Americans have, so far, stood resilient to rising mortgage rates, but a bigger impact will come soon, say Goldman Sachs economists.Housing’s share of the economy rose above normal levels from November to January, despite mortgage rates surging 60 basis points at the time.Still, economists caution that there may be a lag to the impact of rising rates and particularly their effect on home prices. In an analysis—pulling data from past 100-basis
What makes a top-ranked small city so desirable? According to realtor.com®’s research team, it has a low unemployment rate, a crime rate below the national average, an affordable median home price, and a majority of households that spend no more than 28 percent of their annual income on housing costs.The research team ranked more than 500 towns with populations between 10,000 and 50,000. The median home price of its top 10 small towns ranged f
Borrowers are getting spooked by rising rates and, as a result, they’re rushing to lock in rates before any further increases. That’s pushing mortgage application volume higher, increasing a seasonally adjusted 3.3 percent week over week, the Mortgage Bankers Association reported Wednesday. Buyers are also increasingly turning to adjustable-rate mortgages to try to get more savings in their monthly payments too."Mortgage rates increased last
Millennials and baby boomers often steal the spotlight in real estate. But Generation X says it’s time for the housing market to pay more attention to them instead. Gen Xers are the only generation to purchase more homes last year than they did the previous one, according to the National Association of REALTORS® Home Buyer and Seller Generational Trends survey.Gen Xers, aged 37 to 51, made up 26 percent of home buyers in 2015, but grew that pe
Consumer confidence in the housing market has hit a new all-time high, according to Fannie Mae’s Home Purchase Sentiment Index. The index rose 5.6 percentage points in February to 88.3, a record reading. Five of the six components measured by the survey hit record highs as well, including the share of Americans who say now is a good time to buy and those who are feeling more secure about their job.Fannie Mae’s survey of 1,000 Americans showed
The 50 finalists for the 30 Under 30 class of 2017 have the audacity to dream big and the gumption to make it happen. One is a former professional break-dancer; another was nearly homeless. One applicant is the CEO of a real estate tech company, and another has previously applied four times and is hoping the fifth time will be the charm. All have overcome obstacles to get where they are today.This is the 17th year of REALTOR® Magazine’s 30 Und
Home shoppers need to be mentally prepared to face some annoying things when purchasing a home. Realtor.com® recently spotlighted some of buyers’ biggest irritations when buying a home.Find a way to get them in the right mindset and not succumb to some of these pesky annoyances that can sometimes cloud their perceptions of achieving the American dream.Irritation number one: The “purchase diet”Saving for a down payment, closing costs, movin
Pet owners in some states do a better job than those in others creating a thriving home for their furry friends, according to a new survey by Care.com.Care.com recently looked at a variety of data about pet care to rank the states based on four categories: illness; access to vet care; health environment; and a “total pet spend” rank. The states with the highest rankings have the lowest prevalence of pet illnesses, higher access to veterinary
Millennials are becoming a powerhouse in the real estate market, accounting for 84 percent of closed loans in January. And they’re increasingly turning to Federal Housing Administration loans, those that offer low down payment options, to achieve homeownership.In January, 35 percent of millennials used an FHA loan, according to Ellie Mae’s Millennial Tracker.“As the purchase market heats up, we will continue to watch the FHA purchase trend
Ninety-six percent of homes in the U.S. have at least one smoke detector in the home, according to the U.S. Fire Administration. But many homeowners are unaware about the different types of smoke detectors and how one may be more effective than the other.There are two main types of smoke detectors: ionization and photoelectric.An ionization smoke detector is the most common in U.S. households, with 90 percent of all smoke detectors being this typ
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