Mortgage demand dropped again last week as rates climbed higher, but one type of loan is attracting borrowers. Adjustable-rate mortgages, or ARMs, which offer lower rates, are seeing renewed demand af...
Tag: Mortgages
What to look for in your credit report to lower borrowing costs
vitapix | E+ | Getty Images Your credit score can make or break your ability to open a credit card or buy a new car or home at attractive interest rates. To boost your score, you need to know where yo...
Mortgage rate is over 7% and it’s getting harder to qualify for loan
JB Reed | Bloomberg | Getty Images It’s a double whammy for would-be homebuyers. Not only are interest rates soaring, it’s getting harder to qualify for a loan. The average rate on the pop...
Apartment demand fell during busiest renting season, RealPage report says
The third quarter of every year is historically the busiest for apartment rentals, but demand fell this year, according to RealPage. It’s the first time the rental technology platform has record...
Mortgage applications fall 14% as higher rates, Hurricane Ian crush demand
A sign points toward an Open House in Alhambra, California on May 4, 2022. Frederic J. Brown | AFP | Getty Images The highest mortgage rates in more than 20 years coincided with one of the deadliest h...
What’s happening with home prices? Mortgage rates, tight supply are factors
Daniel Acker | Bloomberg | Getty Images Home prices are softening in most markets across the nation. Yet home prices are still higher compared with a year ago, and it’s unlikely they will fall t...
Mortgage mayhem sparks fears of a housing market crash in Britain
U.K. mortgage rates have skyrocketed since Finance Minister Kwasi Kwarteng’s mini-budget on Sept. 23, prompting banks to pull mortgage products threatening a deepen an expected housing market do...
Mortgage refinancing drops to a 22-year low
Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, cau...
Home prices cooled at the fastest rate in index history
A ‘for sale’ sign is displayed outside a single family home on September 22, 2022 in Los Angeles, California. Allison Dinner | Getty Images U.S. home prices cooled in July at the fastest r...
Here’s Everything Costing More As Fed Raises Interest Rates
Topline The Federal Reserve on Wednesday again authorized one of the biggest interest rate hikes in 28 years as part of its effort to combat the quickest surge in prices in four decades—doubling down ...
Existing home sales fall in August, and prices soften significantly
Sales of previously owned homes fell 0.4% in August from July to a seasonally adjusted annualized rate of 4.80 million units, according to the National Association of Realtors. That is the slowest sal...
Mortgage demand rises for the first time in six weeks
Real estate listings Adam Jeffery | CNBC Mortgage application volume increased last week for the first time in six weeks, according to the Mortgage Bankers Association, despite a rise in interest rate...
Single-family rent increases cool for the third straight month
A ‘For Rent’ sign is posted near a home on February 07, 2022 in Houston, Texas. Brandon Bell | Getty Images Rents for single-family homes were 12.6% higher in July compared with the year-e...
‘Some companies are closing their doors, others are shutting down divisions’: Rocket CEO outlines plans to navigate the dramatic decline in mortgages
The mortgage industry is struggling with higher rates and a sharp drop in buyer demand. Rocket RKT, +0.53% says it’s got a plan to turn things around. There’s turmoil in the sector. Volume of originat...
More homebuilders lower prices, sentiment falls for ninth straight month
A worker walks on the roof of a new home under construction in Carlsbad, California. Mike Blake | Reuters More builders are lowering prices for homes as their confidence in the market continues to tum...
Mortgage demand declines 29% from last year as rates eclipse 6%
A for sale sign is posted in front of a home that is listed for over $1 million on April 29, 2022 in San Francisco, California. Justin Sullivan | Getty Images Mortgage demand appears to have nowhere t...
2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities — here’s what we know about the program
2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities — here’s what we know about the program A major American bank has launch...
Confused about the housing market? Here’s what’s happening
A “For Sale” sign is seen outside a home in New York. Shannon Stapleton | Reuters The slowdown in the otherwise red-hot housing boom has been stunningly swift. The U.S. housing market surg...
Homeowners lose wealth as rising interest rates weigh on home values
A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022. David Paul Morris | Bloomberg | Getty Images Some homeowners are losing wealth as high mortgage rates wei...
Mortgage demand drops further as interest rates shoot back to June high
GP: Homes for sale Brittany Murray Via Getty Images | Medianews Group | Getty Images In June the average rate on the 30-year fixed shot over 6% briefly, and that was enough to turn the once-hot housin...
‘Vulnerable time for the housing market’: Mortgage rates are now double what they were a year ago, and will weigh on house prices
The 30-year fixed-rate mortgage averaged 5.66% as of Sept. 1, according to data released Thursday by Freddie Mac. That’s up 11 basis points from the previous week — one basis point is equal to one hun...
2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities
2008 all over again? BofA just launched a test of zero-down-payment, zero-closing cost mortgages for minority communities A major American bank has launched a new program to help first-time minority b...
More home sellers drop their asking price as the housing market cools
Daniel Acker | Bloomberg | Getty Images Home sellers are getting nervous, as the once hot housing market cools fast. One in five sellers in August dropped their asking price, according to Realtor.com....
Mortgage demand falls even further, as rates shoot back up to July highs
A real estate consultant shows a condo to a prospective buyer in Miami, Florida. Joe Raedle | Getty Images After falling back earlier this month, mortgage rates began rising sharply again to the highe...
Home prices weaken but are still much higher than a year ago: S&P Case Shiller
A “For Sale” sign outside a house in Albany, California, on Tuesday, May 31, 2022. David Paul Morris | Bloomberg | Getty Images Home prices in June were 18% higher than during the same mon...
As Mortgages Spike Dramatically, Should We Expect A House Price Crash?
PARK RIDGE, IL – JULY 27: What’s does current data suggest about the U.S. housing market? (Photo by … [+] Tim Boyle/Getty Images) Getty Images While the U.S. flirts with recession, o...
Fannie Mae says fixed mortgage rates could fall to 4.5% next year
The Good Brigade | Digitalvision | Getty Images Mortgage rates are projected to decline next year — but that doesn’t mean prospective homebuyers should necessarily delay a purchase for the prosp...
‘It’s a remarkably uncertain time’: Redfin CEO warns of rapidly cooling housing market — says deals under contract are being cancelled
After a stellar two-year run, the housing market is sputtering as buyers pull back sharply. One real-estate chief said the market is indeed course-correcting, and it’s getting hard to make a deal as m...
How the U.S. government can keep household debt in check
On Aug. 24, President Biden announced the cancellation of $10,000 in federal student loan debt for most borrowers making less than $125,000 annually. But student loans account for less than 10% of hou...
Pending home sales drop 1% in July
A sign is posted in front of a home for sale on July 14, 2022 in Corte Madera, California. Justin Sullivan | Getty Images Pending home sales, a measure of signed contracts on existing homes, slipped 1...
Home prices fall for the first time in three years, biggest drop since 2011
An aerial view from a drone shows homes in a neighborhood on January 26, 2021 in Miramar, Florida. According to two separate indices existing home prices rose to the highest level in 6 years. Joe Raed...