The average tax refund was $2,860 for the majority of Americans last year. According to a survey by GO Banking Rates, 41 percent of Americans plan to save their tax returns. That savings could help put them on the path to homeownership.Six percent of 18- to 34-year-olds say they plan to use their tax refund to purchase a car, home, etc., compared to 9 percent in the 35- to 44-year-old age group.“With higher incomes and a tax refund of approxima
Consumer confidence in the housing market receded from its record high in February, dropping 3.8 percentage points to a reading of 84.5 in March, according to Fannie Mae's Home Purchase Sentiment Index, a survey of about 1,000 Americans. Five of the six components measured in the index saw a decline, including the percentage of consumers who expressed a positive outlook on buying a home and their employment situation. However, the percentage of c
As the spring homebuying season begins to heat up, the real estate and title insurance industries are reminding home buyers about wire fraud scams increasingly targeting them to steal their down payment funds.The National Association of REALTORS® has issued warnings to its members that hackers are trying to gain access to insecure email accounts and search inboxes for messages related to real estate transactions. The hackers then draft fake ema
While nearly 40 percent of aspiring homeowners believe they need to put down 20 percent on a home purchase, the truth is the average down payment was just 11 percent in 2016, according to the National Association of REALTORS®. Mortgage industry blog MGIC Connects has created a Buy Now vs. Wait calculator that can show them whether they're better off waiting and continuing to save for a bigger down payment or buying now with less money upfront.Th
Forty-two percent of millennials say they are delaying buying a home because of the December 2016 Fed interest rate hike, according to a new TransUnion survey released this week of more than 1,200 consumers.The Federal Reserve announced a second rate increase in March, which might be prompting even more millennials to hold off with their homebuying plans, according to the survey. The federal interest rates usually serve as a benchmark for private
The average size of a home loan has swelled to the biggest amount on record, according to the Mortgage Bankers Association’s survey, which dates back to 1990. The larger mortgage size not only reflects Americans purchasing pricier properties, but also shows they’re more leveraged now too, MarketWatch reports.The median mortgage size is now more than five times as big as the median annual income. In 1990, the median mortgage size was only abou
The 30-year fixed-rate mortgage dropped lower for the third consecutive week and neared its low for 2017, Freddie Mac reports in its weekly mortgage market survey."The 10-year Treasury yield was relatively unchanged this week, while the 30-year mortgage rate fell 4 basis points to 4.1 percent,” says Sean Becketti, Freddie Mac’s chief economist. “After three straight weeks of declines, the 30-year mortgage rate is now barely above the 2017 l
The average annual property tax in the U.S. was $3,296 in 2016, with an effective tax rate of 1.15 percent, according to a new report released by ATTOM Data Solutions. The report encompasses a 2016 property tax analysis of more than 84 million single-family homes.The effective tax rate, according to ATTOM Data Solutions, is the average annual property tax expressed as a percentage of the average estimated market value of homes in a geographic are
A decrease in refinancing activity—due to the uptick in mortgage rates since November 2016—has curtailed overall mortgage application activity in recent weeks. It’s again what was behind the 1.6 percent drop in total mortgage applications last week, the Mortgage Bankers Association reported Wednesday.Applications for refinances dropped 4 percent last week and are now 33 percent below a year ago.Meanwhile, applications for home purchases are
The seven-year legal battle over President Donald Trump's real estate education venture known as Trump University has ended with a federal judge approving a $25 million settlement for the plaintiffs. Trump University students had filed a class-action lawsuit claiming they were misled by failed promises of teaching "success in real estate." About 3,730 students who took part in the program could potentially get at least 90 percent of their money b
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