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As the Fed has increased rates this year to try to tame inflation, mortgage rates have gone up, as well. High mortgage rates have depressed homebuying demand, and home prices are starting to drop on a monthly basis as as result. 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.

☆ The latest terrible news for the stock market: The economy is booming again
▼ + stars: | 2022-11-30 | by ( Neil Dutta | ) www.businessinsider.com time to read: +7 min

Yes, the Fed has slowed activity in certain corners — most notably the housing market — but by and large the economy is still standing. When that happens, investors and consumers better buckle up: There will be more pain ahead for the stock market and the US economy. For a Fed that is trying to slow the economy, this is not a welcome development. At a minimum, it's tough to cut interest rates when the economy is defying expectations. If that's right, we might be seeing yet another false dawn in the stock market.

☆ Home prices are falling at the fastest rate in 15 years. 7 real estate analysts and economists break down how bad they think it's going to get.
▼ + stars: | 2022-11-30 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +8 min

As demand fades in the housing market, price cuts have become widespread. However, despite more sellers cutting asking prices, home prices have still increased by 10.6% year-over-year. On an annual basis, Fannie Mae says house price growth will turn negative beginning in the second-quarter of 2023. According to Freddie Mac's Sam Khater, house price growth will average 6.7% in 2022 and then decline by 0.2% in 2023. With inventory levels at all-time lows, he believes supply and demand dynamics will give way to significant price declines nationwide.

☆ Another tech bubble bursts: 2022 has been brutal for Silicon Valley workers
▼ + stars: | 2022-11-27 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +28 min

Gem: 100A maker of recruiting software, the startup cut a third of its workforce Nov. 1, The Information reported. HealthCare.com: 149The health insurance marketplace announced the job cuts Aug. 3, Miami Inno reported, citing state regulatory filings. Fabric: 120The robotics startup said July 13 that it was layoffing off 40% of them, TechCrunch reported, citing company confirmation. It affected about 300 people, the Silicon Valley Business Journal reported, citing company confirmation. Policygenius: 170The online insurance company cut about 25% of its staff, Axios reported June 6, citing company confirmation.

Mortgage rates have decreased from their recent highs, but the average 30-year fixed mortgage rate is still the highest it's been in over a decade. Mortgage rates have increased nearly four full percentage points compared to when they were at their lowest point in January 2021. 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 6.61%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.98%, a decrease from the prior week, according to Freddie Mac data.

Mortgage rates remained relatively low this week, and the latest economic data points to rates trending down further in 2023. 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.

☆ The 9 US cities where buyers have the best shot at scoring a home because home prices have dropped the most since the spring
▼ + stars: | 2022-11-26 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

As homebuyer activity slows, home prices are falling in cities across the country. To get a sense of where home prices are falling the most, we examined home-price data Zillow sent exclusively to Insider. After digging through the numbers for dozens of housing markets, we picked out nine US cities where home prices have rapidly cooled in recent months. So what I expect in those markets is that prices will come down." Read on to see how much prices have fallen in these markets and where else homebuyers are seeing the most discounts.

Mortgage rates have trended down recently and are holding steady today. Rates have increased dramatically throughout most of 2022, pushing the typical monthly mortgage payment further out of reach for many cash-strapped buyers. According to the Mortgage Bankers Association, the median mortgage payment applied for by applicants increased to $2,012 in October. 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.

☆ 5 of the best places to raise a family if you make over $100,000 a year
▼ + stars: | 2022-11-24 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +3 min

Rocket Mortgage found five midsize cities that are some of the best places to raise kids. The schools in these cities, where median incomes are mostly over $100,000, are ranked highly. Here's what to know about each city, including the median home price, median income, and population. Midsize cities with moderate costs of living, suburban feels, and good schools are the best choices if you're buying a home with kids in mind, a new Rocket Mortgage report detailing some of the best states and cities for raising a family said. To be sure, the factors identified by Rocket aren't the only ones to consider, as the report's authors noted.

Mortgage rates started inching up mid-week but are back down today. 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.

☆ Homebuyers canceled a record 60,000 purchase contracts last month because they're waiting for mortgage rates and home prices to fall
▼ + stars: | 2022-11-22 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Nearly 18% of pending home sales nationwide were canceled in October, the most since 2013. High inflation and mortgage rates have kept buyers at bay, even as the market begins to cool. Developers are turning to build-to-rent buyers to offload new supply as demand wanes. Rising home prices have been a chief scourge for homebuyers and homebuilders alike throughout the pandemic. "Professional rental companies in some ways bring more efficiency and they might help solve affordability problems because of very high mortgage rates right now," Tomasz Piskorski, a professor of real estate at Columbia Business School, told Insider in November.

Average 30-year fixed mortgage rates dropped nearly 50 basis points last week, and rates remain low today. Based on current conditions, there are a few possible outcomes we could see in regards to mortgage rates in 2023. In this case, mortgage rates would likely come down faster, but it would be at the expense of a healthy economy. 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.

Mortgage rates trended down quite a bit this week, providing some wiggle room for buyers who have been struggling with affordability. But decreasing mortgage rates are a double-edged sword, since low rates typically create more competition among buyers, pushing home prices up. 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 fixed mortgage rates dropped back below 7% this week and are now at 6.61%. "While the decline in mortgage rates is welcome news, there is still a long road ahead for the housing market. 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.

"The 30-year fixed rate saw the largest single-week decline since July 2022, dropping to 6.9%. 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 7.08%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 6.38%, an increase 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.

Mortgage rates first surpassed 7% late in October, the highest rates have been in 20 years. 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 7.08%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 6.38%, an increase from the prior week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022.

☆ It's a historically bad time to buy a home, and a leading economist says it might not get any better until 2024 at the earliest
▼ + stars: | 2022-11-16 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

One economist expects conditions to improve in 2024 as inflation eases. Evangelou, says the homebuying market will see a sizable drop in activity in 2023 as inventory levels and demand continue to decline. Because of this, Evangelou says first-time homebuyers should plan to compete again in 2024 at the earliest. About 80% of homebuyers described the real estate market as "bad," according to the November consumer sentiment survey from the University of Michigan. "The next couple of years are going to be volatile as households have to deal with elevated inflation," Evangelou told Insider.

Last week was a good week for mortgage rates, and they're holding steady today. As long as the Fed continues raising rates, mortgage rates will likely also remain elevated. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

Mortgage rates plunged following last week's Consumer Price Index report, and they remain low today. If inflation continues to show signs of easing, mortgage rates could start trending down sooner than expected. Most forecasts currently expect mortgage rates to remain elevated for the remainder of 2022 and into the new year, with some moderate decreases coming later in 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.

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. 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.

☆ Colorado homebuyers are gaining the upper hand in cities like Denver, where prices fell 10% since spring, but properties in ski towns are not getting any cheaper
▼ + stars: | 2022-11-11 | by ( Robert Davis | ) www.businessinsider.com time to read: +5 min

Colorado ski towns are struggling with low housing inventory, which is keeping prices high. The numbers suggest that while the Denver housing market appears to have peaked in April, median sale prices are still up year-over-year. Other popular ski towns like Frisco, Dillon, and Aspen have also passed similar laws. Other popular ski towns like Glenwood Springs and Estes Park are having similar struggles, the report suggests. Meanwhile, the average price of single-family homes in Estes have increased by 14.8% since October 2021 while the price of condos have jumped by 11.8%.

Average 30-year fixed mortgage rates dropped below 7% early this week and have held steady over the past few days. "Mortgage rates will react to other market indicators in the coming months," says Dan Richards, executive vice president of mortgage at Flyhomes. 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 6.95%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 6.29%, a decrease from the prior week, according to Freddie Mac data.

☆ Read the memo Redfin's CEO sent employees announcing that the company is laying off 862 people
▼ + stars: | 2022-11-09 | by ( Robert Davis | ) www.businessinsider.com time to read: +6 min

Read the full memo that CEO Glenn Kelman sent to employees this morning. However, 218 of the employees were offered other roles at the company as part of the wind-down, Kelmann indicates in the memo. If none of these employees accept their new roles, the total layoff will impact about 16% of Redfin's workforce. Read the full email that Kelman sent to Redfin employees:Dear Redfin,We're laying off 862 brilliant, loyal people and also closing RedfinNow. 13% LayoffWith this layoff, the number of employees at Redfin, including those at Rent and Bay Equity, will decline by 13%.

Price growth and Fed policy have helped push mortgage rates up to their highest levels in two decades. As inflation starts to come down in the new year, mortgage rates should ease, too. 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. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect.

☆ JPMorgan is the latest company to try to profit by taking old-school rent checks online
▼ + stars: | 2022-11-08 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +7 min

More than 100 million people in the US pay a total of $500 billion in rent each year, per JPMorgan. JPMorgan and many startups are taking the rent check online to get a cut of that pool of money. Historically, America's 44.2 million renters have written checks to their landlords and kissed that cash goodbye. Renters living at one of the 2.5 million "Bilt Alliance" properties, have the ability to report their rent payments to Experian, TransUnion, and Equifax. Once enrolled, renters can earn Pinata Cash that can be spent at retailers like Starbucks, Amazon, and Target, and also have their rent payments reported to TransUnion.

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