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☆ The typical mortgage payment is now $200 cheaper than it was several weeks ago, and homebuyers with renewed purchasing power are coming back into the market
▼ + stars: | 2022-12-22 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Mortgage rates have now fallen for six consecutive weeks, marking the largest drop since 2008. And over the last six weeks, mortgage rates have declined more than three quarters of a point — marking the largest drop since 2008. November's reading highlights the negative impact higher mortgage rates have had on purchasing demand — and ultimately the entire housing ecosystem. "The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes." Indeed, a combination of surging inflation and higher interest rates — the Federal Reserve raised rates by 75 basis points during its November meeting — sent mortgage interest rates soaring in November.

☆ 21 real-estate startups to bet your career on in 2023
▼ + stars: | 2022-12-21 | by ( Robert Davis | ) www.businessinsider.com time to read: +1 min

Thousands of proptech employees were laid off in 2022 because of industry-wide struggles. Insider created this list of proptech startups that have all the makings of future success. The word of the year for proptech startups is … layoffs. This list is not meant to be all-inclusive, but instead offers a glimpse at some of the bright spots of the real-estate industry. In other words, these companies — which are listed alphabetically — could separate themselves from the pack in 2023.

☆ The CEO of one of America's biggest homebuilders said we're already in a 'housing recession,' and there are two other key signs that the real-estate market is still cooling
▼ + stars: | 2022-12-20 | by ( Robert Davis | ) www.businessinsider.com time to read: +3 min

Sheryl Palmer, CEO of Taylor Morrison, says the US is already in a housing recession. Some economists still aren't buying into the housing recession narrative. In 2023, Palmer said homebuyers should expect overall inventory volumes to drop as buyers scoop-up existing homes. Palmer's comments come on the heels of other business heads who expect the US housing market to have a tough year in 2023. But not everyone agrees that the US housing market is in a recession, or that it will face one in 2023.

Mortgage rates have been holding steady over the past several days. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Mortgage rates have remained relatively calm over the past few days following last week's drop. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. 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.

Mortgage rates have trended down recently and remain low today. As inflation continues to slow, it's likely that mortgage rates will continue to decrease in the new 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. 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.

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. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 6.31%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.54%, a decrease from the prior week, according to Freddie Mac data. Mortgage rates have increased dramatically so far in 2022, but there are signs that they may finally have peaked.

☆ After this week’s Fed rate hike, where are mortgage rates headed?
▼ + stars: | 2022-12-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Mortgage rates have run up so far and so fast this year that many would-be homebuyers can no longer afford to buy a home. By fall, mortgage rates had more than doubled, eventually topping 7% in October. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “We have to remember mortgage rates come down much slower than they go up,” said Cohn. “Volatility increases the level of mortgage rates, compared to Treasury rates, because of the prepayment option,” said Chester Spatt, professor of finance at Carnegie Mellon University’s Tepper School of Business.

☆ Cities across the Southeast and Texas will be the hottest places for homebuyers in 2023, the National Association of Realtors predicts
▼ + stars: | 2022-12-14 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Atlanta, Raleigh, and Dallas are expected to be the top-3 real-estate markets in 2023, NAR researchers predicts. These markets have renters who can afford to buy homes and experienced strong job growth over the last year. In addition to Atlanta, NAR researchers notes in the report that Raleigh and Dallas have also become two of the country's fastest-growing employment hubs. This is one reason why Yun predicts that existing home sales will dip to 4.78 million next year from 5.13 million in 2022. Meanwhile, Yun predicts that mortgage rates will settle around 5.7% in 2023, which is still almost double the rate that homebuyers were able to get before the pandemic began.

☆ Luxury homebuyers are scooping up smaller houses, encouraged by lower mortgages, less maintenance, and fewer family members hanging around
▼ + stars: | 2022-12-14 | by ( Zoe Rosenberg | ) www.businessinsider.com time to read: +4 min

Wealthy buyers are seeking smaller homes, according to the real-estate brokerage Coldwell Banker. Among them are a desire to have a more efficient and manageable home, and downsizing of family units that grew larger during the coronavirus pandemic, they said. What it all means is that these luxury homebuyers are increasingly competing with regular folks just trying to put a roof over their heads. "That's a lot of people competing with the millennials who delayed homebuying" and their decision to have families, Steinberg said. Though the home is smaller than the one in which they raised their family, they want to downsize again.

Mortgage rates have inched up slightly compared to last week, but today they're holding steady. 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. 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.

☆ Mortgage rates drop after CPI report, but the housing market is far from out of the woods
▼ + stars: | 2022-12-13 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

The report sent investors rushing into U.S. Treasury bonds, causing yields to drop. Mortgage rates follow loosely the yield on the 10-year Treasury. But rates then fell sharply in November, after the CPI report for October indicated that inflation was cooling. Some suggested, albeit cautiously, that the drop in rates might be bringing buyers back to the market. Yearly was referring to a very brief rate drop in August.

See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Just keep in mind that HELOC rates are variable, so if rates start to trend up further, yours will likely increase, as well. 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.

Mortgage rates are holding steady as the Federal Reserve gears up for its last meeting of the 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. 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.

Below, Select shares insight on what you should consider to stay on track with your retirement savings as we close out 2022. So it's important to consider this carefully so you can avoid outliving your retirement savings — or even over-sacrificing when you're younger. Or perhaps you actually don't need to be as aggressive in your retirement savings next year. Wealthfront Learn More On Wealthfront's secure site Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected. Betterment Learn More Minimum deposit and balance Minimum deposit and balance requirements may vary depending on the investment vehicle selected.

☆ Cash-strapped home sellers and buyers are getting much-needed relief with four weeks of mortgage rate drops
▼ + stars: | 2022-12-10 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

This week, the average rate for a 30-year mortgage stood at 6.33% – marking the fourth consecutive week of declines. Mortgage rates have declined three quarters of a point over the last four weeks, representing the largest drop since 2008. Over the last four weeks, mortgage rates have declined three quarters of a point — marking the largest drop since 2008. The recent downturn reverses a protracted period of hikes in mortgage rates and could make home purchases more affordable for prospective buyers. There is a flip-side to the latest slide in mortgage rates, however.

Mortgage rates are holding relatively steady across the board this week, with 30-year fixed mortgage rates hovering near 6% — a full percentage point lower than they were a month 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. 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.

Mortgage rates have ticked up slightly after starting the week at the lowest point they've been in several months. If this is the case, mortgage rates may trend down further in the new year. However, if the Fed determines that it needs to continue raising rates for longer than expected, mortgage rates could remain elevated throughout 2023. 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.

☆ Ivy Zelman, who famously predicted the 2008 housing crash, says that home prices could drop 20% from their current values if the economy doesn't improve
▼ + stars: | 2022-12-07 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

The Fed's fight against inflation has led to high mortgage interest rates, cooling housing demands. As demand falls, Ivy Zelman, a real-estate anaylist, said national home prices could fall by 20%. As long as mortgage rates remain elevated, Zelman said housing demand will continue to shrink — ultimately resulting in even steeper price cuts from sellers. This latest slide in rates is just 0.59% below the two-decade high that the rate hit just three weeks earlier. But as Zelman herself suggested, if the Fed continues with further rate hikes and mortgage rates remain elevated in 2023, this will become the likely culprit to a protracted housing slump.

☆ Homebuyers will flock to the Midwest in 2023 because prices will still be too expensive in coastal states, a Zillow economist predicts
▼ + stars: | 2022-12-06 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

The Midwest could be 2023's hottest housing market because it's affordable, one Zillow economist said. Buyers may look at cities like Chicago, Indianapolis, and Cleveland, where prices have remained stable. Homebuyers in expensive markets like Denver, New York City, and San Francisco were routinely searching for homes in less expensive midwestern markets, the report added. The typical home in Milwaukee is $181,000 while in St. Louis, buyers should expect to spend $176,500, Zillow suggests. But waiting out this market may not be the best approach for buyers ready and able to buy now."

Though mortgage rates aren't directly impacted by Fed hikes, rates often trend up or down based on how investors expect Fed policy to affect the broader economy. 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. 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.

☆ More Foreclosures, Easier Mortgages Would Help Fix America's Housing Market
▼ + stars: | 2022-12-03 | by ( James Rodriguez | ) www.businessinsider.com time to read: +15 min

These standards are based on factors including the borrower's financial stability and the state of the housing market and economy. Finding the right size for the credit box is much easier said than done. A tidal wave of foreclosures followed, plunging the US housing market — and the global economy — into chaos. Even just stabilizing the credit box over time could also help smooth out some of the boom-and-bust cycles that have come to define the housing market. "If we do not address this intrinsic cyclicality, the housing market will continue to experience boom-bust cycles, leaving destruction in their wake," the paper said.

Mortgage rates have trended down this week following a speech Federal Reserve Chair Jerome Powell gave at the Brookings Institution on Wednesday. As the Fed has aggressively hiked rates this year, mortgage rates have also been pushed up. Because of this, borrowers shouldn't expect mortgage rates to drop dramatically any time soon. 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.

Mortgage rates are now more than half a percentage point lower than they were a month ago. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. 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.

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