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Mortgage rates have steadily been decreasing for several months now. Mortgage rates are determined by a variety of factors, including economic trends, Fed policy, investor demand, and more. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. This is a significant slowdown compared when it peaked at 9.1% in 2022, which means mortgage rates should start trending down soon. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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

You can find foreclosed properties for sale on online listing sites or in your local newspaper. Often, you can browse foreclosed properties in your area using the same methods you would to buy a regular home, such as online listing sites like Zillow. Foreclosed properties owned by the government-sponsored enterprises Fannie Mae and Freddie Mac can also be found online. Fannie Mae's program for Fannie-owned foreclosed properties is called HomePath, while Freddie Mac's is called HomeSteps. Just be prepared for repair costs, as many foreclosed properties need significant updates before they're habitable.

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☆ The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Read previewProspective homebuyers may be better off staying on the sidelines: the housing market is on its way to a rare buying opportunity, with steep home price declines bound for key areas of the real-estate market in the coming years, according to one analyst. That's an additional ingredient on the top, which just makes it more likely that prices fall," Gerli told BI. AdvertisementThe situation in the South's housing market also bears some similarities to previous housing bubbles, Gerli noted. In key boom towns, home prices have shot up 50%-70% since the pandemic, though incomes have only risen 10%-20%, he said, citing municipal data. It'll take a long time for housing to become more affordable overall, given how overvalued the market is, Gerli said.

Persons: —, Nick Gerli, Gerli, Freddie Mac, That's, Southern homebuilders, we've, it's, Redfin, Homebuyers, It's Organizations: Service, Business, National Association of Realtors, Builders Locations: Florida, Southern, Texas

☆ The salaries you'd need to afford iconic TV and movie homes from 'Full House', 'The Godfather' and more
▼ + stars: | 2024-07-21 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

This year, the Chicago-area house from "Home Alone" and the iconic "Full House" townhouse in San Francisco hit the market with asking prices in the millions. In June, CardRates.com examined 25 iconic houses featured on screen. Using Zillow's estimated home values and Bankrate's mortgage calculator, the report determined the monthly mortgage rates and the annual income required to afford each property. The mortgage rates were determined assuming a 20% down payment, a 30-year fixed loan, and the current interest rate as of June 2024, according to the Federal Reserve Bank of St. Louis. Some of the properties in CardRates.com's report are currently on the market and the amounts indicated are the current list prices.

Persons: you've, CardRates.com, Louis . Organizations: Federal Reserve Bank of St Locations: Chicago, San Francisco

As long as inflation continues to slow, mortgage rates should tick down further throughout the remainder of 2024. 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. 15-Year Fixed Mortgage Rates Barely Tick Up (+0.02%)The average 15-year mortgage rate is 5.68%, just two basis points higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.37%)The average 30-year refinance rate is 7.08%, 37 basis points down from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance, they've Organizations: Federal, Zillow, FHA Locations: Chevron

☆ Could a dumb phone that's also a vape help break my iPhone addiction? I tried the Swype vape phone that's going viral.
▼ + stars: | 2024-07-20 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +8 min

I first learned of the Swype vape on social media, where a few doctored images of its screen had gone viral. AdvertisementNow, an obvious disclaimer: Business Insider does not endorse vaping or starting to vape simply because it seems like it would be funny to have a vape phone. (Samatha Cole of 404 Media also tried out the Swype vape; we didn't plan this. The touchscreen does display notifications when you swipe up — I could see messages from Signal, news push alerts, X notifications, and texts. This app seems designed not for the Swype vape but for some sort of wearable fitness tracker.

Persons: I'm, Vape, vaping, Pina Colada, Samatha Cole, Katie Notopoulos, it's, Samantha Cole, I've, Insider's Jordan Hart, Tim Cook Organizations: Service, Business, Media, Bluetooth, Aircraft, Google, Shenzhen Communication Technology, Apple Watch Locations: Shenzhen, China

☆ The housing market is close to a rare buying opportunity as prices are set to drop in pandemic boom towns, analyst says
▼ + stars: | 2024-07-20 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +6 min

Mortgage rates have been trending down this month, and they could fall further throughout the remainder of 2024. This should remove some of the upward pressure off of mortgage rates and allow them to decrease. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates fell to 6.05% last week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: you'll, Freddie Mac, it's Organizations: Federal, Zillow, Federal Reserve Locations: Chevron

Here are the best mortgage lenders for first-time homebuyers and the affordable loans they offer, as chosen by Business Insider editors in 2024. If you're a Bank of America Preferred Rewards customer, you can get discountsCheck mark icon A check mark. Offers many unique types of mortgagesCheck mark icon A check mark. Low Cost Mortgages come with only $295 in closing costsCheck mark icon A check mark. Mortgage credit certificatesSome HFAs also offer mortgage credit certificates to first-time homebuyers.

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In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.

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Average 30-year mortgage rates are now down to 6.77%, the lowest they've been in over four months, according to Freddie Mac. "Mortgage rates are headed in the right direction and the economy remains resilient, two positive incremental signs 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 would impact your monthly payments. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.05%, a 12-basis-point decrease from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, you'll, it's Organizations: Federal Reserve, Zillow Locations: Chevron

Lucy Haverfield, 71, Florida With her retirement savings drained, she's living on $2,400 a month in Social Security. “Not even remotely like that.”Primary source of income: Widowed and with her retirement savings drained, Haverfield lives on $2,400 a month in Social Security benefits, totaling $28,800 a year. Living situation: Haverfield owns her home in Alva, a small community about 20 miles inland from Fort Myers, with mortgage payments of $1,500 a month. “That’s my economy.”Before she retired about a decade ago to care for her ailing husband, Haverfield taught at a community college and worked in a variety of senior-level telecommunication roles in South Florida. Sometimes Haverfield skips paying one of her bills to cover food and gas, only to pay a late fee the next month, she said.

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Mortgage rates are down this week, with 30-year mortgage rates averaging around 6.30%, according to Zillow data. This should remove some of the upward pressure off of mortgage rates and allow them to trend down. 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. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which may happen this year, mortgage rates should fall even further.

Persons: Christopher Waller, Waller, Freddie Mac Organizations: Federal Reserve Bank of Kansas City, Fed, Zillow, Federal Reserve Locations: Chevron

☆ Some renters may be ‘mortgage-ready’ and not know it. Here's how to tell
▼ + stars: | 2024-07-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

In 2022, 39% of the 134 million families residing in the U.S. did not own the home they lived in, according to Census data. But on the other hand, households might be unaware they can afford a mortgage, said Orphe Divounguy, senior economist at Zillow. "If rental prices are coming up, maybe it's a good time to consider [buying instead]," she said. "The first step is trying to understand whether or not it's worth getting all the paperwork together," she said. Understanding the status of your credit and your debt-to-income ratio is a good place to start.

Persons: Zillow, Orphe Divounguy, Melissa Cohn, Cohn Organizations: American, Survey, U.S . Census, Zillow, Finance, William, Mortgage Locations: U.S

☆ The US housing is turning more buyer-friendly as sellers step up price cuts
▼ + stars: | 2024-07-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

Nearly a quarter of homes on the market saw price cuts in June, Zillow says. For this time of the year, that's the highest rate since 2018. High costs and rising inventory are leading to easing competition, the real estate firm said. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US housing market looks to be regaining some balance, with price cuts helping buyers find their footing, Zillow said.

Persons: Zillow, —, Sellers Organizations: Service, Business

☆ Small Landlords Are Using New Tech Tools to Raise Tenants Rents
▼ + stars: | 2024-07-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

The past few years have solidified single-family rental homes as genuine moneymaking enterprises, not just ho-hum nest eggs. Related storiesWhen everyone was scrambling for their piece of the suburbs during the pandemic, mom-and-pop landlords pounced, using these newfound tools to collect more cash. The company, which estimates only one-fourth of single-family-rental landlords use professional management services, now manages more than 28,000 rentals on behalf of small landlords. As the Wall Street ethos trickles down to small rental owners, it'll be harder and harder to tell them apart. But the gap is narrowing as small rental owners capitalize on the innovations that the institutional class has already embraced.

Persons: Daniel doesn't, Daniel, hasn't, he's, Bryan Smith, —, Zers, John Burns, Rick Palacios Jr, Palacios, Jordan Kavana, Rich Ford, you've, Ford, Devin Redmond, doesn't, Philip Garboden, It's, Garboden, Roofstock Organizations: Atlanta, Corporate, Harvard Joint Center for Housing Studies, John Burns Research, Consulting, Ark Homes, Rent, Vesta Ventures, University of Chicago Locations: Zillow, Atlanta, Raleigh, Chattanooga , Tennessee, Grand Rapids , Michigan

Mortgage rates are the lowest they've been since March in response to cooler-than-expected inflation data. This could help mortgage rates fall even further than currently expected, potentially boosting affordability for homebuyers 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. This is a significant slowdown compared when it peaked at 9.1% in 2022, which means mortgage rates should start trending down soon. 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 Reserve, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ A Colorado couple with a net worth of $800,000 shares how the FIRE movement is helping them reach their goal of retiring in their 40s
▼ + stars: | 2024-07-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

So when the couple learned about the FIRE movement in their mid-20s, it was music to their ears. They then tried to apply some of that information to their financial strategies. Over the past several years, the couple has grown their combined net worth to more than $800,000, according to documents viewed by BI. To make more money, Arsenault said they've "aggressively pushed for additional income." When their strategies generate extra money, the couple invests as much as possible in their 401(k) plans and low-cost index funds.

Persons: —, Chrissy Arsenault, Ryan, didn't, Arsenault, who've, hasn't, Chrissy Arsenault Arsenault, they've, They've, They're, We've Organizations: Service, FIRE, Business, Facebook, BI Locations: Colorado, Costco, Indiana, Monument , Colorado, Fishers , Indiana

As long as inflation continues to slow, mortgage rates should ease throughout the remainder of 2024, improving affordability for hopeful homebuyers. 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. 15-Year Fixed Mortgage Rates Go Down (-0.41%)The average 15-year mortgage rate is 5.66%, 41 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Decrease (-0.39%)The average 30-year refinance rate is 7.45%, 39 basis points down from last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: you'll, It's, refinance Organizations: Federal, of Labor Statistics, Zillow, FHA Locations: Chevron

Mortgage rates dropped last week and remain low today. This should remove a lot of upward pressure off of mortgage rates and allow them to trend down. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched down to 6.17% last week, according to Freddie Mac data. Mortgage rates increased dramatically over the last two years, but they're expected to go down at some point this year.

Persons: you'll, Freddie Mac, it's Organizations: Federal Reserve, Zillow Locations: May's, 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. 30-Year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 6.89% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.17%, an eight-basis-point decrease from the previous week, according to Freddie Mac data. Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Once the Fed cuts rates, mortgage rates should fall even further.

Persons: homebuyers, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

☆ With high prices and mortgage rates, aspiring and current homeowners feel ‘stuck'
▼ + stars: | 2024-07-13 | by ( Alex Harring | ) www.cnbc.com time to read: +7 min

A double whammyFor aspiring homebuyers such as Burress, the combination of high mortgage rates and rising list prices has left them feeling boxed out. The 30-year mortgage rate, a popular option for home financing in the U.S., has bounced around 7% for the past several months. Given this, co-author Jonah Coste said current owners touting these low mortgage rates are undoubtedly better off than those looking to buy a first home today. After welcoming three kids, they're holding off on a fourth until mortgage rates or home prices come down enough to upsize. To be clear, mortgage rates tend to follow the path of Fed-set interest levels, but they aren't the same thing.

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☆ Insider Today: New status symbols
▼ + stars: | 2024-07-13 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Business Insider's docuseries, "Quiet on Set," just won the Television Critics Association Award for Outstanding Achievement in News and Information. AdvertisementAt least that's what Denver meteorologist Chris Bianchi told Business Insider's senior science reporter Morgan McFall-Johnsen. Markus Thoenen/Getty ImagesTen better getawaysIt's the busiest time in the travel season, and international travel is especially hot. AdvertisementMore of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor in chief of life, in New York.

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☆ See the $10M New Orleans mansion with a grisly past that lured a potential new buyer in less than a day
▼ + stars: | 2024-07-13 | by ( Maria Noyen | ) www.businessinsider.com time to read: +4 min

History, however, is why some say they wouldn't dream of living in one particular house in the heart of New Orleans' French Quarter. Later that day, the Zillow listing said the property, wnown as the LaLaurie Mansion, was already "pending sale," which broker Patrick Knudsen confirmed to Business Insider. Regions Bank scooped up the mansion for $2.3 million at auction before selling it to Whalen a year later. AdvertisementThe property has a dark history of torture and slaveryAs the Journal reported, the home was built to replace the original LaLaurie Mansion, which burned down in 1834. AdvertisementThe original LaLaurie Mansion was ransacked and destroyed when people found out the owner was torturing people inside.

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Average 30-year mortgage rates fell to 6.89%, down six basis points from the week before, according to Freddie Mac. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates are expected to trend down. This would remove a significant amount of upward pressure off of mortgage rates, allowing them to finally trend down. 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. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac Organizations: of Labor Statistics, Federal Reserve, Zillow, Fed Locations: May's, Chevron

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