Homebuyers looking for a purchase loan and homeowners who want to refinance are responding well to low mortgage rates. “While mortgage rates generally held steady this week, overall mortgage demand remained very strong, rising over 50% from a year ago thanks to increases in both refinance and purchase mortgage applications,” says Sam Khater, Freddie Mac's chief economist. "As economic growth decelerates, it is clear that low mortgage rates wi
Americans are growing concerned by the growing threats of an economic slowdown, but that doesn’t seem to be affecting housing. Recent housing reports are showing that lower mortgage rates are buoying buyer demand into the fall months.“Despite fears of an economic slowdown, the housing market continues to be a bright spot in the economy,” says Sam Khater, Freddie Mac’s chief economist. “While mortgage rates have ticked up in recent weeks
For the first time in 25 years, federal regulators are increasing the property value limit under which buyers of certain homes must obtain an appraisal as part of the selling process. Federal banking agencies have approved a plan enabling certain homes worth $400,000 or less to be subject to an evaluation rather than an appraisal.The last time this threshold changed was in 1994, when regulators set the rule for properties worth $250,000
President Donald Trump on Friday signed an extension of the National Flood Insurance Program through Nov. 21, marking the 13th time the program has been granted a last-minute reprieve from expiration. The NFIP, which faces financial challenges and is billions of dollars in debt, had been set to expire Sept. 30 until Congress rushed a bill to extend the program last week.The NFIP is the nation’s largest flood insurer and provides coverage to 22,
New York is the priciest rental market in the nation, according to a new RENTCafe report. It has 28 of the 50 most expensive ZIP codes for renters nationwide. Tenants living in ZIP code 10282, encompassing the Battery Park neighborhood of Manhattan, pay an average of a whopping $6,211 a month in rent. ZIP code 10013, which includes TriBeCa, Lower Manhattan, and Chinatown, followed in the rankings with average monthly rents at $5,237.RENTCafe anal
Pets can take a major bite out of your home’s resale value, The Wall Street Journal reports. Scratched doors, stained floors, and chewed-up furniture can prove costly for homeowners to repair.Homeowner Lexi Methvin knows all too well how pricey pet damage can be. Since purchasing her $1.25 million home in Basalt, Colo., three years ago, she told the WSJ that she estimates she’s spent between $25,000 to $30,000 on dog-related home re
September has proven to be the most volatile month for the 30-year fixed-rate mortgage since March. Average weekly movement on rates has fluctuated 11 basis points in that time, Freddie Mac reports. This week, mortgage rates fell after posting the largest uptick in nearly a year last week.“With both unemployment rate and mortgage rates below 4% and near historic lows, it is no surprise that the housing market regained momentum in home sale
Don't expect a lapse—not yet anyway—in the National Flood Insurance Program, the country’s largest flood insurer. The program has been set to expire on Sept. 30, but the U.S. Senate recently passed an extension that would keep the program afloat until Nov. 21. The House had previously passed the extension. The bill is expected to be signed by President Donald Trump.This extension will mark the 13th time the program—which is bill
It was a good time to be a home buyer in 2012. Homeowners who purchased a home the year prices bottomed out have earned a median of $141,000—or a whopping 261%--in home equity, a new analysis from Redfin concludes. In the majority of housing markets nationwide, the year 2012 offered home buyers the lowest purchase prices following the Great Recession.The average home that sold in 2012 has risen $110,000 in value—from a median sales price of $
Lower mortgage rates are prompting more home buyers to consider new-home construction, builders say. Sales of newly built single-family homes surged in August, rising 7.1% to a seasonally adjusted annual rate of 713,000 units, the Commerce Department reported Wednesday. This marked the second time in three months that new-home sales rose above 700,000. Further, new-home sales have now jumped 18% compared to a year ago.The latest report follows on
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