducted by realtor.com®.Thirty-two percent of consumers say they’ve already rented out a room, space, or outdoor feature of their property. Most often that means taking o
Some home buyers have decided to put their search on hold as asking prices continue to increase. Existing-home sales—which reflects completed transactions for single-family homes, townhomes, condos, and co-ops—dropped 2% on a seasonally adjusted annual rate from July to August. Sales are down 1.5% compared to a year ago, the National Association of REALTORS® reported Wednesday. All four major regions of the U.S. posted declines in existing-h
Another green hue has been selected as the hottest color for the new year. Sherwin-Williams announced its 2022 color of the year: evergreen fog, an earthy gray-green tone.The paint firm’s announcement comes on the heels of two other paint companies that this year chose gray-green shades as their 2022 leading color picks. PPG chose olive sprig, while Behr selected breezeway.Sherwin-Williams says evergreen fog is a calming color with nods to natu
Multifamily units are driving the gains in overall housing starts last month as more apartment projects were initiated. But single-family housing starts fell 2.8% in August to a seasonally adjusted annual rate of 1.076 million units, their second consecutive month of decline, the Commerce Department reported Tuesday. While single-family starts dropped in the West and Midwest, they still rose in the Northeast and South.“There is certainly a hous
A new analysis from Freddie Mac alleges appraisal values are more likely to fall below the contracted sales price in Black and Latino neighborhoods than in predominantly White areas. The research is based on an evaluation of 12 million appraisals for purchase transactions on single-family homes that were submitted to Freddie Mac from 2015 to 2020.Nearly 13% of properties in Black census tracts received appraisal values lower than the contract pri
When you hear “prefab,” you may think double-wide mobile home. It’s a misconception the industry has long been trying to clear up.Prefab, a type of construction method, can be found at the luxury home level. More prefab options are stretching into the high-end market, combining quicker construction timelines with ultra-luxury touches.Prefab homes are built offsite in a factory, delivered to a home site, and assembled faster than a trad
Even though builders have been saddled with higher material costs and labor and lot woes, home building has been on the rise over the past year. Single-family permits, a gauge measuring future construction, have jumped about 30% from July 2020 to July of this year. The permits have increased in all four major regions of the U.S., led by the Northeast and the South, according to the National Association of Home Builders’ analysis posted on its E
Scientists at Purdue University have created the whitest paint in the world, and their research, published in April, shows that the ultra-white color could drastically reduce or even eventually eliminate the need for air conditioning.The stark white paint works by reflecting 98.1% of sunlight away from the building. It also emits infrared heat, which means it absorbs less heat from the sun than it emits. “A surface coated with this paint is coo
Mortgage rates followed the trend of the 10-year Treasury yield this week and inched lower. But these historically low rates—averaging 2.86% this week for the 30-year fixed-rate mortgage—are expected to rise over the course of the next few months.The National Association of REALTORS® predicts that mortgage rates will rise to 3.5% by mid-2022 as the Fed will likely start reducing its bond purchases before the end of the year. Expect interest
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