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☆ Homebuyers might be able purchase a home with less savings — thanks to the two largest US mortgage lenders now allowing down payments of just 1%
▼ + stars: | 2023-05-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

In a stark contrast to the homebuying bonanza of 2021, housing demand has fallen sharply with buyers grappling with a year of higher mortgage rates and stubbornly high home prices. "I was able to win them over with 1% down payment assistance, as well as give them a better rate." "These 1% down payment assistance programs are really making homeownership more affordable for borrowers, Beaubien added." Beaubien said the savings gained from UWM's down payment assistance program is truly making a difference for her clients. "A lot of homebuyers, especially first-time homebuyers, will get discouraged about what the closing costs and down payment may look like," Beaubien said.

☆ Housing Market Ice Age: Fewer Sales, Higher Home Prices, Less Inventory
▼ + stars: | 2023-05-24 | by ( James Rodriguez | ) www.businessinsider.com time to read: +12 min

The result is a housing market that's fundamentally out of whack. The housing market has changed for good — and with the benefit of time-earned wisdom, we can pinpoint the moment it entered a new era. Two big things happened during the initial response to the pandemic that launched the housing market past the point of no return. Both factors have propelled competition in the housing market to new heights and made it challenging for would-be buyers to find their footing. Some aspects of the pandemic-era housing market that once seemed "odd" are increasingly becoming new norms.

In spite of all the predictions that they'll fall soon, mortgage rates have remained stubbornly high so far this year. "The combination of job gains, limited inventory, and fluctuating mortgage rates over the last several months have created an environment of push-pull housing demand." 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 RatesThe current average 30-year fixed mortgage rate is 6.39%, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate remained flat at 5.75% this week, according to Freddie Mac data.

☆ People are flooding open houses and feverishly bidding on homes even after predictions of a market crash and bargain-basement prices. Here's why.
▼ + stars: | 2023-05-20 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

According to Redfin, there were only 533,310 newly listed homes for sale in March, down from 650,105 during the same time period in 2022. In markets like Durham's, the flood of prospective buyers is keeping home prices elevated, bucking predictions last year for declines. According to Redfin, the median sale price of a home in the town was $420,000 in April 2023, up 20% year-over-year. During the month, 33% of homes were sold over asking price. The house with a pool ended up selling for $875,000, some $75,000 more than the asking price, the website showed.

Average 30-year mortgage rates increased to 6.39% this week. Stubbornly high mortgage rates have kept many would-be homebuyers out of 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.

Mortgage rates increased earlier this week and are holding steady today. All this takes the upward pressure off of mortgage rates, which wil likely allow them to finally trend down. 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.

It's possible that those who hold off their home search until early fall may have more luck when it comes to mortgage rates. 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.

Mortgage rates started the week somewhat elevated, but they've since dropped significantly. This should take the upward pressure off mortgage rates and allow them to drop. 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.

Average 30-year mortgage rates decreased four basis points from last week and are now at 6.35%, according to Freddie Mac. This should bode well for the trajectory of mortgage rates over the long-term." As inflation comes down and the economy slows, mortgage rates are expected to continue trending down this year. 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.

Average 30-year mortgage rates are down slightly today, though they're still elevated compared to last week. 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.

Mortgage rates have been somewhat volatile in recent weeks, but they've trended down a bit over the past few days. Mortgage Rates TodayMortgage type Average rate today This information has been provided by Zillow. 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.

For those who are in the market to buy a home, it could be worth waiting a couple of months to see if rates drop further. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Average 30-year mortgage rates and 15-year mortgage rates both decreased this week and are now back at the exact same levels they were two weeks ago, according to Freddie Mac. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ 66% of renters say homeownership is 'hopeless'—here's how they'd rather spend their money
▼ + stars: | 2023-05-04 | by ( Mike Winters | ) www.cnbc.com time to read: +2 min

A majority of them don't think they'll ever have enough money to buy property, recent data finds. In fact, 66% of U.S. renters say rising home prices have them feeling "hopeless" about owning a home, according to a survey by online brokerage Home Bay of 1,000 renters. With median home prices up 33% since January 2020, 77% of renters say the U.S. has an affordable housing crisis. While 51% of renters consider owning a home to be a "very important" financial milestone, survey respondents were more likely to select other achievements as priorities. Rising housing costs are an issue in the rental market too, as nearly 1 in 4 renters say they currently spend 50% or more of their income on rent.

☆ An explosion of hidden 'junk fees' is making every home more expensive
▼ + stars: | 2023-05-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

The fee goes by many names: an administrative fee, a transaction fee, or even a "regulatory compliance" fee. Despite the controversy, all signs indicate that brokerages large and small have increasingly embraced the admin fee in recent years. The vast majority of real-estate agents are independent contractors who rely on commissions to earn a living. Admin fees may be one of the most polarizing topics among real-estate agents today. "I'm in a place in my business right now where I can justify paying that," the Las Vegas agent told me.

☆ Real estate agents are tacking ludicrous 'junk fees' on to every home purchase
▼ + stars: | 2023-05-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

Aftter dropping dramatically in March and early April, mortgage rates have been inching back up the last two weeks. Mortgage rates are rising in anticipation of this increase. 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.

Mortgage rates have increased slightly but remain well below their peak in early March, when 30-year mortgage rates surpassed 6.7%. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Average 30-year mortgage rates have ticked up over the last couple of weeks. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Though average mortgage rates increased slightly last week, they've generally been trending down over the last month and a half. 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. 30-Year Fixed Mortgage RatesAverage 30-year fixed mortgage rates inched up to 6.39% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.76%, an increase from the prior week, according to Freddie Mac data. Inflation remains elevated, but has started to slow, which is a good sign for mortgage rates and the broader economy.

The changes will update the current fee structure on the majority of loans originated by mortgage lenders in the US. Prior to these fee changes, that same borrower would been charged a fee equal to 0.75% of the loan amount. On a $300,000 loan, that's the difference between a $375 fee and a $2,250 fee. While fees have generally been reduced for borrowers with lower scores compared to the old fee structure, those with low scores will still pay higher fees than those with high scores. DTI fee changes coming August 1Another fee change is set to go into effect on August 1, after its implementation was postponed following pushback from the mortgage industry.

But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. Today's Mortgage RatesThe current average 30-year fixed mortgage rate is 6.39% for the week ending April 20, according to Freddie Mac. See more mortgage rates on Zillow Real Estate on ZillowShould I Get a HELOC? This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ No, there aren't more cash buyers in real estate these days
▼ + stars: | 2023-04-24 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +3 min

Buyers who need a mortgage are waiting for rates to fall, causing the share of cash buyers to rise. "It disproportionately enlarges the share of cash buyers making it look like more cash buyers are coming into the market." Mortgage rates have been edging lower over the past month and a half, but experienced a small uptick this past week. Researchers at Fannie Mae predicted that 30-year fixed mortgage rates will trend down throughout 2023 and 2024. "There were fewer cash buyers to leave the market than purchase mortgage buyers."

☆ Tesla's price cuts highlight Elon Musk's last advantage in the EV business
▼ + stars: | 2023-04-23 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

Teslas are cheaper than everA Tesla Model Y. Patrick Pleul/Getty ImagesIn the market for a new car? Elon Musk's hoping that recent price cuts might turn you on to a Tesla. The billionaire might just be turning to his one remaining advantage in the EV business. But Tesla can cut prices and still deliver profits, something rival automakers struggle to do in their EV businesses. While Tesla investors are worrying about profits, Musk's rivals have their own reasons to be concerned, Stephen Beck, founder and managing partner of consultancy cg42, told Insider.

☆ Jeremy Grantham warns US house prices will drop, the S&P 500 could plunge 52%, and more banking problems may lie ahead
▼ + stars: | 2023-04-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Jeremy Grantham expects US house prices to slide over the next few years. The GMO cofounder sees the S&P 500 plunging as low as 2,000 points, a 52% drop. "It doesn't happen overnight, but housing casts a very long shadow and economically is more dangerous than the stock market," Grantham said. "I don't expect a crash but I expect house prices to drift back into more affordability," he added. The S&P 500 is likely to plunge between 27% and 52% from its current level of 4,130 points, he told CityWire.

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