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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STERLING HEIGHTS, MI, UNITED STATES, March 25, 2024 /EINPresswire.com/ — MortgageUSA, a leading mortgage company, has recently announced the launch of their new platform, causing a stir in the mortgage industry. This innovative platform aims to simplify the mortgage process for both lenders and borrowers, making it easier and more efficient for all parties involved.
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Maryland saw its average mortgage balance increase by more than a percent in the last quarter of 2023 as compared to the three months prior, according to a recent study.
That 1.23% increase brings Maryland’s average mortgage balance to just over $283,000, according to the study from personal finance company WalletHub.
Neighboring Virginia came in at No. 11 in terms of largest mortgage balance increase. D.C. was not analyzed as part of the study.
The study looked at all 50 states, analyzing the change in mortgage debt between the third quarter and the fourth quarter of 2023, as well as the average mortgage balances and monthly payments from the fourth quarter of 2023.
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The average rate on a 30-year fixed mortgage is 7.29%, and on a 15-year fixed-rate mortgage, it’s 6.48%. The average rate on a 30-year jumbo mortgage is 7.32%.
The average mortgage rate for 30-year fixed loans stayed the same today to 7.29% from 7.29% last week, according to data from Curinos. This is down from last month’s 7.56% and up from a year ago when it was 5.87%.
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.
The 2024 U.S. Household Bill Pay Report, released on March 7, analyzed a proprietary dataset to determine the 10 most common bills and how much they cost. The total U.S. Bill Pay Economy comes to $4.46 trillion a year, according to doxo. Of that, $3.35 trillion — or 75% — is spent on the 10 most essential household bills.
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The average rate on a 30-year fixed mortgage is 7.30%, and on a 15-year fixed-rate mortgage, it’s 6.53%. The average rate on a 30-year jumbo mortgage is 7.33%.
The average mortgage rate for 30-year fixed loans stayed the same today to 7.30% from 7.30% last week, according to data from Curinos. This is down from last month’s 7.45% and up from a year ago when it was 5.87%.
At the current 30-year fixed rate, you’ll pay about $691 each month for every $100,000 you borrow — the same as last week.
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In a recent overview of the mortgage market, the Intercontinental Exchange, Inc. (ICE) revealed a nationwide trend towards improved mortgage performance in February. The report underscores a decrease in delinquencies and foreclosures, coupled with a modest uptick in prepayment activities.
February saw the national delinquency rate dip to 3.34%, a slight decrease from the previous month and a notable improvement from the same period last year. This improvement is seen across the board, with both short-term and serious delinquencies dropping to their lowest levels in three months, despite a slight uptick in the number of borrowers falling behind by one payment.
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ATLANTA & NEW YORK, March 21, 2024–(BUSINESS WIRE)–Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of technology and data, reports the following “first look” at February 2024 month-end mortgage performance statistics derived from its loan-level database representing the majority of the national mortgage market.
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LOS ANGELES (AP) — The average long-term U.S. mortgage rate climbed back to nearly 7% this week, pushing up borrowing costs for home shoppers with the spring homebuying season underway.The average rate on a 30-year mortgage rose to 6.87% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.42%. The average rate is now just below where it was two weeks ago.
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An official at the New Mexico Mortgage Finance Authority expects foreclosures to double this year on mortgages it oversees in the state, citing the wind-down of federal pandemic protections, high interest interest rates and other factors.
Theresa Lloyd, the authority’s director of servicing, told the board at a meeting Wednesday that some New Mexicans with subsidized loans are “already at the end of their rope” to avoid foreclosure and face the end of programs that could help them stay housed..
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STRONGSVILLE, Ohio, March 20, 2024 /PRNewswire/ — Union Home Mortgage (UHM), a high-growth independent mortgage banking company with a world-class culture, announced today it has been awarded the 2024 Top Workplace USA award, among employers across the United States. Issued by the independent third-party firm Energage, the recognition drew on the feedback of more than 1,200 UHM employees surveyed for the result.
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