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Average 15-year fixed mortgage rates have generally remained in the 5.7% to 5.9% range. So far, the economy has been cooling somewhat, which should eventually push mortgage rates down. But if the Federal Reserve feels that it needs to raise the federal funds rate to get inflation down to its target rate, mortgage rates could spike temporarily. 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: we'll, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ 3 U.S. cities where it's cheaper to buy a home than to rent one—none are in Florida
▼ + stars: | 2023-06-29 | by ( Celia Fernandez | ) www.cnbc.com time to read: +3 min

Redfin ranked the only four cities in the U.S. where it's cheaper to buy than rent. But there are a few cities where taking on that mortgage — instead of paying monthly rent — is the smarter financial decision. Top 3 cities where it's cheaper to buy than to rentDetroit, Mich. Philadelphia, Pa. Cleveland, Ohio In Detroit, the number one city on the list, the typical home is 24% less expensive to buy than rent. The average estimated monthly mortgage payment for homebuyers is $1,296, compared with an average estimated monthly rent of $1,697. Philadelphia, Pennsylvania ranked as the second city in the U.S. where it's cheaper to buy a home than rent.

Persons: Redfin, Taylor Marr, Marr, Jon Lovette, Cleveland , Ohio Ken Redding Organizations: Detroit, Istock, U.S, General Motors, Ford, America, Chrysler, DigitalVision, Cleveland, Bank, Getty Locations: U.S, Mich, F11photo, Detroit, Philadelphia, Pa . Cleveland , Ohio, Chicago, Philadelphia , Pennsylvania, New York City, Ohio, Cleveland , Ohio

☆ Cleveland has become an unlikely hotspot for millennials in search of affordability
▼ + stars: | 2023-06-29 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +4 min

With income growth outpacing rent there, these 27 to 42 year-olds have more disposable income. In order to come up with the ranking, the BofA Institute used home address data from 46 million of adults who've been customers of the bank since 2018. Cleveland residents now pay just over 17% of their income on rent, while the average American pays 20%. Pittsburgh income growth exceeded rents by 1%. Indeed, the BofA Institute found that millennials are by-and-large staying out of the housing market this cycle, but still are window shopping for the future.

Persons: —, millennials, Anna Zhou, Zhou, Clever, they're, homebuyers Organizations: Service, Bank of America Institute . Austin, BofA Institute, Bureau of Labor Statistics Locations: Tampa, Dallas, Cleveland, Tampa , Florida, Bank of America Institute . Austin , Texas, Midwest, Columbus , Ohio, Cleveland Cleveland, Providence , Rhode Island, Buffalo , New York, Pittsburgh

☆ Home prices rose for third straight month in April, S&P Case-Shiller index says
▼ + stars: | 2023-06-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Home prices in April were still down 0.2% compared with April 2022, according to the S&P CoreLogic Case-Shiller national home price index. A major jump in mortgage rates last summer caused a decline in prices. "The ongoing recovery in home prices is broadly based," Craig Lazzara, managing director at S&P DJI, said in a release. Before seasonal adjustments, prices rose in all 20 cities in April, as they had also done in March. Seasonally adjusted data showed prices rising in 19 cities in April versus 14 in March.

Persons: Ryan Ratliff, Ryan Paredes, Ariadna Paredes, Craig Lazzara, DJI, homebuying, Danielle Hale, Realtor.com, we've Organizations: Estate, Max Advance Realty, Cleveland Locations: Cutler Bay , Florida, Miami, Chicago, Atlanta, Boston, San Francisco

☆ Forget about a housing market crash, Harvard researchers say. Here are the 4 reasons they say a repeat of the mid-2000s drop in home prices is unlikely.
▼ + stars: | 2023-06-24 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

They cited a strong labor market, low foreclosure rates, favorable demographics, and low supply. That was their biggest drop since the mid-2000s housing bubble, when home prices fell 27% over the course of a few years. As long as interest rates remain elevated, home price growth will likely continue to slow. First is that the labor market remains healthy. But so far this year, the labor market has continually surprised economists to the upside.

Persons: Hoff, Ian Shepherdson, Desmond Lachman —, millennials, Ellen Zentner, Morgan Stanley's, Z, it's, there's, Louis Organizations: Harvard Joint Center for Housing Studies, Harvard University, Federal Reserve, Harvard Joint Center for Housing, FHFA National Mortgage Database, Federal Reserve Bank of St, JPMorgan, Mortgage, Association

Mortgage rates are holding steady today and remain relatively low compared to where they were earlier this month. This is good news for mortgage borrowers, since it means less upward pressure on mortgage 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: Freddie Mac, it's, Fannie Mae, they'll Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

The average 15-year fixed mortgage rate is also down this week, and is now hovering just above 6%. While lower rates are good news for hopeful homebuyers, mortgage rates still have a long way to fall before many of these buyers will begin to see a tangible increase in affordability. "Mortgage rates slid down again this week but remain elevated compared to this time last year," Sam Khater, Freddie Mac's chief economist, said in a press release. 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: Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ Harvard researchers share 7 charts that show the struggles of buying and renting a home in America today, and their recommendations for solving them
▼ + stars: | 2023-06-22 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

The Harvard Joint Center for Housing Studies released their State of The Nation's Housing report. Harvard Joint Center for Housing StudiesOn top of that, mortgage rates have surged from around 3.3% in early 2022 to just under 7% today. Harvard Joint Center for Housing StudiesBlame that in part on falling building rates. Harvard Joint Center for Housing Studies"The construction slowdown in 2022 raised concerns about the nation's large and ongoing housing shortfall. To boost homeownership rates among minority groups, the researchers also proposed lowering credit score minimums for mortgages and taking into consideration other indicators of creditworthiness that aren't reflected in a credit score.

Persons: it's, homeownership Organizations: Harvard Joint Center for Housing Studies, National Association of Realtors . Harvard Joint Center for Housing, Harvard Joint Center for Housing, Harvard, Center for Housing

☆ The housing market is seeing its worst inventory shortage in over a decade as high rates trap homeowners and slow the spring homebuying rush
▼ + stars: | 2023-06-22 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Active home listings dropped 7% in May to the lowest number Redfin has ever recorded going back to 2012. That's due to high mortgage rates, which have discouraged owners from selling their homes. Meanwhile, pending home sales dropped 16%, a sign that the spring homebuying rush has faltered in the face of higher mortgage rates. Affordability and homebuying activity won't pick up until mortgage rates drop more meaningfully, Marr previously told Insider, though he said that was unlikely to happen anytime soon. He predicted mortgage rates would likely ease to just around 6% by the end of the year.

Persons: —, Redfin, Redfin's, Taylor Marr, Marr Organizations: Service Locations: Redfin

The 30-year rates have dipped slightly since last week, while 15-year mortgage rates have gone up a bit. A competitive market can keep mortgage rates high and homes expensive. 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, Prices, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Fed, Mortgage, Association, Sky, ARM Locations: Chevron

The average 30-year mortgage rate is 6.69% this week, according to Freddie Mac, while it was at 6.39% in mid-May. If inflation continues to decelerate throughout 2023 and get closer to the Federal Reserve's 2% goal, we could see mortgage rates drop later 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: Freddie Mac, you'll, Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. 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 Decrease (-0.14%)The current average 30-year fixed mortgage rate 6.49%, down 14 basis points since this time last week. 20-year Fixed Mortgage Rates Go Down (-0.10%)The average 20-year fixed mortgage rate is down from last week and sits at 6.20%. Mortgage Refinance Rates30-year Fixed Refinance Rates Drop (-0.22%)The average 30-year refinance rate is 6.68%, down since last week.

Persons: you'll, it's, It's, refinance Organizations: Mortgage Bankers Association, Zillow Locations: Chevron

☆ Mortgage demand surges as interest rates ease off recent highs
▼ + stars: | 2023-06-14 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates pulled back for the second straight week last week, and it was enough to get both current and potential homeowners on the phone with their lenders. Mortgage application volume rose 7.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Most borrowers today have lower rates than what is currently available and therefore do not want to lose those rates even for a cash-out refinance. Although the Fed Funds Rate doesn't directly dictate mortgage rates, such a move would still put quite a bit of upward pressure on interest rates of all shapes and sizes," wrote Matthew Graham, COO of Mortgage News Daily.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Albany , California

The average 30-year mortgage rate is 6.71%, according to Freddie Mac — this time last year, it was 5.23%. A competitive market can keep mortgage rates high and homes expensive. 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, Prices, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

The average 30-year mortgage rate is 6.71% this week, according to Freddie Mac, while it was at 6.35% on May 11. The good news is that 30-year and 15-year fixed mortgage rates have dropped a little since last week. If the Fed pauses rates, this would likely take the upward pressure off of mortgage rates. 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, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, 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 Inch Up (+0.03%)The current average 30-year fixed mortgage rate 6.47%, up three basis points since this time last week. 20-year Fixed Mortgage Rates Increase (+0.18%)The average 20-year fixed mortgage rate is up from last weekend and sits at 6.25%. 15-year Fixed Mortgage Rates Go Up (+0.10%)The average 15-year fixed mortgage rate is 5.78%, an increase from last week. Mortgage Refinance Rates30-year Fixed Refinance Rates Drop (-0.20%)The average 30-year refinance rate is 6.66%, down since last weekend.

Persons: you'll, It's, refinance Organizations: Mortgage Bankers Association, Zillow Locations: Chevron

The average 30-year mortgage rate is 6.79%, according to Freddie Mac — this time last year, it was 5.09%. 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. This means that mortgage rates aren't likely to increase significantly any time soon, and they'll likely continue to cool along with prices.

Persons: Freddie Mac, Prices, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates are starting June much higher than they started last month. The average 30-year mortgage rate increased to 6.79% last week, according to Freddie Mac, while they were at 6.39% in early May. If the Fed pauses rates, this would likely take the upward pressure off of mortgage rates. 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, there's, you'll, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. See more mortgage rates on Zillow Real Estate on ZillowToday's Refinance RatesMortgage 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: They've, Fannie Mae Organizations: Mortgage Bankers Association, Today's, Zillow, Federal Reserve, Mortgage, Association, Sky Locations: Chevron

☆ Elon Musk is wrong about a housing-market crash
▼ + stars: | 2023-06-02 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

Selma Hepp, the chief economist at CoreLogic, said that's not going to happen. The nation's dearth of housing supply will keep home prices high and prevent a crash. On Monday, the billionaire — who has built a multi-million dollar portfolio of real estate properties — shared one of his most contentious opinions so far in 2023: "Commercial real estate is melting down fast. She said the housing naysayers are wrong and that the housing market is instead heading towards a recovery. Hepp attributes the real estate market's rebound to an imbalance of housing supply and demand that has heightened competition amongst borrowers.

Persons: Elon Musk, Selma Hepp, that's, —, Ray Farris, Ian Shepherdson, Freddie Mac, Hepp, CoreLogic, San Francisco — Organizations: Service, Privacy, SpaceX, Credit Suisse, San Locations: West Coast, Diego, Durham , Connecticut, Boston, New York City, Redfin

Compare Third Federal Savings and Loan to Other Mortgage LendersThird Federal Savings and Loan vs. Carrington Mortgage ServicesCarrington Mortgage Services Types of mortgages Conforming, Smart Rate Adjustable Mortgage, jumbo, bridge loan, HELOC, home equity loan Types of mortgages Conforming, jumbo, FHA, USDA, VA, Carrington Flexible Advantage Standout feature Low Cost Mortgages Standout feature Carrington Flexible Advantage mortgage Compare rates Compare RatesCarrington Mortgage Services is our "best overall' lender for borrowers with low credit scores. How Third Federal Savings and Loan Mortgages WorkThird Federal Savings and Loan offers mortgages in California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, Tennessee, Virginia, Washington, and Washington, DC. Is Third Federal Savings and Loan Mortgage Trustworthy? Third Federal Savings and Loan Mortgage FAQIs Third Federal Savings and Loan a safe bank? Yes, Third Federal Savings and Loan is a safe bank to get a mortgage from.

Persons: HELOC, Carrington, you'll, It's, Marc Stefanski, Grace, Molly Grace, Molly, mgrace, Read Organizations: Federal Savings, PMI, Loan, DC, Loan Mortgage, Cost Mortgage, Third Federal, Mortgage, Carrington Mortgage, FHA, USDA, Carrington, Mortgage Services, Guild Mortgage, Third Federal Savings, ARM, Federal, Better, BBB, preapproval, Financial Corporation, Finance, Insider, Rocket Companies Locations: Washington, Ohio, Florida, California , Colorado , Connecticut, Georgia , Illinois , Indiana , Kentucky, Maryland , Massachusetts , Missouri , New Hampshire , New Jersey , New York, North Carolina , Ohio , Oregon , Pennsylvania, Tennessee, Virginia, DC, VA, New York, Chevron

High mortgage rates have created a lock-in effect for current homeowners who might otherwise be interested in listing their homes on the market. 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: Prices, Selma Hepp, Fannie Mae, they'll Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

As the Fed aggressively hiked rates in 2022, mortgage rates also spiked. But if the central bank believes more increases are necessary, mortgage rates could remain elevated. 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.

Mortgage rates increased last week and remain high today. In its latest mortgage forecast, the Mortgage Bankers Association predicted that 30-year mortgage rates will finally drop below 6% by the end of 2023. 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. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Find a lender that offers the type of mortgage you needNot every lender provides each type of mortgage. VA mortgage lenders . How to compare mortgage lenders at each stage of the processMortgage prequalificationMortgage prequalification is one of the first steps in the homebuying process. Mortgage loan estimateOnce you choose a home, you will apply for a mortgage and receive a loan estimate from a lender. Between the qualification, preapproval, and loan estimate, the loan estimate is the most detailed and official of the three.

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