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
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
Rents are rapidly rising across the country. The U.S. median rental price jumped 11.5% year over year in August to $1,607 per month. That is the first time in two years that the rental market has reached double-digit growth, according to realtor.com®’s Monthly Rental Report.More than half of the 50 largest metros posted double-digit annual gains. The highest increases were in Tampa, Fla. (up 30.6% compared to a year ago), Riverside, Calif. (up
Just when the housing market was starting to fall into a seasonal pattern, mortgage demand takes off. Mortgage applications to purchase a home—a gauge of the housing market—rose 7% last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. That marks the highest level since April of this year.Housing inventories have increased slightly, which may be opening up more possibilities to home buyers who had felt s
The price of entry to homeownership involves more than just the down payment. About 44% of homeowners say they were unaware of the other costs associated with buying a home, like home inspection, document fees, property taxes, home insurance, and title fees, according to a realtor.com® survey of nearly 3,000 adults. About 11% of respondents also failed to factor in moving expenses.“Unlike most big-ticket consumer purchases, for which most peop
Raising children isn’t cheap: The basic costs for raising a child in the U.S. is $20,152 annually, according to research from LendingTree. But that total can run much higher in some states.For example, parents will pay the most in the country to raise a child in the District of Columbia, with basic annual expenses (including day care) about $28,785. Hawaii and Maryland follow at $25,828 and $25,156, respectively. Meanwhile, raising a child may
For the ninth consecutive week, mortgage rates stayed below 2.9%. But even with historically low mortgage rates, home buying may be following a more typical seasonal pattern of cooling off, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s Economists’ Outlook blog.“Buyers and sellers typically do not want to move their family in the middle of the school year
Housing equity surged nearly 40% compared to a year ago and is at a record high, according to a new report from Black Knight, Inc. The average mortgage holder now has $173,000 in equity. That marks an increase of $20,000 just from the end of the first quarter, the report notes.The increase in equity is being driven by surging home values over the last quarter, says Ben Graboske, Black Knight data analytics president. Home prices have jumped nearl
Another sign the housing market may be cooling: Loan applications for home purchases—a gauge of housing demand—are now 18% lower than a year ago, the Mortgage Bankers Association reported Wednesday.More listings are coming on the market, offering home buyers more choices. But some potential buyers are still getting priced out. Home prices are nearly 18% higher than a year ago, according to the National Association of REALTORS®. Contract
Home prices have been rapidly rising, but not everywhere. The housing market is showing some signs of cooling somewhat, which could open the door to potential buyers who the market has shut out. Also, with the growth of remote work—largely expected to remain in some form post-pandemic—house hunters may be able to expand their options and seek out markets offering greater housing affordability.“If you’re working for a company in
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