The Federal Reserve voted Wednesday to keep its benchmark interest rate near zero. This will keep the cost of loans down until the economy starts to recover from the COVID-19 pandemic. The Fed also announced Wednesday it would be extending its lending and credit initiatives until the end of the year to help make it easier for Americans to get a loan.The Fed’s key benchmark rate is not directly tied to mortgage rates, but it often indirectly inf
Landlords, brace yourselves: Your tenants are likely going to ignore some of your rules. Luckily, the most common offenses center around decorating and aren't too serious.The top offense? One in four tenants make holes in walls (often from nails). That offense is most common among renters aged between 25 to 34, according to a new survey of U.S. tenants conducted by iProperty Management.Also, 19% of renters surveyed say they’ve completely redeco
Young professionals in the early stages of their careers are facing a lot of uncertainties today, including where to live and put down roots.SmartAsset, a financial resource website, recently analyzed 150 cities to pinpoint the best places for young professionals. Researchers considered metrics like the percentage of the population between 25 and 34; county-level unemployment rates from May 2020; labor force participation for young professionals;
The toughest part of the homeselling process: trying to simultaneously sell a current home while buying the next one, according to a new survey from LendingTree of 964 consumers about their top sources of stress in the homeselling transaction. The transactions must be coordinated perfectly to go forward at both ends without a hitch.But preparing the home to sell and getting it ready for showings bring another common stressor. It can be pricey; th
The U.S. homeownership rate surged to its highest level in 12 years in the second quarter as low mortgage rates and the pandemic prompt more Americans to want to have a home.The homeownership rate rose to 67.9% in the second quarter, increasing even while the nation faced record levels of unemployment, the Census Bureau reported this week. A year ago, the homeownership rate was 64.1%, for comparison.However, the Census Bureau cautioned that the d
The Coronavirus Aid, Relief, and Economic Security Act moratorium on evictions expired last week. It prevented landlords from evicting tenants from homes with federally backed mortgages during the COVID-19 outbreak. But with the protections now gone and unemployment still high, many renter households could be at risk.The National Association of REALTORS® and the Institute of Real Estate Management released a leasing conditions survey t
Home buyers’ most wanted home feature sparked by the COVID-19 pandemic: more space, both indoors and out.Extra space tends to come at a premium, but in some markets, buyers are finding they can get more room without busting their budgets.“With many working from home now, it’s nice to have space to separate from children, spouses, or roommates to get some quiet and focus,” says Danielle Hale, realtor.com®’s chief economist. “Even if y
While unemployment remains high and the economy continues to suffer from the COVID-19 pandemic, the housing market is proving resilient. During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. The second-quarter figure represents a 36.3% return on investment—the highest level since the Great Re
Mortgage rates increased for the first time in weeks, but rates remain near historical lows.The 30-year fixed-rate mortgage shattered records last week, averaging 2.98%. This week, they increased slightly to a 3.01% average, Freddie Mac reports. “While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop,” says Sam Khater, Freddie Mac’s chief economist. “In the sh
Search for the term “mortgage” on Google from your smartphone and you’ll learn what a mortgage is, what important loan terms are, and what the most recent mortgage rates are. In addition, you'll find online calculators and more. That's because Google has partnered with the Consumer Financial Protection Bureau to launch the new information feature on Wednesday, which aims to help consumers better shop for mortgages.The resources also provide
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