Home buyers are reaping some of the lowest borrowing costs in years this buying season. The 30-year fixed-rate mortgage remained unchanged from last week at 3.82%, which matched last week for the lowest average since September 2017.“Mortgage rates were mostly unchanged from last week due to easing of trade tensions with Mexico, which helped stabilize markets,” says Sam Khater, Freddie Mac’s chief economist. “These historically low ra
Participants in the Deferred Action for Childhood Arrivals program are ineligible for mortgages from the Federal Housing Administration, a Housing and Urban Development official confirmed in a letter this week, ending recent uncertainty on the issue.President Barack Obama had started the DACA program on June 15, 2012, during his presidency in a move to prevent the deportation of children of immigrants to the U.S. About 800,000 people are par
Many Americans have not fully recovered financially from the Great Recession, more than a decade later.Nearly 48% of Americans who were adults when the downturn first began in December 2007 say they have seen no improvement in their financial situation since then, according to a newly released Bankrate survey based on responses from more than 2,700 consumers. One in four respondents—or 25%—say their overall financial situation is about the sa
Smaller markets known for greater affordability are growing in popularity among home shoppers. The Midwest and Northeast are outshining California markets, which have long dominated realtor.com®’s monthly list of the most bustling locales in the country. Realtor.com®’s list is based on the markets with the fastest sales and the highest number of website visits from house hunters.The Midwest and Northeast are “where the action is conc
Consumers continue to be under a lot of wrong assumptions about what it takes to get a mortgage—and that may be holding some back from even trying.Even though a lot of mortgage information is now available online, most consumers still overestimate the minimum credit score and down payment needed to qualify for a mortgage. They also remain unfamiliar with low-down-payment programs, according to a survey released by Fannie Mae of 3,000 respondent
Renters are unlocking savings on their federal taxes, and a real estate watchdog believes that will translate into greater home sales. The Tax Cuts and Jobs Act may well fuel an increase in entry-level home buying in most areas of the country, according to a newly released report from John Burns Real Estate Consulting.Renters paid $2,716 less in taxes on their 2018 federal tax bill across some of the top housing markets (ranging from $1,918 less
Newlyweds in Cleveland, Detroit, and Pittsburgh can have it all—a fancy wedding and a new home. Those Midwestern metros were found to be the most affordable cities in which to throw a wedding and cover a down payment on a home, according to an analysis by Redfin.In all three metro areas, the average combined cost of a wedding and a down payment is less than $65,000, compared with the national average of more than $109,000, according to the stud
Earlier this year, a federal court ruled that provisions of a U.S. Department of Labor rule, which expanded access to association health plans to real estate professionals, were unlawful. The Department of Justice is appealing the ruling, joined in support by the National Association of REALTORS® and a growing number of voices within the real estate community.NAR has filed an amicus brief in support of the Labor Department’
When is the right time to purchase your first home? The answer differs across age groups.One in five parents say they expect their child to own a home by age 25, yet this doesn’t match up to reality. Younger adults tend to feel the most pressure to own a home, but they’re still waiting on their own time terms, according to a new survey from Porch.com, a home remodeling website. Porch.com surveyed nearly 1,000 individuals betwee
Consumers with financial or housing questions turn to the internet. In particular, consumers seem to have a lot of questions about income taxes and mortgages.TermLife2Go, a review site, analyzed Google data to find the top questions about money and organized the info by state.Income tax was the most Googled term in 23 states. New tax laws that took effect may be causing the influx in tax questions.New York City is home to more
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