The reversal after declines over the last three weeks has economists closely watching for the Fed’s anticipated rate hike next week.Following three weeks of declines, mortgage rates reversed course and headed back up this week. The 30-year fixed-rate mortgage averaged 5.23% for the week ending June 9; a year ago, it averaged below 3%.Increased economic activity and incoming inflation data were behind the most recent rate increases this week, sa
Rising home prices keep pushing up equity for homeowners. The average homeowner gained about $64,000 in equity from the first quarter of 2021 to the first quarter of this year, according to a new report from CoreLogic.About 62% of all properties nationwide saw an increase in annualized equity gains in the first quarter. California, Hawaii and Washington posted the highest average equity increases at $141,000, $139,000 and $114,000 respectively, a
Mortgage applications dropped 6.5% last week, and demand reached the lowest point in 22 years, the Mortgage Bankers Association reported Wednesday. The index reflects applications for refinancings and home purchases.Mortgage applications for a home purchase, a gauge of homebuying, dropped 7% for the week and are now 21% lower than a year ago, the MBA reports. Refinance applications dropped another 6% this week and are 75% lower than the same week
Celebrity mansions are known for being grand. Outfitted with luxurious amenities and fancy finishes, they come with ultra-high price tags. In the celebrity home market, the average purchase price was more than $11.5 million, and the average interior size was more than 10,000 square feet.But what other characteristics do celebrity-style homes share? Ruby Home, a luxury real estate brokerage in Los Angeles, compiled data from 128 celebrity homes na
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Americans have become outdoor enthusiasts since the pandemic began. Fifth-three percent of individuals participated in outdoor recreational activities in 2021—a record high, according to a recent Outdoor Industry Association survey.Americans’ love for the outdoors has had a big influence on real estate as buyers search for homes that allow them to enjoy outside activities more.“During the pandemic, we saw a shift in migration trends from ur
The interest rate for the 30-year fixed-rate mortgage averaged 5.09% this week, continuing to inch down slightly. Still, rates are up significantly compared to a year ago. Due to the higher rates, home buyers need to earn about $30,000 more if they want to buy the typical home now compared to a year ago, Nadia Evangelou, National Association of REALTORS®’ senior economist and director of forecasting, writes on the association’s blog.The high
The housing market is showing more signs of slowing. Purchase applications fell 1% last week compared to the previous week and volume is now 14% lower than a year ago, the Mortgage Bankers Association’s latest index shows.Overall, mortgage demand, which includes applications for refinancings and home purchases, has fallen to its lowest level since December 2018.Mortgage rates have been moving higher over recent weeks, leading to the softening d
The median national home price climbed to an all-time high in May, reaching $447,000, realtor.com® reports. Buyers snatched up listings a week faster than a year ago. But despite higher prices and faster sales, housing analysts say there are signs of a slowing housing market.Active inventory rose 8% annually—the first time that benchmark has been reached in nearly three years, realtor.com®’s monthly housing trends report shows. A rising num
Inflation is running at a 40-year high, and more Americans are feeling burdened and rethinking financial plans. Inflation is currently at 8.3% and Americans are facing higher prices for food, housing, fuel, and more.Twenty-five percent of Americans say they’re postponing retirement due to inflation, according to a new BMO Harris Bank report. More than a third of consumers who earn $250,000 a year say they’re living paycheck to paycheck, accor
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