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Sticky inflation has pushed mortgage rates up in recent months, and we likely won't see them trend down until inflation starts decelerating again. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Go Up (+0.23%)The average 15-year mortgage rate is 6.48%, 23 basis points higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall Slightly (-0.11%)The average 30-year refinance rate is 7.42%, 11 basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: decelerating, it's, you'll, It's, refinance Organizations: Federal, US, of Economic, Zillow, FHA Locations: Chevron

☆ Showcase for Antebellum Homes Displays Their Finery. But What About the History?
▼ + stars: | 2024-04-27 | by ( Rick Rojas | Kate Medley | ) www.nytimes.com time to read: +1 min

WHY WE’RE HEREWe’re exploring how America defines itself one place at a time. In Mississippi, a tradition of house tours is about more than architecture. It’s a window into how a city sees its past and its ambitions for the future. It was also a highlight of the longstanding tradition known as Pilgrimage. Every spring, the city’s finest antebellum homes are opened to the public for a few weeks, inviting people in to marvel at the craftsmanship and the opulence.

Organizations: . Homeowners Locations: Mississippi, Riverview, Southern, Columbus, Alabama

Most major forecasts believe that mortgage rates will ultimately trend down this year. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate was 7.17%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.44% this week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: Fannie Mae, you'll, Freddie Mac, it's Organizations: Reserve, US, of, Zillow, Federal Reserve Locations: Chevron

☆ Miami is 'ground zero' for climate risk. People are moving to the area and building there anyway
▼ + stars: | 2024-04-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +20 min

South Pointe Beach in Miami Beach, Florida. Climate risk is "always on our thoughts," said Habibian, 39, who moved to Miami-Dade County about six years ago. Despite that risk, 66% of Miami-Dade County residents said they'd never leave, according to a study published in the journal Climate Risk Management. "We try to be smart about it, try to be proactive as best we can," Arditi said of climate risk. Juxtaposed at left was one of the last remaining patches of mangroves in the urban Miami area, a living memorial to a once-thriving population.

Persons: Greg Iacurci, Daniel Habibian, Harold Wanless, Sonia Brubaker, Saul Martinez, Andrew Rumbach, Rumbach, Joe Raedle, Irma, Al Diaz, they'd, Steven Bustamante, Bustamante, Jeff Greenberg, There's, David Arditi, Arditi, Aria's, Jeff Bezos, Goldman Sachs, Douglas Sacks, Ken Griffin, Brubaker, Biscayne Bay . Miami Worldcenter, Chandan Khanna, Dion Williams, Williams, Dion, Todd Crowl, Crowl, We're, Erik Salna, Chris Baraloto, Rita Teutonico, Amy Knowles, Knowles, it's, City of Miami Beach Greg Iacurci Miami Organizations: Greg Iacurci MIAMI, University of Miami, City, CNBC, Cumming Group, Florida Department of Transportation, Bentley, Bloomberg, Getty, Urban Institute, Organisation for Economic Co, Miami, Volunteers, Florida Keys, Miami Herald, Tribune, Service, Dade, Risk, Yale University's School of, Finance, SEC, Miami Beach, Universal, Group, Aria Development, National Association of Realtors ., Miami Realtors, Amazon, Citadel, Resorts, Bloomberg News, Dade County's, Getty Images, Residences, Pointe Park, Fifth, Afp, Federal Emergency Management Agency, Management, Sunshine, Insurance, Institute, Florida International University Institute of Environment, Hurricanes, University of Pennsylvania, International Hurricane Research, of, Florida International University, City of Miami Beach Locations: Pointe Beach, Miami Beach , Florida, Miami, South Beach, Dade, City of Miami, Dade County, New York, Fort Lauderdale, West Palm, South Florida, Florida, Tampa, St . Petersburg, Miami , Florida, Southeast Florida, Miami Beach, City, Aria's Miami, U.S, California , New York, New Jersey, America, Caribbean, New York City, Biscayne Bay . Miami, Pointe, It's, Surfside, . Florida, Biscayne Bay, Miami's, Bermuda, Kampong, Coconut Grove, Brittany Bay, South Pointe, City of, Brittany Bay Park

☆ Jamie Dimon thinks he knows why people are so gloomy about the economy
▼ + stars: | 2024-04-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The bottom 20% of American earners have been left out of the economic boom, Jamie Dimon said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . One reason is they've largely missed out on the boom times, Jamie Dimon says. Advertisement"There's parts of society who's kind of struggling, parts of society who's not," Dimon said.

Persons: Jamie Dimon, —, who's, Dimon Organizations: JPMorgan, Service, Wall, New York Times Locations: America

Mortgage rates should go down later this year, increasing affordability for many hopeful homebuyers. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.17% this week, according to Freddie Mac. 15-year Fixed Mortgage RatesThis week, average 15-year mortgage rates were 6.44%, a five-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, Lawrence Yun, homebuyers, you'll, it's Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

How to cancel your life insurance policyCanceling a term life insurance policyThere are several ways to cancel a term life insurance policy. Alternatives to life insurance cancelationcanceling your life insurance policy isn't ideal if you have dependents who rely on your income for financial support. If you have a whole life insurance policy, look into reduced paid-up life insurance. Life insurance settlementIf you don't have a terminal diagnosis and you want to sell your term life insurance policy, you can apply for a life insurance settlement with a third-party provider instead of canceling your policy. Canceling life insurance FAQsWill I get any money back if I cancel my life insurance policy?

Persons: Lucas Siegel, Siegel, wouldn't, policyholders, you've Organizations: Internal Revenue Service

☆ New home sales inch higher despite 7% mortgage rates: 'There's more opportunity,' economist says
▼ + stars: | 2024-04-26 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

While the spring housing market has been plagued with low supply, high prices and spiking interest rates, would-be homebuyers are focusing on new construction. New homes have more incentives and availability than previously owned ones. "There's more opportunity in new construction," said Nicole Bachaud, a senior economist at Zillow Group. Meanwhile, sales for previously owned homes dropped by 3.7% from March 2023, the National Association of Realtors found. With 30-year fixed-rate mortgage rates sitting above 7%, homeowners who bought at much lower rates in recent years don't like the prospect of trading in their low rate for a higher one.

Persons: Nicole Bachaud, Biden, Bachaud Organizations: Zillow, . Census, U.S . Department of Housing, Urban Development, National Association of Realtors, Finance, Buyers Locations: U.S

☆ 2 states where home prices are falling because there are too many houses and not enough buyers
▼ + stars: | 2024-04-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Despite a US housing shortage, Florida and Texas have too much supply, Redfin said. AdvertisementA lack of US housing has fenced off most would-be buyers, but two states are dealing with the opposite problem — an overflow of homes. According to Redfin, Florida and Texas have properties stagnating on the market, as demand is shifting away from these areas. The number of homes also jumped 25% in McAllen, Texas, Redfin reported on Thursday. Of the country's top 10 metros where sellers were most likely to slash listed prices, seven are located in these two states.

Persons: Redfin, —, Eric Auciello, Auciello, isn't Organizations: Service, North Port, First Locations: Florida, Texas, Redfin , Florida, Coral, North Port , Florida, McAllen , Texas, North, North Carolina, Tennessee

☆ Billionaire's million-dollar Nantucket beach house has officially been swept away
▼ + stars: | 2024-04-25 | by ( Madeline Berg | Dan Latu | ) www.businessinsider.com time to read: +6 min

This story is available exclusively to Business Insider subscribers. AdvertisementA representative for Sternlicht told Business Insider the house was to be demolished but did not provide further comment. The tony island of Nantucket is a favorite among billionaires like former Google CEO Eric Schmidt and Blackstone leader Steve Schwarzman. "Erosion takes out houses, roads, infrastructure, sewer beds, even airport runways," he told Business Insider. Despite the island's propensity for natural destruction, the town has strict rules regarding what structures owners can take down.

Persons: Barry, Sternlicht, Forbes, Shelly Lockwood, tony, Eric Schmidt, Steve Schwarzman, James Pallota, Pallota, Lockwood, Brendan Maddigan, Steven Cohen, Cohen Organizations: Service, Billionaire, Business, Sternlicht, Nantucket Current, Blackstone, Celtics, Boston Globe Locations: Nantucket

☆ US pending home sales jumped in March, beating expectations by a mile
▼ + stars: | 2024-04-25 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Washington CNN —Home sales based on contract signings jumped in March despite elevated mortgage rates that month. Contract signings rose across the country in March from the prior month, except in the Midwest. Hotter-than-expected inflation readings in recent months are now keeping the Federal Reserve from cutting interest rates anytime soon. Those are the so-called “golden handcuffs” of low mortgage rates. They began to climb in early 2022 when the Federal Reserve started to hike interest rates in a bid to tamp down high inflation.

Persons: ”, Lawrence Yun, ” Oliver Allen, it’s, Yun Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, Treasury, Pantheon

Though mortgage rates are currently at a five-month high, they still should ultimately trend down this year. But if inflation remains sticky in the coming months, mortgage rates will likely remain elevated for longer than currently expected. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year.

Persons: Fannie Mae, Hamilton Fout Organizations: Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ A $50 million private island that's a 10-minute boat ride off the coast of Florida just hit the market. Take a look.
▼ + stars: | 2024-04-24 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +4 min

A 7-acre private island off Florida's coast is on sale for $50 million. AdvertisementIf owning a private island is a personal dream for you, you're in luck — a 7-acre private island located just 3 miles off the coast of Florida just hit the market and could be all yours for $50 million. Jon Kohler & AssociatesFrom the dock on the mainland, the Panama City Beach International Airport is an hour-and-twenty-minute drive away. Jon Kohler & AssociatesJon Kohler & AssociatesIn this scenario, Weldon said the setup would be similar to a condo homeowners' association. Jon Kohler & AssociatesThe bungalows, which were first built in 2009, were remodeled when Seymour bought the island in 2018.

Persons: —, Saint Joseph Bay, Joe, Samuel, Black Sam, Bellamy, Jon Kohler, Lori Bembry Weldon, Weldon, Scott Seymour, Associates Jon Kohler, Seymour Organizations: Service, Associates, Panama City Beach, Jon Kohler & Associates, Business Locations: Florida, Saint Joseph, Port St, Florida's, Black's, Panama, Atlanta

Mortgage rates haven't changed much over the last week, but they could move up or down later this week depending on how a couple of big economic reports turn out. If these reports come in hotter than expected, mortgage rates could tick up higher. This index is expected to come in a bit lower than last month's reading, which would be good news for mortgage rates. This means we could see mortgage rates start to trend down in fall. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: you'll, Fannie Mae Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

☆ New home sales surged in March despite elevated mortgage rates
▼ + stars: | 2024-04-23 | by ( Bryan Mena | ) edition.cnn.com time to read: +2 min

Washington CNN —Sales of newly built single-family homes in the United States soared in March despite mortgage rates remaining elevated that month. Housing market poised to remain difficultThe broader US housing market is expected to remain tough for Americans, with mortgage rates poised to stay well above 6% this year, economists say. The Federal Reserve doesn’t directly set mortgage rates, but its actions do influence them, and the central bank isn’t expected to cut interest rates anytime soon. “Despite high prices and mortgage rates, homebuyers have limited options on the resale market, although resale inventories have improved some over the course of this year,” Gregg Logan, managing director at RCLCO Real Estate Consulting, said in a note Tuesday. “The willingness of the major homebuilders to utilize incentives such as price reductions, mortgage rate buy-downs and paying buyers closings costs continue to support a healthy pace of new home sales,” he added.

Persons: ” Gregg Logan, “ Organizations: Washington CNN —, National Association of Realtors, Housing, Federal Reserve, Fed, Real Estate Consulting Locations: United States, Northeast

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHow floodplain buyouts workThe U.S. government is buying up and destroying American homes. Homeowners in the floodplain are choosing to voluntarily sell their doomed properties to the government. Since 1989, FEMA has helped fund around 45 to 50,000 home buyouts. FEMA is estimated to have spent somewhere around $4 billion on the project so far but that's just a fraction of the total amount spend on buyouts, since there are programs outside of FEMA. But not everyone is convinced buyouts are a good idea.

Organizations: Homeowners, FEMA Locations: U.S

☆ Here's why FEMA has spent about $4 billion to help destroy flood-prone homes
▼ + stars: | 2024-04-22 | by ( Lindsey Jacobson | In | ) www.cnbc.com time to read: +5 min

'I have no regrets'Andrea Jones accepted a floodplain buyout for her home in the Charlotte, North Carolina, area. CNBCAndrea Jones, 59, sold her home in the Charlotte, North Carolina, area in a floodplain buyout. On average, federal buyouts can take two to five years, though 80% of the FEMA acquisitions are approved in less than two years. Jones' buyout was delayed by the pandemic, but once she started the process up again in May 2022, things moved quickly. In addition to FEMA, the U.S. Department of Housing and Urban Development and many state and local communities fund floodplain buyouts.

Persons: Siders, Andrea Jones, CNBC Andrea Jones, Jones, Andrea Jones Jones, they're, Mathew Sanders, Sanders Organizations: Federal Emergency Management Agency, FEMA, University of Delaware's, Program, CNBC, Finance, Charitable, Congressional Research Service, U.S . Department of Housing, Urban Development Locations: Charlotte , North Carolina

Basics of how home equity loans workWith a home equity loan, you use your home as collateral for a loan. Home equity loan terms vary, but you usually have anywhere from five to 30 years to repay the loan. Differences between home equity loans and HELOCsHome equity lines of credit (HELOCs) are similar to home equity loans in that they let you borrow from your home's equity. What's the difference between a home equity loan and a home equity line of credit (HELOC)? She covers mortgage rates, refinance rates, mortgage lender reviews, and homebuying for Personal Finance Insider.

Persons: you've, whittle, Molly Grace, Molly, Read, Aly J, Yale Aly J, Bob Organizations: Homeowners, Chevron, Business, Finance, Insider, Rocket Companies, Twitter, Yale, Forbes, Money Magazine, The Dallas Morning News, Bob Schieffer College of Communication Locations: Chevron, mgrace@businessinsider.com

☆ Carrier, the century-old inventor of the air conditioner, is moving on to the home heat pump
▼ + stars: | 2024-04-22 | by ( Bob Woods | ) www.cnbc.com time to read: +10 min

Andrew Aitchison | In Pictures | Getty ImagesIn case you haven't noticed, heat pumps are hot. But there are other reasons why heat pumps are fast becoming popular with homeowners. All of this is transforming Carrier Global , the nearly 100-year-old manufacturer whose founder, Willis Carrier, invented air conditioning. Heat pumps have a history dating back to 1850s The thermodynamic science behind heat pumps was developed in the 1850s, when the first ones were invented, and they've been used in homes since the 1960s. Heat pumps use electricity to transfer heat from a cool space to a warm space, making the cool space cooler and the warm space warmer.

Persons: CARR, Andrew Aitchison, Willis Carrier, David Gitlin, Carrier, Hakan Yilmaz, Yilmaz, they've, Michael Kretschmer, Sebastian Kowalski, Kretschmer, Tobie Stanger, Dave Lis, Viessmann, Milena Oliveira, Oliveira, Mark Prodan, Prodan, There's Organizations: Carrier Global, United Technologies, Solutions, East Trade Policy, Getty, International Energy Agency ., U.S . Climate Alliance, Consumer, Energy Efficiency, Carrier, M, Energy Star Locations: Gardens , Florida, Saxony, Leipzig, America, U.S, Maine, Michigan, Indian, Connecticut, New York State

High mortgage rates are likely to constrain affordability through the peak homebuying season, which typically lasts from spring to early fall. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-Year Fixed Mortgage Rates Essentially Flat (+0.01%)The average 15-year mortgage rate is 6.25%, just a single basis point higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Inch Up (+0.09%)The average 30-year refinance rate is 7.53%, nine basis points higher than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: US, of, CPI, Incoming, Zillow, FHA Locations: Chevron

Once the Fed starts lowering its benchmark rate, mortgage rates should trend down. See more mortgage rates on Zillow Real Estate on ZillowMortgage Refinance Rates TodayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.39% last week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Zillow Locations: Chevron

☆ Couple renovating their kitchen find treasure trove of 1,000 silver and gold coins from the 17th-century
▼ + stars: | 2024-04-20 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

A UK couple found a trove of 17th-century coins during a home renovation. The collection includes Elizabeth I silver shillings and Charles I gold coins. Robert and Betty Fooks were renovating their farmhouse in southern England when they found a valuable collection of 17th-century coins concealed beneath their kitchen. The collection, which includes Elizabeth I silver shillings, Charles I gold unite coins, James I silver sixpence coins, and more, has an estimated value of £35,000, or $43,600. A hoard of 264 coins English gold coins from 1610-1727 was unearthed by an unnamed couple digging up their kitchen floor.

Persons: Elizabeth, Charles I, —, Robert, Betty Fooks, they've, Dukes Auctioneers, James, Duke's Auctioneers, Judith, Holofernes, Caravaggio, Charles Platiau Organizations: Service, Guardian, British Museum, REUTERS Locations: England, West Dorset, people's, underfloors, Paris, France, Toulouse, Baltic, Italian, Italy

Mortgage rates were originally forecast to go down this year, but hotter-than-expected inflation data pushed them higher. This means we might not see mortgage rates drop until we get closer to fall. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 15-year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.39%, a 23-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Investors, Zillow Locations: Chevron

☆ The growing reason people can't afford to own a home
▼ + stars: | 2024-04-20 | by ( Allie Kelly | ) www.businessinsider.com time to read: +5 min

Rising insurance costs could keep homeownership out of reach for many. AdvertisementAdding to that, as the climate crisis escalates, it's likely homeowners insurance will only become more expensive. The climate crisis is causing homeowners' insurance costs to riseThe average American homeowner pays $1,915 a year in insurance costs — about $160 a month — per NerdWallet. For instance, insurance rates increase in states with more severe natural disasters. Have you chosen to rent or move because of homeownership costs?

Persons: Laura Longero, Zers Organizations: Service, Business, Federal Reserve, Insurance, Farm, Allstate, Casualty Insurance, US Bureau of Labor Statistics Locations: Oklahoma, California, California , Florida, Texas, Florida

We could see mortgage rates start to trend down later this year if incoming data shows that inflation is coming down sustainably. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. As inflation comes down and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates should fall further as well. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac, they'll, Sam Khater, Freddie Mac's Organizations: National Association of Realtors, Zillow, Federal Reserve, Fed Locations: February's, Chevron

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