Today’s 30-year fixed mortgage rate is 7.39% which is higher than last week’s 7.35%, according to data from Curinos. This is an increase from last month’s 7.22%. Last year around the same time, 30-year fixed rates were 5.86%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $698 each month for every $100,000 you borrow — up from about $695 last week.
SEATTLE, April 05, 2024–(BUSINESS WIRE)–(NASDAQ: RDFN) — Half of U.S. homeowners and renters (49.9%) sometimes, regularly or greatly struggle to afford their housing payments, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Many report making sacrifices to cover their housing costs.
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The latest jobs report came in hotter than expected, showing that the US economy added 303,000 jobs last month and the unemployment rate fell to 3.8%, according to Friday data from the Labor Department. The headline number far surpasses expectations for 205,000 job gains, and underscores the ongoing resilience of the US labor market.
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This week’s increase in U.S. mortgage rates has added to the skepticism about any significant reductions in interest rates for prospective homebuyers in the near future.
As affordability issues intensify and consumer hope for lower interest rates this year fades, more potential homebuyers are holding off on their search. The anticipation of falling loan rates has become the primary reason cited by individuals for not actively looking for a home.
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ATLANTA & NEW YORK, April 04, 2024–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of technology and data, announced that Capital Mortgage Services, a Lubbock-based mortgage bank with clients across the 50 states and the Virgin Islands, has selected the MSP® loan servicing system and a suite of integrated solutions to help scale its operations, lower costs and to continue to deliver a stand-out customer experience. MSP is a comprehensive, end-to-end platform that supports all aspects of servicing – from loan boarding to default – for first mortgages, as well as home equity loans and lines of credit, on a single system.
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IRVINE, Calif. , April 4, 2024 /PRNewswire/ — ATTOM , a leading curator of land, property, and real estate data , today released its 2023 property tax analysis for 89.4 million U.S. single family homes, which shows that $363.3 billion in property taxes were levied on single-family homes in 2023, up 6.9 percent from $339.8 billion in 2022. The increase was almost double the 3.6 percent growth rate in 2022 – and the largest in the past five years.
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Judges in South Florida are approving “unorthodox foreclosure auction rules” proposed by a lawyer that help ensure that his client will own the property for a fraction of its value, according to an investigation by the Miami Herald.
The Hollywood, Florida, lawyer, Brad Ira Schandler, refused to identify his clients and declined to say how much money that he makes, other than to tell the Miami Herald: “It beats waiting tables.”
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WASHINGTON, April 2 (Thomson Reuters Foundation) – Jules Fishelman had ambitious plans to green up his century-old home in Burlington, Vermont, but the cost and logistics felt overwhelming. “I’ve had in mind dozens of things I really wanted to do to make it more comfortable, but also to deal with the energy footprint – how much energy it uses,” Fishelman said by phone from the converted duplex he has called home since 2001.
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BEVERLY HILLS, Calif., April 2, 2024 (Newswire.com) – Mark Cohen, a distinguished mortgage expert with a career spanning over 37 years, has once again earned recognition as the Top Mortgage Broker in the United States, according to the esteemed Scotsman Guide’s annual rankings. Additionally, Cohen has earned recognition for executing the top dollar volume of any broker in the nation — closing $743 million in loans in 2023 alone.
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Today’s 30-year fixed mortgage rate is 7.37% which is higher than last week’s 7.27%, according to data from Curinos. This is a decrease from last month’s 7.44%. Last year around the same time, 30-year fixed rates were 5.84%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $695 each month for every $100,000 you borrow — up from about $690 last week.
ATLANTA, April 1, 2024 /PRNewswire/ — On April 11, 1968, days after the assassination of civil rights leader Martin Luther King, Jr., Congress passed the monumental Fair Housing Act to prohibit discrimination on the sale, rental and financing of housing based on race, religion, or nationality. The landmark bill gave potential homeowners – particularly Black Americans – hope that they could achieve the American Dream of purchasing and owning a home of their own.
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A combination of soaring mortgage rates, still-high home prices and falling rents have made it more affordable to rent than buy in all of the top 50 U.S. metros, according to a new Realtor.com report.
In fact, in February, the mortgage payment on a starter home in the largest metros cost $1,027 (+60.1%) more than the monthly rent in those markets, on average, the report found.
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The average mortgage rate for 30-year fixed loans stayed the same today to 7.27% from 7.27% last week, according to data from Curinos. This is down from last month’s 7.46% and up from a year ago when it was 5.84%.
At the current 30-year fixed rate, you’ll pay about $689 each month for every $100,000 you borrow — the same as last week.
American homeowners have never enjoyed more home equity.
The average homeowner now has $299,000 in equity, $193,000 of which is tappable while still maintaining a 20% equity stake.
Mortgage holders gained $1.6 trillion of equity in 2023, reaching a combined $16 trillion in the U.S., the highest year-end total on record, according to Intercontinental Exchange’s February Mortgage Monitor Report.
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US prices saw a moderate increase in February, while the cost of services excluding housing slowed down significantly, indicating that the Federal Reserve might still consider an interest rate hike in June.
According to the Commerce Department’s Bureau of Economic Analysis, the personal consumption expenditures (PCE) price index rose by 0.3% last month. Also, data for January was revised upward, showing that the PCE price index increased by 0.4% instead of the previously reported 0.3%.
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January 2024 started on a low note, at least when considering mortgage delinquencies and foreclosures nationwide. In January 2024, 2.8% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), unchanged year-over-year from January 2023 and down by -0.3 percentage points month over month from December 2023.
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WASHINGTON, March 27 (Reuters) – U.S. banks with significant lending exposure to some multi-family properties and particularly rent-controlled housing are vulnerable to posting losses this year on rising costs facing landlords, according to Fitch Ratings analysts.
On a Wednesday call, Fitch Ratings analysts highlighted the risks facing banks which have underwritten loans behind apartment complexes and other multifamily properties
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IRVINE, Calif., March 28, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property, and real estate data, today released its first-quarter 2024 U.S. Home Affordability Report showing that median-priced single-family homes and condos remain less affordable in the first quarter of 2024 compared to historical averages in more than 95 percent of counties around the nation with enough data to analyze. The latest trend continues a pattern, dating back to 2022, of home ownership requiring historically large portions of wages around the country.
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LOS ANGELES (AP) — The average long-term U.S. mortgage rate fell slightly this week, welcome news for home shoppers facing rising prices and a stubbornly low inventory of properties on the market this spring homebuying season.
The average rate on a 30-year mortgage slipped to 6.79% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.32%. The average rate is now at its lowest level in a couple of weeks.
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Home-price growth in the US accelerated at the fastest rate since 2022, increasing pressure on buyers after the worst year for property sales in nearly three decades.
Prices nationally climbed 6% in January from a year earlier, according to data from S&P CoreLogic Case-Shiller. That’s bigger than the 5.6% annual gain in December.
The housing market has been tough to navigate since borrowing costs started soaring in 2022, squeezing the purchasing power of many shoppers. While inventory has started to rise recently, homes listed for sale remain low by historical standards and the tight supply has helped keep prices high.
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Today’s 30-year fixed mortgage rate is 7.29% which is about the same as last week’s 7.29%, according to data from Curinos. This is a decrease from last month’s 7.44%. Last year around the same time, 30-year fixed rates were 5.87%, which makes today’s rate much higher than it was a year ago.
At the current 30-year fixed rate, you’ll pay about $690 each month for every $100,000 you borrow — the same as last week.
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Rents across the U.S. have climbed to staggering levels in recent years. Millions of renters spend more than 30% of their income on rent and utilities, a situation that housing experts call being cost burdened.High rents affect almost all segments of the population but are an especially heavy burden for immigrants, particularly those who have not yet become U.S. citizens. Immigrants, both documented and undocumented, play important roles in the U.S. economy. They often provide the cheapest labor in the riskiest of industries. Yet they are still not broadly accepted or supported in many U.S. cities.
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