After three weeks of mostly staying steady, average mortgage rates rose this week. However, rates still remain at multiyear lows, keeping borrowing costs low for those shopping for homes this summer.“The rise in rates was driven by continued improvement in consumer spending and partly due to optimism around a forthcoming cut in short-term interest rates, which should provide support for business and investor sentiment,” says Sam Khater, Fredd
The 2019 hurricane season has begun, with tropical storm Barry last week threatening the Gulf Coast. The U.S. Census Bureau released new data that shows 60.2 million residents live in areas that are vulnerable to hurricanes, living near the Atlantic and Gulf of Mexico regions.Populations are rising in the areas most vulnerable to hurricanes. About 8.3 million people moved to the Atlantic and Gulf of Mexico regions between 2000 and 2017, a 16% inc
Homeowners are spending more to improve their homes, not necessarily on home maintenance.Homes may be aging in the U.S., but don’t assume the age of a home is prompting more spending. A new report from HomeAdvisor, a home remodeling resource, finds that homeowners spent $3.70 less for every year since a home was built. That means the owner of a 100-year-old home could spend an average of $370 less on emergency home projects per year than t
Investors are increasingly eyeing senior housing and plan to increase their buying within the sector over the next 12 months, according to the CBRE U.S. Seniors Housing & Care Investor Survey. Sixty-two percent of investors surveyed say they intend to increase the size of their portfolios with elderly living segments over the next year.“Senior housing demand should remain at relatively healthy levels through 2019, given expected steady
Lower mortgage rates are bringing out more potential home buyers. In certain parts of the country, this has translated into a lot more competition. In markets that have seen prices become more moderate, supply is lower than it was a year ago and bidding wars are becoming more prevalent. For example, a recent Redfin housing index notes that cities like Oklahoma City; Richmond, Va.; Memphis, Tenn.; Buffalo, N.Y.; and Atlanta are seeing buyer d
Tropical Storm Barry, which crashed into Louisiana as a Category 1 hurricane over the weekend, may still bring heavy rain and flooding to the Gulf Coast for days. Barry largely spared New Orleans, which was expected to feel the brunt of the storm, but Louisiana and the Gulf Coast still could get up to 20 inches of rain in some areas.Life-threatening flash floods and possible tornadoes are still possible in Louisiana, Arkansas, Mississippi, southe
The U.S. House of Representatives approved a bill this week that would cut the cost of upfront mortgage insurance fees on Federal Housing Administration loans for first-time home buyers who take part in housing counseling. The bill requires first-time buyers to complete a housing counseling program about sustaining homeownership in order to be eligible for the 25-basis-point discount on their FHA mortgage insurance loan.The Housing Financial Lite
After steady declines since the beginning of the year, mortgage rates appear to be leveling off. But that still bodes well for home buyers.“While rates have moderated, we’re still at nearly three-year lows, which is good news for buyers looking to purchase a home before school starts,” says Sam Khater, Freddie Mac’s chief economist. “The recent stabilization mortgage rates reflects modestly improving U.S. economic data and a more accomm
Borrowers found it easier to access credit in June, but it was jumbo mortgage credit that saw some of the highest growth. According to a new report from the Mortgage Bankers Association, jumbo loans—mortgages with higher debt—are on the rise and were easier to get in June than any other month in the past eight years.Jumbo mortgage credit rose for the sixth straight month, rising to its highest level since 2011, when the MBA’s survey began.A
For most Americans, a home purchase is the biggest purchase of their life and thus requires taking on a large amount of debt. The average mortgage debt can vary considerably from state to state.“Cost of living and home prices are a big factor,” says Greg McBride, chief financial analyst at Bankrate. “The cost of living impacts how much you can save for something like a down payment, and home prices impact how much you have to borrow.”Weal
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