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Mortgage rates are expected to go down this year, but it may be a few months before we see them fall sustainably. Right now, average 30-year mortgage rates are up near last month's levels, when rates averaged around 6.34%, according to Zillow data. This means we could see mortgage rates start to trend down right as the homebuying season is heating up. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: Jerome Powell, Powell, Fannie Mae Organizations: Investors, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Borrowers saw mortgage rates drop dramatically late last year, and experts have been calling for rates to go down this year as well. Mortgage rates are expected to fall this year once the Federal Reserve starts lowering the federal funds rate. The longer the Fed waits to start cutting rates, the longer borrowers will likely have to wait for lower 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. 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: of Labor Statistics, Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

LOS ANGELES (AP) — The average long-term U.S. mortgage rate eased this week, welcome news for prospective homebuyers as the spring homebuying season approaches. The average rate on a 30-year mortgage fell to 6.63% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 5.94% from 5.96% last week. The cost of financing a home has been mostly easing in the weeks since the average rate on a 30-year mortgage hit 7.79%, the highest level since late 2000. For now, the average rate on a 30-year mortgage remains sharply higher than just two years ago, when it was 3.55%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve, U.S, Fed, Wall, “ Locations: U.S

☆ China's flailing property market is finally showing signs of bottoming
▼ + stars: | 2024-02-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Land sales and home prices showed some improvement in China's property market, Reuters reported. Government land sales rose for the first time in two years, while prices saw their fastest rise since mid-2021. AdvertisementReal estate in China may finally be nearing the end of a yearslong slide, with home prices and land sales demonstrating fresh strength, Reuters reported. Average city prices rose 0.15% month-on-month in January, marking the fastest gain since mid-2021. Government land sale revenue that month also notched a 1.8% gain from a year prior, the first time sales rose in 23 months, the outlet said.

Persons: Fitch, —, overbuilding Organizations: Reuters, Service, Fitch Locations: China, Beijing

☆ Federal Reserve holds interest rates steady, sets the stage for cuts. What that means for your money
▼ + stars: | 2024-01-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Greg McBride chief financial analyst at Bankrate"Below the surface, 60% of households are living paycheck to paycheck," McBride said. Now, with rate cuts on the horizon, consumers will see some of their borrowing costs come down as well, although deposit rates will also follow suit. From credit cards and mortgage rates to auto loans and savings accounts, here's a look at where those rates could go in the year ahead. Going forward, annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. Mortgage ratesDue to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin.

Persons: Greg McBride, McBride, Doug Duncan, Fannie Mae, It's, Jessica Caldwell, Edmunds Organizations: Treasury, Fed Locations: Edmunds

So far this month, mortgage rates have been relatively steady. According to Zillow data, average 30-year mortgage rates have been around 6.34% in January, which is just slightly down from the previous month's average. The sooner the Fed cuts rates, the sooner mortgage rates can come down as well. 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 means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: Jerome Powell, Powell, you'll, Fannie Mae Organizations: Federal, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ I invest in real estate on the side. At first, I thought Airbnb was the way to go, but I prefer long-term rentals.
▼ + stars: | 2024-01-28 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

I wanted to offset my mortgage and make extra income, so I immediately knew I would do Airbnb. I met some great people, but Airbnb guests can drive you crazyEven though we could pull in around $3,000 in revenue per month, I had many frustrations with Airbnb. I turned to long-term rentals, which I like moreAt the start of 2020, I moved to San Francisco for work. I realized really quickly I didn't like the city and didn't want to live there long-term. I'd tell someone thinking about Airbnb to first make sure they've done their research and the financials make sense.

Persons: Ursula Lauriston —, Meta —, I've, Airbnb, It's, I'm Organizations: Google, Meta, Business Locations: Haiti, Richmond, Anacostia, Washington, DC, Capitol Hill, San Francisco, didn't, Richmond , Virginia

Mortgage rates ticked up a bit mid-week, but they're back down today. This means it's possible we'll have to wait until later in the year for mortgage rates to come down substantially. 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 RatesThis week, average 15-year mortgage rates were 5.96%, a 20-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

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

Average 30-year mortgage rates increased to 6.69% this week, according to Freddie Mac, a nine-point increase from the previous week's average. On a $250,000 mortgage, this would amount to a $1,798 monthly mortgage payment. 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 RatesThe average 30-year fixed mortgage rate was 6.69% last week, according to Freddie Mac. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: Freddie Mac, Sam Khater, Freddie Mac's, Fannie Mae Organizations: Zillow, Federal Reserve, Fed Locations: Chevron

"It's important to be an educated and prepared borrower," Bank of America's Matthew Vernon told Business Insider. Having strong credit and getting prequalified are important to your homebuying process, he said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Home affordability is more than the mortgage payment. It's important to look into the true cost of homeownership for any home that you're interested in buying.

Persons: Bank of America's Matthew Vernon, —, Matthew Vernon, Vernon, You've Organizations: Bank of America's, Business, Service, Bank of America Locations: Vernon

☆ The housing market capped off its worst year of sales since 1995. Here's how affordability, inventory, and demographics have changed in 3 decades.
▼ + stars: | 2024-01-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Read previewHigh mortgage rates, lofty prices, and low inventory kept the US housing largely frozen in 2023, and home sales slumped to their lowest mark since 1995. Current owners have been reluctant to move off lower mortgage rates secured in prior years, stifling both buying and selling activity. AdvertisementAnd it's worth noting that even as mortgage rates in both years hovered around 7%, affordability has still worsened by a significant margin. NAR deputy chief economist Jessica Lautz highlighted in a note Monday that incomes have less power today compared to decades ago, as reflected in the real estate group's Housing Affordability Index. National Association of Realtors"All these factors have changed dramatically with limited housing inventory and the continual rise in home prices," she continued.

Persons: —, it's, hasn't, Jessica Lautz, Lautz, Zillow, Redfin Organizations: Service, Business, National Association of Realtors, NAR, National Association of Home Builders

☆ These 20 cities — including 9 with median home prices under $275,000 — offer young homebuyers the best chance of landing a property, according to Point2
▼ + stars: | 2024-01-24 | by ( William Edwards | ) www.businessinsider.com time to read: +1 min

Housing affordability is near its lowest levels in four decades as mortgage rates and home prices have skyrocketed relative to incomes. But according to Point2, an online real-estate marketplace, there are still areas where young buyers are finding deals. In building their ranking model, they considered factors like home price-to-income ratios, the local Gen Z unemployment rates, Gen Z homeownership rates, inventory, days on the market, and more. "Student loans and the rising cost of living means that Gen Z inherited the affordability concern from millennials," the report said. Below, we've listed the top 20 cities on Point2's index, along with their composite scores, local home price-to-income ratios, and Gen Z unemployment rates.

Persons: Gen Z, Z, We've Organizations: Business Locations: Redfin

☆ It’s primary time in New Hampshire. Here’s a snapshot of the Granite State’s economy
▼ + stars: | 2024-01-23 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +10 min

New York CNN —New Hampshire, the “first-in-the-nation” primary state (which will hold those elections Tuesday), has been a relatively “better-off” state than most others nationally. Median income/povertyThe typical New Hampshire household has a higher income compared to the average in the United States, and a smaller share of state’s residents are in poverty. Southeastern New Hampshire — where three-quarters of the state’s residents live — benefits from being close to the Boston metropolitan area, said Phil Sletten, research director at the left-leaning New Hampshire Fiscal Policy Institute. Some 42% of New Hampshire residents approved of Biden on the economy, with 55% disapproving, according to a November CNN/University of New Hampshire poll. But when it comes to their personal finances, New Hampshire residents are downbeat.

Persons: ’ ”, Charlie Dougherty, ”, ” Dougherty, “ You’ve, Patricia M, Anderson, Patrick Connelly, ” Connelly, that’s, Brian Gottlob, “, Spencer Platt, Lori Harnois, Gottlob, Phil Sletten, Sletten, Joe Biden, Biden, Gina Ferazzi Organizations: New, New York CNN —, United States, of Labor Statistics, Wells, Labor, Reserve, Dartmouth University, CNN, Housing, Tax Foundation, Tourism, Census, Granite State, Survey, New Hampshire —, University of New, Commerce Department, University of New Hampshire Survey Center, Patrons, Los Angeles Times, Independents Locations: New York, New York CNN — New Hampshire, Granite, New Hampshire, Boston, , New Hampshire, “ New Hampshire, “, Hampshire, Chester , New Hampshire, Manchester, Devon, Bartlett , New Hampshire, Ohio, Washington, New, Canada, Pennsylvania, United States, Granite State, University of New Hampshire, Colebrook , New Hampshire

High mortgage rates had a huge impact on the housing market last year, but we'll likely see conditions improve in 2024. Mortgage rates rose to a more than two-decade high last year, and homebuying demand all but disappeared as a result. "Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months." 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 5.76% last week, according to Freddie Mac data.

Persons: Lawrence Yun, you'll, Freddie Mac, it's, they've Organizations: Mortgage, National Association of Realtors, NAR, Zillow, Federal Reserve Locations: Chevron

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said. Last month's sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet. “The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR's chief economist. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.

Persons: Freddie Mac, ”, Lawrence Yun Organizations: ANGELES, The National Association of Realtors, NAR, Federal Reserve, Treasury Locations: U.S

☆ Cramer's week ahead: Earnings from Procter & Gamble, Tesla, Lockheed Martin
▼ + stars: | 2024-01-19 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Friday told investors to gear up for a "fast and furious" slew of earnings reports next week that could lead to some profit-taking, including Procter & Gamble , Tesla and Lockheed Martin . Only if we still have plenty of people out there bad-mouthing the market and calling it dangerous and perilous," Cramer said. Tuesday is one of the busiest days of the week, with reports from Procter & Gamble , Verizon , 3M , Johnson & Johnson , RTX , Lockheed Martin , D.R. Cramer predicted Verizon will do well, but Procter & Gamble may not see a blowout quarter, perhaps creating a buying opportunity. He'll be waiting to hear about an increased defense budget from Lockheed Martin and said D.R.

Persons: CNBC's Jim Cramer, Tesla, Lockheed Martin, Cramer, Johnson, D.R, He'll, Horton, he'll, Williams Organizations: Procter & Gamble, Lockheed, United Airlines, Logitech, Verizon, Johnson, General Electric, Netflix, Procter, Gamble, Abbott Laboratories, Tesla, Lam Research, IBM, Union Pacific, Intel, Sherwin, PayPal, American Express, Norfolk Southern, Federal Reserve Locations: RTX, Horton, Colgate

☆ The housing market will take off in a 2024 renaissance as construction, demand are set to surge, National Association of Home Builders CEO says
▼ + stars: | 2024-01-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe housing market is about to exit its slowdown and take off in a new growth period, according to National Association of Home Builders CEO Jim Tobin. AdvertisementThat's partly because mortgage rates have continued their steady decline in recent months. At the same time, prospective buyers are likely warming up to the new norm of 6% mortgage rates, and could be readying themselves to jump back into the housing market, he said. "I think that the world is getting ready to realize that we're no longer going back to those 3%-4% mortgage rates. Improving affordability conditions could cause home sales to jump 5% while home prices decline 1% in 2024, according to Redfin.

Persons: —, Jim Tobin, Tobin, Freddie Mac Organizations: Service, National Association of Home Builders, Business, Yahoo Finance, Mortgage, Association . Housing

☆ Gen Z and millennials are feeling a little more confident that they can buy a house
▼ + stars: | 2024-01-18 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

The latest household spending survey shows Americans are feeling the impact of cooling inflation. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . That also tracks with rising and falling mortgage rates; in early 2021, younger Americans were especially eager to snatch up mortgages as rates remained near historic lows. And as boomers downsize, and their massive housing stock becomes available, it looks like Gen Z might be the ones in line to buy them up — not millennials.

Persons: —, they're, it's, they'd, they'll, Gen Zers, Gen Xers, downsize Organizations: Service, Federal Reserve Bank of New Locations: Federal Reserve Bank of New York

The expectation of lower mortgage rates and higher demand means this year's homebuying season is shaping up to be a busy one. Though mortgage rates are expected to go down in 2024, there's no guarantee of when exactly they'll start to drop. Currently, average 30-year mortgage rates are down from their fall 2023 peak and have generally been hovering below 6.5% this month. Mortgage rates don't directly follow the Fed's benchmark rate, but investor expectations of how Fed moves could impact the broader economy can push mortgage rates up or down. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

Persons: there's, Christopher Waller, Waller, they'll, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Brookings Institution, Zillow, Mortgage, Association, Sky Locations: Chevron

The average rate on a 30-year mortgage dropped to 6.6% from 6.66% last week, mortgage buyer Freddie Mac said Thursday. The decline, which follows two weeks of increases, brings the average rate down to the lowest level it's been in since late May, when it was 6.57%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also eased this week, dropping the average rate to 5.76% from 5.87% last week. The decline in mortgage rates has followed a pullback in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Still, at this point, economists generally predict the average rate on a 30-year mortgage going no lower than 6%.

Persons: Freddie Mac, Sam Khater, Freddie Mac’s Organizations: ANGELES, Treasury, Federal Reserve Locations: U.S

☆ Move over, millennials: Gen Zers are coming for boomers' houses
▼ + stars: | 2024-01-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +11 min

After all their economic misfortune, they'll still face a turbulent housing market and potentially tens of thousands of dollars' worth of necessary updates to boomers' aging houses. In his 2022 paper, "Who will buy the baby boomers' homes when they leave them? ", Engelhardt argued that mass aging would send ripples through the housing market but fail to push down prices significantly. After that point, demand for home purchases will once again outpace supply as millennials buy more homes and younger generations, like Gen Z and Gen Alpha, file in behind them. The timing of boomers' exit will mostly benefit younger generations, like Gen Z and Gen Alpha, who should find themselves on steadier footing than their predecessors.

Persons: Xers, they've, Zers, they'll, Odeta Kushi, Kushi, Gary Engelhardt, Engelhardt, Issi Romem, Meredith Whitney, Boomers, Gen Zers —, Gen, who've, millennials, boomers, Jessica Lautz, Nicole Bachaud, They've, Redfin, Alpha, they're, Lautz, savvier, Zoomers, James Rodriguez Organizations: millennials, Syracuse University, Boomers, Federal Reserve, Alpha, National Association of Realtors Locations: granny, New York, Los Angeles, Chicago, Dallas

Last year, it seemed like rates would never stop climbing, with 30-year mortgage rates reaching a more than two-decade high in October 2023. The latest housing market predictions for 2024 see home prices rising this year as lower mortgage rates drive an increase in homebuying demand. High mortgage rates have kept a lot of would-be buyers out of the market over the past couple of 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. Once the Fed cuts rates, mortgage rates should fall even further.

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

Despite the latest Consumer Price Index data coming in a bit hot according to Thursday's report, mortgage rates have been holding steady this week. Average 30-year mortgage rates remained in a tight 6.3%-to-6.45% range, only up a little bit from the previous week. 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. This is good news for mortgage rates — as inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well.

Persons: We'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates dropped substantially toward the end of last year, but it could be a few months before we see them ease further. This week, average 30-year mortgage rates inched up to 6.66%, according to Freddie Mac, a four-basis-point increase from the week before. Though we may need to wait a bit longer for the Fed to start cutting rates, once it does, mortgage rates should recede somewhat. 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 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: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Home prices are forecast to fall in these 34 cities
▼ + stars: | 2024-01-08 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +1 min

There are 34 cities nationwide where, Zillow forecasts, home prices will fall in 2024. Prices are expected to fall the most in San Jose, California, followed by New Orleans. Zillow predicts home prices will fall in 34 of the 50 largest US cities from November 2023 to November 2024. The forecast is based on Zillow's Home Value Index, which Zillow says represents the "typical home value for a region." Home prices fall for a variety of reasons.

Persons: —, Zillow Organizations: Service, Business Locations: Texas, Tennessee, San Jose , California, New Orleans

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