The 30-year fixed-rate mortgage jumped 12 basis points from last week, averaging 3.69%, Freddie Mac reports. That’s no reason for home shoppers to get nervous: Economists largely predict mortgage rates will dip in the weeks ahead. Also, rates are still more than a percentage point lower than a year ago.“Despite this week’s uptick in mortgage rates, the housing market remains on the upswing, with improvement in construction an
Total housing starts dropped 9.4% month over month in September to a seasonally adjusted annual rate of 1.26 million units, the U.S. Commerce Department reported Thursday. The multifamily sector, which includes apartments and condos, plummeted 28.2% in September to a pace of 338,000. However, single-family housing starts fared much better, rising 0.3% to 918,000 units.Overall, builders are happy with the numbers.&nbs
Housing experts say that homeownership is growing out of reach for a rising number of minority households. Fewer than one in 10 homes for sale last year were affordable to African American households in several major cities, such as San Francisco, Denver, Boston, Los Angeles, and Seattle, a newly released study from Redfin reports.The report calls out San Francisco, where less than 1% of homes for sale last year were affordable for African Americ
The number of older American households is climbing to record high levels, and the housing industry is closely monitoring their evolving housing needs. The number of homes headed by a person age 65 or older rose from 27 million to 31 million between 2012 to 2017.Over the next 20 years, the oldest age groups—age 65 and over—are expected to increase their share of all U.S. households from 26% in 2018 to 34% by 2038, according to a newly release
Students are borrowing more money nowadays, not only causing them to face higher bills but also forcing them to delay homeownership, the study notes.The average student loan borrower owes $34,500, which is $8,500 more than the typical down payment of $26,000. More than a quarter of millennials say that student loans are the primary barrier to saving up for a down payment, according to a separate report from the National Association of REALTO
The economy shows signs of sluggishness, but not the housing market, according to a new report released this week from the Federal Reserve Bank of New York. Consumer spending is softening and wage growth is “moderate,” but the housing market has rebounded, the Fed says.“Housing activity indicators displayed further gradual improvement in August,” according to the report. Over the last three months, single-family housing starts and permits
Low mortgage rates are drawing out more home buyers who want to take advantage of the decrease in borrowing costs, but they’re increasingly growing frustrated as the selection of properties narrows. An unseasonable surge in buyer demand has coincided with housing inventories moving even lower in recent months. Inventories dropped 2.5% annually in September, realtor.com®’s data shows.The lower tier of the market—homes priced under $200,000
Investors looking for homes to flip are being squeezed by high prices, inventory shortages of affordable options, and stiff competition from buyers, realtor.com® notes in a new analysis. But deals can still be found.Realtor.com® identified the hottest housing markets for investors by pinpointing those where the highest percentage of homes were either flipped or rented out after the sale. The most profitable flip markets tend to be in the Midwes
Neighborhoods located within a half-mile of public transit services outperformed those farther from public transit based on a number of factors, according to a report released Monday by the National Association of REALTORS® and the American Public Transportation Association.The report shows commercial and residential real estate market sales thrive when residents have mobility options. Residential properties within these areas had 4% to 24% high
The 30-year fixed-mortgage fell 8 basis points this week, averaging 3.57%, Freddie Mac reports. The lower rates are drawing out more home buyers in the fall market.“Despite the economic slowdown due to weakening manufacturing and corporate investment, the consumer side of the economy remains on solid ground,” says Sam Khater, Freddie Mac’s chief economist. “The 50-year low in the unemployment rate combined with low mortgage rates has
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