Following two weeks of declines, mortgage rates edged up, and economists say that consumers should expect further increases over the coming weeks.The Federal Reserve will likely raise its short-term interest rates at its meeting next week. While the Fed’s benchmark rates do not have a direct effect on mortgage rates, they do often influence them and likely will lead to an increase, the National Association of REALTORS® notes on its Economistsâ
Rising home prices have brought rising equity gains for homeowners. In the fourth quarter, the average homeowner nationwide gained about $55,300 in equity over the past year, according to a new analysis released by CoreLogic, its latest quarterly “Homeowner Equity Insights” report.Western state homeowners are continuing to see some of the largest equity gains by dollar value.For example, Hawaii, California, and Washington saw the largest incr
Homeowners across the board are feeling richer from rising home prices, but the wealthiest have enjoyed the largest gain, according to a report from the National Association of REALTORS®.From 2010 to 2020, about 71% of the increase in housing wealth was in high-income households. Low- and middle-income households received a smaller share of housing wealth gains, according to the NAR report. Low-income homeowners comprise a smaller shar
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The percentage of homes with mortgages that have late payments or are in foreclosure has dropped to the lowest seen on record in more than two decades, according to CoreLogic’s data dating back to 1999. The nation’s overall delinquency dropped to 3.4% at the end of 2021, with the majority of states posting a year-over-year decrease in delinquencies, according to CoreLogic’s newly released Loan Performance Insights report.Declining unemploym
Home prices have accelerated at a record pace over the last decade, bringing growing wealth to households from long-term homeownership, according to a new report released by the National Association of REALTORS®.From 2010 to 2020—across income groups and metro areas—the total housing wealth for middle-income households grew by $2.1 trillion, according to NAR’s report, Housing Wealth Gains for the Rising Middle-Class Markets.A homeowner who
With soaring home prices and high demand, homeowners are finding it a great time to sell. But some sellers—particularly first-timers—may be so caught up in the headlines about the rosy market that their expectations may become clouded.Real estate professionals shared with realtor.com® some of the mistakes of rookie home sellers in the current market:Unrealistic price expectations: It’s a seller’s market, but that
Hoping to take advantage of mortgage rates that are still historically low, more Americans are pushing into higher mortgage levels to afford more expensive homes. Lenders reported that 2021 marked the highest dollar volume in jumbo loan originations since 2005. Jumbo loans are mortgages that exceed the loan limits of Fannie Mae and Freddie Mac.Rates were cheaper last year, which gave buyers extra budgeting power. In 2021, mortgage rates on j
Surging home prices have prompted buyers to max out their budgets and priced out others. Buyers willing to move, however, can find several markets across the country that still offer affordability, housing experts say. Realtor.com® researchers analyzed housing data and 250 of the largest markets nationwide to identify the most affordable in the nation.They found several Midwest markets offer the best affordability. Also, some of the most in
Mortgage rates fell again this week amid Russia’s invasion of Ukraine, sparking uncertainty across the globe including in U.S. markets. The 30-year fixed-rate mortgage dropped to a 3.76% average this week, Freddie Mac reports.“Geopolitical tensions caused U.S. Treasury yields to recede this week as investors moved to the safety of bonds, leading to a drop in mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “While inflati
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