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☆ The last 3 months were the hottest on record. Was summer 2023 just the beginning?
▼ + stars: | 2023-09-08 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

June through August were the hottest months on record, the World Meteorological Organization said. The deadly extreme heat and other climate-fueled disasters are upending people's lives this summer. A summer of writing about disaster after disaster got me thinking: Will we look back on this summer as a turning point? More of us are feeling the whiplash: Americans are increasingly connecting the dots between disasters and the climate crisis. In the meantime, communities have to be better prepared because the next five years could continue to break temperature records , according to the World Meteorological Organization.

Persons: António Guterres, Anthony Leiserowitz, Leiserowitz, George Mason, they'd, Carole Walker, It's Organizations: World Meteorological Organization, Service, United Nations, Yale, George, George Mason University, Rocky Mountain Insurance Association, Federal Emergency Management Agency, FEMA Locations: Wall, Silicon, Maui, Hawaii, Northeast

The MBA also reported that the average 30-year mortgage rate applicants received fell to 7.21%, a 10-basis-point decrease from the week before. 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 RatesLast week's average 30-year fixed mortgage rate was 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.55% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

Persons: they've, Joel Kan, you'll, Freddie Mac Organizations: Mortgage, Survey, Zillow, Federal Reserve Locations: Chevron

Average 30-year mortgage rates finally dropped back below 7% last week, but they're still elevated compared to where they've been in recent months. 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 whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: they've, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

☆ A millennial who bought his first rental home at 23 explains the one costly mistake first-time homebuyers should avoid
▼ + stars: | 2023-09-04 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +5 min

Ryan Chaw, 31, bought his first home in 2016 at the age of 23. He kept living with his parents so he could rent the home and earn thousands of dollars per month. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Last November, the typical first-time homebuyer was 36 years old, an all-time high, according to the National Association of Realtors. AdvertisementAdvertisementThe rookie mistake that new homebuyers should avoidWhile Chaw largely views his first homebuying experience as a success story, he said he made one costly mistake.

Persons: Ryan Chaw, he'd, Chaw, homebuyer, He's Organizations: Service, National Association of Realtors, Federal Reserve, Stockton, He's Locations: Wall, Silicon, California, Stockton , California, Sacramento

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. She noted that Country Garden and other developers face payments for sizeable maturities this year. In the deal reached after a vote on its proposal late on Friday, Country Garden is now allowed to repay the onshore debt in instalments over three years, instead of meeting its obligations by Sept. 2. After that, the creditors said they expect Country Garden to enter into restructuring negotiations for its entire offshore debt to avoid a "hard default", similar to what it did with the onshore creditors. Country Garden did not immediately respond to a request for comment.

Persons: Aly, Tara Hariharan, haven't, Qi Wang, Xie Yu, Joe Cash, Sumeet Chatterjee, Edwina Gibbs Organizations: Shanghai Country Garden, REUTERS, HONG KONG, HK, Management, Thomson Locations: Shanghai, China, HONG, New York, Hong Kong, Carolina, Beijing

After falling last week, average 30-year mortgage rates are holding relatively steady below 7%. According to its latest forecast, the Mortgage Bankers Association believes that 30-year mortgage rates should reach 6.2% by the end of this year. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. 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: Federal Reserve, Mortgage, Association, Zillow, Fed, Sky Locations: Chevron

☆ The housing market is about to take a hit as student loan payments restart
▼ + stars: | 2023-09-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The restart of student loan payments is about to hit the housing market. 58% of polled experts believe that the resumption of student loan payments could have a significant impact on mortgage affordability, according to a recent analysis conducted by Pulsenomics. Student loan payments will kick back in at a time when housing affordability is already strained. The effects of the student loan payment restart may be felt for years to come, too. AdvertisementAdvertisementStudent loan payments are set to resume on October 1, ending a three-year payment pause that began during the pandemic.

Persons: Morgan Stanley, That's Organizations: Service, Pulsenomics, Inside Mortgage Finance, US Department of Education, Education Data Initiative Locations: Wall, Silicon, delinquencies

☆ These 34 real estate markets provide the best value for US homebuyers looking to build long-term equity instead of paying record-high rent
▼ + stars: | 2023-08-30 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Hopeful homebuyers can use price-to-rent ratios to see where the best deals are. Decade-high mortgage rates and a housing market shortage have made homebuying complicated for everyone, and impossible for many. That way, buyers can get an attractive deal and build equity instead of getting caught in a housing market bubble. Below are the 34 such markets, along with the price-to-rent ratio as of July 31, the average price-to-rent ratio since March 2015, and the current premium to that long-term average. Only one city — New Orleans, Louisiana — has a discounted price-to-rent ratio, meaning that the city is especially appealing for buyers right now.

Persons: Ken Johnson, Johnson, Eli Beracha, William Hardin of, Beracha, — New Orleans , Louisiana — Organizations: Florida Atlantic University, Florida International University, Florida Atlantic, William Hardin of Florida International University Locations: West Coast, East Coast, Florida, — New Orleans , Louisiana

☆ 2 millennials who have bought a combined 22 properties with friends and family explain how they got into real estate without waiting on a spouse
▼ + stars: | 2023-08-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +7 min

Two millennials who bought homes with friends say "houses before spouses" is the way to go. They bought a beach house, lake home, and ranch house with friends, which they use for vacations. Since then Modares has purchased eight properties with friends and family that have variously served as rental properties and primary residences. Modares and Douglass run a "buying with friends" minicourse to encourage clients to explore less-conventional real-estate partnerships. AdvertisementAdvertisementThe critical part of homebuying with friends, they said, is the operating agreement, which outlines the terms and conditions of a real-estate partnership.

Persons: Kristina Modares, didn't, Modares, Steph Douglass, Douglass, minicourse, they're, homebuying Douglass, Austin's, She's, they've, that's, she'd, she's, — Douglass, they'd Organizations: Service, Open House Austin, Nationwide Locations: Wall, Silicon, San Antonio, Austin, Florida, homebuying, Airbnb

Mortgage rates remain elevated, with 30-year mortgage rates around a half a percentage point higher than they were at the start of the month. According to Fannie Mae's latest housing forecast, 30-year mortgage rates may fall to 6.7% by the end of 2023 and hit 6% in 2024. 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 whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae's, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Home affordability is the worst it has been since 1984
▼ + stars: | 2023-08-24 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Buying a house requires a much bigger slice of people’s income now — making this the most unaffordable housing market since 1984, by one measure. The number of cost-burdened renters increased by 1.2 million, to a record 21.6 million households, between 2019 and 2021. In all, 40.6 million households were housing-cost burdened in 2021, including 20.3 million who were severely burdened. Affordability picture remains grim this yearHopeful house hunters continued to face challenging affordability conditions in July as rising mortgage rates and historically low housing inventory pushed prices higher, said Edward Seiler, the Mortgage Bankers Association’s associate vice president for housing economics. “Unfortunately, given today’s lack of inventory and affordability levels, it may take years before home affordability returns to more ‘normal’ levels,” he said.

Persons: Black Knight, Knight, “, ”, Andy Walden, Edward Seiler, Seiler, Joel Kan, Walden, ” It’s Organizations: DC CNN, Federal Reserve, Black, Joint Center for Housing Studies of Harvard University, Mortgage, Moody’s Investors Service Locations: Washington

☆ The 10 hottest ZIP codes in America right now
▼ + stars: | 2023-08-24 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Leading the pack are ZIP codes in the Midwest and Northeast, where housing remains relatively affordable. Realtor.com reported America's hottest ZIP codes as of June 2023. Using internal listing data from from January to June 2023, the brokerage ranked homebuying demand.in all 29,000 US ZIP codes. Topping Realtor.com's list of 2023's hottest US ZIP codes is 43230, belonging to Gahanna,, a central Ohio city of 35,127 residents. If Ohio isn't your vibe, Realtor.com has identified other popular ZIP codes in states like Connecticut, New York and Pennsylvania.

Persons: Realtor.com, Hannah Jones, Read Organizations: Service, Phoenix, of, Columbus International Locations: Midwest, Northeast, Wall, Silicon, Austin, Boise, Gahanna, Ohio, of Ohio, Downtown Columbus, Columbus, Connecticut , New York, Pennsylvania

☆ Lowe's sticks by full-year earnings forecast despite weakening sales, as spring projects offer a boost
▼ + stars: | 2023-08-22 | by ( Melissa Repko | In Melissa-Repko | ) www.cnbc.com time to read: +3 min

Lowe's reported mixed fiscal second-quarter results on Tuesday, as consumers tackled springtime projects and helped offset weakening home improvement demand. It anticipates total sales will range between $87 billion and $89 billion for the period. It projects comparable sales will drop by 2% to 4% this fiscal year. Lowe's is more reliant on do-it-yourself shoppers for its sales than Home Depot is, but has tried to change that. Only about a quarter of Lowe's sales come from home professionals, while Home Depot typically gets about half of its sales from them.

Persons: Lowe's, Richard McPhail Organizations: Lowe's, Home, U.S . Mortgage Locations: Bloomsburg

☆ Mortgage rates hit their highest point since 2000
▼ + stars: | 2023-08-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Mortgage rates jumped Monday, following a rise in bond yields driven by investors' concerns that high interest rates and inflation will linger longer than expected. The average rate on the popular 30-year fixed mortgage hit 7.48%, the highest level since November 2000, according to Mortgage News Daily. Higher mortgage rates exacerbate the supply situation. The nation's homebuilders have been trying to offset higher mortgage rates by either buying down those rates for short or long terms, or by lowering home prices. Homebuilder sentiment in August, however, dropped sharply, with builders citing higher interest rates as the main reason.

Persons: Matthew Graham Organizations: Mortgage News, Federal Reserve, ARM, Mortgage, Association

Mortgage rates and home prices have spiked over the past couple of years, making homebuying more expensive than ever. High mortgage rates coupled with high home prices have made buying a house significantly more expensive than it's been in previous years. 5 advantages of buying a house when mortgage rates are highThere's no perfect time to buy a house. But mortgage rates are expected to drop throughout the next couple of years. According to the Mortgage Bankers Association's latest forecast, mortgage rates could drop below 5% by the end of 2024.

Persons: Freddie Mac, they're, Sarah Alvarez, You'll, Melissa Cohn, they've, Cohn, Alvarez, it's Organizations: Service, Privacy, Finance, Gallup, Census Bureau, Department of Housing, Urban, William, Mortgage Locations: Wall, Silicon

My mortgage broker demystified the homebuying process and guided me step by step. Here's how my mortgage broker and I worked out a plan to make my dreams of homeownership a reality and how I'm preparing for mortgage renewal in the not-too-distant future. See Insider's picks for the best mortgage lenders »My mortgage broker ran the numbers for different scenariosI spoke with a few mortgage brokers before deciding to work with the brilliant Lisa Okun. Compare today's 30-year mortgage rates »I know renegotiating my mortgage will be complexI like to know how much I'm going to need to spend. Because the interest rates in Canada were so low at the time (around 2.5%), I felt good about locking into that rate.

Persons: Lisa Okun, Lisa, They've Organizations: Service Locations: Wall, Silicon, Ontario, Canada

The average 30-year mortgage rate is 6.96% according to Freddie Mac, which is six basis points higher than last week. Rising inflation could keep mortgage rates high, since the Federal Reserve has been increasing rates to try to push inflation down. Although higher inflation could keep mortgage rates high, it shouldn't cause rates to spike. 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 whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Freddie Mac, It's, Fannie Mae, they've Organizations: Labor Statistics, Index, Federal Reserve, Zillow, Mortgage, Association, ARM Locations: Chevron

☆ These 16 cities offer the cheapest first year of homeownership in the US when considering down payments, taxes, and closing costs, according to Point2
▼ + stars: | 2023-08-10 | by ( William Edwards | ) www.businessinsider.com time to read: +2 min

But according to Point2, 16 cities including Detroit offer first-year homeownership costs under $80K. First-year costs include down payments, mortgage payments, taxes, insurance, and closing costs. In a recent analysis of the 100 largest US markets, the firm identified the 16 cities with the cheapest first year of homeownership after considering the average cost of a 20% down payment, closing costs, property taxes, monthly mortgage payments, and homeowners' insurance. In all 16 of the cities, the first year's cost of homeownership was under $80,000. We've listed the cities below starting with the least expensive, and have included Point2's price breakdown of each item noted above.

Persons: It's, homebuying —, Point2 Organizations: National Association of Realtors, homebuying Locations: Point2, Detroit

Average 30-year mortgage rates remain slightly lower compared to last week, but they're still elevated overall. High mortgage rates have kept many would-be homebuyers out of the market during the peak buying season. If the Federal Reserve can get price growth down to its target rate of 2% and stop hiking the federal funds rate, mortgage rates should start to recede. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. 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: Mortgage, Federal Reserve, Zillow, Association, Sky Locations: Chevron

☆ The ultimate wedding gift? Newlyweds want cash for a down payment
▼ + stars: | 2023-08-10 | by ( Chris Taylor | ) www.reuters.com time to read: +4 min

REUTERS/Carlo Allegri/File PhotoNEW YORK, Aug 10 (Reuters) - When Valentina Valentini was putting together gift ideas for her wedding, the freelance journalist quickly realized that a traditional registry would not work. While asking for cash gifts makes financial sense, it is tricky. "Put a few traditional gifts on it, which they can purchase for you. PUT IT TO WORKWhatever does get donated to your down payment fund, it likely will not be enough to pull the trigger on a purchase right away. "This is a very practical idea for wedding gifts – and one that we have chosen for my sister-in-law's upcoming wedding."

Persons: Carlo Allegri, Valentina Valentini, Clare Trapasso, Realtor.com, Valentini, Realtor.com's Trapasso, Randy Bruns, –, Lauren Young, Richard Chang Organizations: REUTERS, National Association of Realtors, invitees, Thomson Locations: Long Island , New York, U.S, London, California, New England, Realtor.com, Naperville , Illinois

☆ Millennials powered America’s homeownership boom
▼ + stars: | 2023-08-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Rather, the homeownership rate measures the percentage of all occupied housing owned by the occupants, as opposed to occupied by renters. By 2022, the US homeownership rate was 65.8%, up from 64.6% in 2019. Homeownership rates dipped as low as 63.4% following the foreclosure crisis that began in 2004 and the Great Recession that began in 2008. Homeownership rates have recovered just half of the 5.6% drop in homeownership between 2004 and 2016. Between 2016 and 2019, the homeownership rate increased for buyers under 55, according to the Census Bureau.

Persons: Yue, Chris Parsons, —, ”, Yue Parsons, — Parsons, Parsons, We’re, Jessica Lautz Organizations: Washington CNN, Census, National Association of Realtors, NAR Locations: New York City, Manhattan, United States, homebuying, San Francisco, New York, Austin , Texas, Miami, Phoenix, homeownership

Mortgage rates are down slightly today, but 30-year mortgage rates are still up around 45 basis points from where they started the week. When the data shows that the economy is still running hot, mortgage rates tend to go up. This latest report is good news for mortgage rates, because it means the labor market is continuing to soften. 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 whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control.

Persons: Fannie Mae, they'll Organizations: Federal Reserve, of Labor Statistics, Zillow, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

For the second week in a row, average 30-year mortgage rates have jumped — they are now at 6.90%, according to Freddie Mac. Average 15-year mortgage rates also increased to 6.25%. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, Fannie Mae Organizations: Federal Reserve, Mortgage, Zillow, Association, Sky Locations: Chevron

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. Mortgage Rates for Buying a Home30-year Fixed Mortgage Rates Increase (+0.21%)The current average 30-year fixed mortgage rate is 6.83%, up 21 basis points since this time last week. 20-year Fixed Mortgage Rates Climb (+0.39%)The average 20-year fixed mortgage rate is up from last week and sits at 6.47%. 15-year Fixed Mortgage Rates Go Up (+0.20%)The average 15-year fixed mortgage rate is 6.09%, a 20-basis-point increase from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Hold Steady (no change)The average 30-year refinance rate is 7.29%, which is exactly where it was last week.

Persons: Joel Kan, you'll, refinance, It's Organizations: Mortgage, Survey, Zillow Locations: Chevron

Interest rates are high right now, so we'll rent for the time being, which brings many advantages. Plus, putting more than 20% down may help lower your interest rate. I like to focus on what I can control within my financial plan. An adjustable-rate mortgage, by definition, leaves me with an interest rate that will change in a way that I can't control. Be open to renting while interest rates are highLike I said, we're currently selling our house.

Persons: We're, I've, we've, outsized, we're, … Organizations: Service Locations: Wall, Silicon

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