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☆ Is Ohio really that great of a place for first-time homebuyers?
▼ + stars: | 2023-08-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Are you a first-time homebuyer who recently moved to Ohio? Some may be found in Ohio, according to data from the National Association of Realtors and Realtor.com. In Youngstown, buyers earning at least $75,000 can afford to purchase 72% of listings, while those in Akron and Toledo can afford to buy 61%. It begs the question: Is Ohio really that great of a place for first-time homebuyers? We want to hear from current Ohio residents who are first-time homebuyers or recently relocated to or within the state.

Persons: homebuyer, Toledo —, Ian Beniston, Beniston, it's, Eric Cooper, he's, Cooper, Sellers, Alcynna Lloyd Organizations: Service, National Association of Realtors, Realtor.com, Ohio —, Youngstown Neighborhood Development Corporation, Columbus —, Coldwell Banker, Bureau, alloyd Locations: Akron, Toledo, Youngstown, homebuying, Ohio, Wall, Silicon, There's, Ohio — Youngstown , Akron

If the Fed stops hiking rates this year, mortgage rates could fall a bit. As the economy slows throughout this year and next, the central bank may even consider cutting rates, which would allow mortgage rates to drop even further. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. 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, Fannie Mae, they'll Organizations: Federal Reserve, Fed, Mortgage, Association, Zillow, Sky, ARM Locations: Chevron

Mortgage rates have had a volatile week. Average 30-year mortgage rates started the week relatively flat compared to the week before. 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: Reserve, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ If Barbie's Malibu Dreamhouse were real, it would cost $2.7 million more now than in 1962
▼ + stars: | 2023-07-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

Corelogic identified how much Barbie's iconic Dreamhouse has appreciated since its 1962 debut. It discovered that Barbie's mansion has seen the most appreciation during the past three years. A new report from Corelogic identifies how much Barbie's iconic Dreamhouse — if it were real — has appreciated in 20 markets across the country since its debut in 1962. While a life-sized iteration of the Barbie Dreamhouse exists on Airbnb — though its booking period is now closed — it did not figure into Corelogic's price estimate. Thomas Malone, a researcher with Corelogic, told Insider that given the location of Barbie's Dreamhouse and the demand seen during the pandemic, it's not surprising that Barbie's home is so expensive today.

Persons: Corelogic, She's, Barbie, Selma Hepp, Thomas Malone, Dreamhouse, it's, Malone Organizations: Service, Malibu Locations: Los Angeles, Phoenix, New York, Wall, Silicon, Malibu , California

Mortgage rates spent the first half of July climbing, but they've since receded a bit and are now holding steady. 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 current average 30-year fixed mortgage rate is 6.78%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 6.06%, down 24 points from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 6% to 7% range throughout 2023.

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

Walk into Cesar Villavicencio's three-bedroom apartment in Washington Heights, New York City, and you might think he had two roommates. Villavicencio graduated in 2009, and, like many aspiring Broadway stars, packed his bags for New York City. But in drag, Villavicencio found empowerment that had eluded him. Zachary Green and Lauren Shamo | CNBC Make ItWhen it comes to getting in drag, Villavicencio's costs, just like his income, can be variable. In addition to five weekly shows, Villavicencio performs as Pixie at a residency in Fire Island and at corporate engagements.

Persons: Cesar Villavicencio's, Pixie Aventura, Villavicencio, I'm, Cesar Villavicencio, Zachary Green, Lauren Shamo, John Leguizamo, Vegas Dion, Payless, Cesar Villavicencio Villavicencio, Aventura, let's, I've, he's, Elham, Max, isn't, It's, She's, Pixie Organizations: CNBC, Miami, YouTube, Otterbein University, Salvation Army, Broadway, West, Cornell Medicine, Nursing, New, Fire, Apple, Max Locations: Washington Heights , New York City, Villavicencio, New York, Fire, South Florida, Westerville , Ohio, Columbus, New York City, Aventura, Villavicencio's New York, homebuying

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ My husband and I moved to a remote Texas town for work. We thought it'd be temporary, but we just bought our second home and don't plan to leave.
▼ + stars: | 2023-07-24 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

After graduating in 2019, Avery and Bayler Boydston moved to Midland, an isolated West Texas town. We graduated from high school in 2015 and 2016 and moved to Lubbock to attend Texas Tech University. The couple attended Lubbock's Texas Tech University before moving to Midland, Texas, in 2019. I do think the cost of housing in Midland is high relative to the types of homes that are available. Avery: It all comes down to the opportunities this city provides for young people, both financially and socially.

Persons: Avery, Bayler Boydston, Avery Boydston, Bayler, It's, there's, I've, we've Organizations: Service, Texas Tech University, Tech, Midland, Lubbock's Texas Tech University, homeownership, Boydstons, Midland . Avery Locations: Midland, West Texas, Wall, Silicon, Midland , Texas, Amarillo , Texas, Lubbock, Midland ., Midland Avery, Amarillo, Avery Boydston . Midland, Texas, Dallas

Mortgage rates fell slightly last week, with 30-year mortgage rates dropping to 6.78%, according to Freddie Mac. According to its latest forecast, the Mortgage Bankers Association expects 30-year mortgage rates to fall to 5.9% by the end of this year. 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: Freddie Mac, Fannie Mae, they'll Organizations: Mortgage, Association, Zillow, Federal Reserve, Fed, Sky, ARM Locations: Chevron

Last week, average 30-year mortgage rates fell 18 basis points compared to the week before, according to Freddie Mac. Average 15-year fixed mortgage rates decreased even further, dropping 24 basis points from the prior week. If Fed officials feel they'll be able to stop hiking rates after this month's meeting, mortgage rates will likely hold steady and may even fall a bit. 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, we'll, they'll, you'll, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage-refinance demand recovers some after rates come off recent highs
▼ + stars: | 2023-07-19 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates pulled back last week after jumping sharply to start July. Total mortgage application volume rose 1.1% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Mortgage rates declined last week, as markets responded positively to incoming data showing that U.S. inflation continues to cool," said Joel Kan, an MBA economist, in a release. The refinance share of mortgage activity increased to 28.4% of total applications from 26.8% the previous week. Mortgage rates haven't budged much to start this week, as they're still hanging in the high 6% range on the 30-year fixed.

Persons: Blaine, Joel Kan Organizations: Mortgage, Federal Locations: Minnesota

☆ Just 1% of all US homes changed hands so far this year
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin. Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023. Only 6 of every 1,000 homes in San Jose have sold so far in 2023, similar to the low turnover rates in Oakland and San Diego. The turnover rate shrank most from the pre-pandemic years in the suburbs, with 16 of every 1,000 four-bedroom or more suburban houses changing hands so far this year, two-thirds as many as 2019. That’s not happening, because so many of those homeowners have low mortgage rates.”

Persons: ”, Taylor Marr, “, Marr, Heather Mahmood, Corley Organizations: DC CNN, Redfin, “, . Workers Locations: Washington, “, California, San Jose, Oakland, San Diego, Nashville, Austin, Newark , New Jersey, Phoenix

Mortgage rates spiked dramatically last week, with 30-year mortgage rates nearing 7%. Slowing inflation in June allowed mortgage rates to fall somewhat, and they may trend down further once the Federal Reserve stops hiking rates. 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, they'll Organizations: Federal Reserve, Zillow, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

To calculate 28% of your monthly income, multiply your gross monthly income (that's your income before taxes) by 0.28. If you like to spend a large chunk of your paycheck on traveling, for example, a large monthly mortgage payment might not fit into your lifestyle. 1,000 ÷ 5,000 = 0.2To get a conventional mortgage, the maximum DTI you can have is typically 50%, including your proposed monthly mortgage payment. How much house can I afford frequently asked questionsHow much do you have to make a year to afford a $400,000 house? Mortgage interest rates can have a big impact on how much house you can afford.

Persons: you've, You'll, it's, Freddie Mac, Fannie Mae, you'll, homebuyers Organizations: National Association of Insurance, PMI Locations: Chevron, Arkansas, North Carolina

At long last, homebuyers may finally be getting some relief in the form of lower mortgage rates. Average 30-year mortgage rates dropped significantly last week, ending the week around 40 basis points lower than where they started it. Mortgage rates are still relatively high, but it's likely that we'll see some more substantial drops later this year and throughout 2024. 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: homebuyers, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

After increasing consistently over the past couple of weeks, mortgage rates have finally receded somewhat. Average 30-year mortgage rates are now nearly 20 basis points lower than they were a week ago. 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, they'll Organizations: Federal, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates rose dramatically last year in response to high inflation and aggressive rate hikes from the Federal Reserve. This means that more Fed hikes are likely, which will keep mortgage rates elevated for at least the next couple of months. 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: they're, Fannie Mae, Doug Duncan, you'll Organizations: Federal Reserve, of Labor Statistics, Federal, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage rates are going up again but home prices aren’t coming down: Why the housing market is out of whack
▼ + stars: | 2023-07-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +6 min

But after 10 rate hikes, the housing market — traditionally one of the most interest-rate-sensitive areas of the economy — is anything but predictable. Mortgage rates then continued to climb in tandem with the Fed’s hikes until November, when mortgage rates peaked at 7.08%, despite four subsequent rate hikes since then. Higher mortgage rates have reduced home inventoryIn theory, when mortgage rates go up, home prices should fall since it raises the cost of homeownership, thereby reducing demand. That’s partly because the higher mortgage rates that came after the Fed hiked rates created a major lock-in effect, said Kiefer. “That tells the crux of the story for why the housing market seems a bit odd right now,” Divounguy said.

Persons: ”, Orphe Divounguy, Banks, Freddie Mac, Charles Dougherty, Dougherty, “, Len Kiefer, ” Kiefer, Kiefer, Divounguy, Zillow’s Divounguy, ” Divounguy Organizations: New, New York CNN, Federal Reserve, Zillow, Fed, National Association of Realtors, “, CNN, homebuying Locations: New York, That’s, Wells Fargo, Realtor.com

Average 30-year mortgage rates are now around 14 basis points higher than they were a week ago. Throughout the past couple of years, the economy became overheated, pushing up consumer prices and causing mortgage rates to spike. 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, they'll Organizations: Consumer, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

☆ Mortgage demand drops to lowest level in a month, as interest rates rise
▼ + stars: | 2023-07-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates last week hit their highest level since the end of May, which in turn weighed on mortgage demand. Total mortgage application volume dropped 4.4% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Demand is now at its lowest level in a month. While that was the average rate for the week, a separate survey from Mortgage News Daily showed the rate crossed over 7% last Thursday. "However, the average loan size for a purchase application declined to $423,500 – its lowest level since January 2023."

Persons: Joel Kan, Kan Organizations: Mortgage, Federal Locations: homebuying

Average 15-year fixed mortgage rates are up even more, nearly 20 basis points higher than they were this time last week. But as job growth slows, mortgage rates should recede somewhat. 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, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ These cities in Ohio have more affordable homes available for sale than any other US metro, but they're still few and far between
▼ + stars: | 2023-07-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

The US housing shortage makes it especially hard for middle-income buyers to purchase homes. But there's some good news, at least in the data: There are still a few US metros where affordable homes remain available to middle-income buyers. According to the NAR and Realtor.com analysis, among the 100 largest US metros, three areas from Ohio: Youngstown, Akron, and Toledo have the most affordable homes available for middle-income buyers. Overall, the US housing market is short 6.5 million homes. In general, homes in the low- to mid-priced range should be more plentiful in "relatively more affordable areas," than in the expensive areas, the economists wrote in the report.

Persons: —, Ian Beniston, Eric Cooper, Sellers, it's, Beniston Organizations: Service, National Association of Realtors, NAR, Youngstown Neighborhood Development Corporation, Coldwell Banker Locations: Three Ohio, Ohio, Youngstown , Akron, Toledo, Youngstown, Akron, El Paso , Texas, Boise , Idaho, Spokane , Washington

☆ It's a cruel summer for Airbnb and Vrbo hosts, and meh listings are getting squeezed hard
▼ + stars: | 2023-07-02 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

In the age of remote work, employers are quiet quitting on employees. Decision-makers at family offices revealed what it's really like managing billions for the ultra wealthy. But first: It's shaping up to be a cruel summer for Airbnb and Vrbo hosts. The Airbnb hosts getting squeezedReal-estate reshapeBlake Callahan / Getty ImagesThe real-estate industry is facing an existential threat. In the age of remote work, employers are doing it, too.

Persons: Matt Turner, Read, Brian Chesky, Charley Gallay, Vrbo, That's, Blake Callahan, Jonathan Ernst, Consuelo Vanderbilt Costin, Bryan Griffin, Insider's Ben Bergman, Arantza Pena Popo, It's, Satya Nadella, Hallam Bullock, Lisa Ryan Organizations: luxe, Reuters Workers aren't, Stanford University, The Vanderbilt, Waltons, Microsoft Locations: Silicon, Airbnb, New York

☆ Housing affordability isn't improving soon as the market faces a decade of undersupply, Realtor.com economy says
▼ + stars: | 2023-06-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Housing affordability isn't improving anytime soon, Realtor.com economist Danielle Hale said. The tightness in the market can be chalked up to a decade of housing undersupply. In an interview with CNBC on Friday, the chief economist pointed to the precarious state of the housing market, with demand far outstripping supply. "Affordability just isn't there for buyers, especially with mortgage rates remaining as high as they have been," Hale said. Mortgage rates are likely only to ease to 6.1% by the end of the year, per Realtor.com's latest forecast.

Persons: Danielle Hale, Hale, —, Realtor.com's Danielle Hale, millennials, Realtor.com, you've, Freddie Mac Organizations: Service, CNBC Locations: underbuilding

Mortgage rates inched up just a bit this week. According to Freddie Mac, the average 30-year mortgage rate increased four basis points to 6.71%, while the average 15-year mortgage rate increased three basis points to 6.06%. 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: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae, they'll Organizations: Census Bureau, Department of Housing, Urban, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

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