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☆ Bidding wars over apartments are more ferocious than ever — and they're here to stay
▼ + stars: | 2023-10-11 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Yet one of the enduring legacies of the COVID-era housing market may be the proliferation of bidding wars for rentals. Bidding wars have periodically reared their ugly heads during overheated stretches in New York City's housing market. And while things have cooled down since the mania of 2022, in places where available rental inventory remains low, the bidding wars just won't die. Still, it's hard not to worry that we've opened Pandora's box when it comes to bidding wars. Bidding wars may feel distasteful, embarrassing, and unfairly favor those with the means to drive up already exorbitant asking rents.

Persons: Phil, Rikki Mueller, That's, I've, David Harris, Coldwell Banker Warburg, Harris, didn't, Frances Katzen, Douglas Elliman, Jonathan Miller, Miller, Mueller, Stan Broekhoven, Broekhoven, we've, we'd, he'd, They'd, wasn't, —, James Rodriguez Organizations: New, Coldwell Banker, Austin, Google Locations: Manhattan's East, homebuying, New York, Chicago, Boston, Austin, Brooklyn, New York City, California, Los Angeles, South Florida, , New York, Salt Lake City, Las Vegas, Manhattan, David Harris , New York City

☆ Insider Today: Israel's next steps
▼ + stars: | 2023-10-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

AdvertisementAdvertisementIn today's big story, we're looking at the latest developments in Israel's war with Hamas, including Israel's devastating airstrikes and a potentially complicated ground invasion of Gaza. What's on deck:Markets: Market experts detail how to cash in on an ailing bond market. Market experts detail how to cash in on an ailing bond market. AdvertisementAdvertisementThe Israel war is also impacting another conflict: Russia's invasion of Ukraine. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: Jimmy Buffett's, margarita, Caroline Ellison, Sam Bankman, Faiz, NurPhoto, Insider's Kelsey Vlamis, Insider's Chris Panella, Amir Levy, Jake Epstein, Insider's Elias Chavez, David Donabedian, Insider's Bryan Metzger, Brendan McDermid, Jim Rogers, George Soros, Raphael Bostic, Lorie Logan, BRYAN R, SMITH Caroline Ellison, Ellison, Linda Yaccarino, X, Arantza Pena Popo, eBay's, they're, They'll, Steve Scalise, Jim Jordan, Rachael Brennan, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Tech, Getty, CNN, Hamas, CIBC Private Wealth, Ukraine, Washington Post, Republican, Elite, Quantum Fund, Soros Fund Management, Atlanta Fed, Dallas, Fed, Alameda Research, Street, Gaza, Boomers, Republicans, Ohio, The Chicago, Tata Consultancy Services, Sam's Club Locations: Florida, Gaza, Israel, Ukraine, Russia, homebuying, Louisiana, New York City, San Diego, London, New York

Average 30-year mortgage rates remain around a half a percentage point higher than they were a month ago. Mortgage rates have increased dramatically this year, and they'll likely remain elevated for the remainder of 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. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: Fannie Mae's, homebuyers, Fannie Mae Organizations: Federal Reserve, Mortgage, Zillow, Association, Sky, ARM Locations: Chevron

Mortgage rates spiked quite a bit last week, with 30-year mortgage rates reaching a high of 7.58%, according to Zillow data. When mortgage rates will fall largely hinges on inflation, and this week's CPI data will give us the latest look at how prices are trending. But right now, experts generally expect that inflation will continue to slow, allowing mortgage rates to trend down throughout 2024. 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.

Persons: you'll, Fannie Mae Organizations: Labor Statistics, Federal Reserve, Zillow, Fed, Mortgage, Association, Sky Locations: Chevron

☆ There won't be a housing crash, just some 'turbulence,' says Bank of America
▼ + stars: | 2023-10-05 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

A higher-for-longer rate environment could signal a rough patch ahead for the housing market, according to Bank of America. "No crash in sight, but potential turbulence ahead," wrote economist Jeseo Park in a Thursday note to clients, noting that recent developments in the housing market have been cause for concern. Meanwhile, a "lock-in effect" is leading many homeowners to hold onto their properties, contributing to a "squeezed" existing homes market into next year. "At first blush this difference may seem concerning, but one explanation is that the speed of home price growth has exceeded income growth over the years," Park wrote. "Nevertheless, we remain cautious of potential turbulence ahead," Park wrote.

Persons: Jeseo, — CNBC's Michael Bloom Organizations: Bank of America, Federal Reserve

☆ Why fall and winter are the new hot seasons for buying a house
▼ + stars: | 2023-10-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +4 min

An increasing number of buyers are purchasing homes in the fall and winter, Opendoor found. If the housing market normalizes, home buying could shift back to spring and summer, an expert said. A recent study from Opendoor found that the fall and winter months have become popular with home sellers. Despite a slump in the housing market, it's positive news for both sellers and buyers — demand still exists. "The housing market has gone through a period of distortion caused by mortgage rates being kept too low for too long," he told Insider.

Persons: Opendoor, —, Amit Arora, Arora, Jonathan Miller, Douglas Organizations: Service, homeselling Locations: Douglas Elliman

Average 30-year mortgage rates have increased around 15 basis points compared to where they were this time last week. 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.

Persons: they've, Fannie Mae Organizations: Federal, Bureau of Labor Statistics, Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

After spiking last week, mortgage rates initially inched down this week but have since trended back up. Average 30-year mortgage rates are currently around 30 basis points above their September average. Whether mortgage rates will fall sooner rather than later depends on the path of inflation and the Federal Reserve's response. 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.

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

Average 30-year mortgage rates have increased over 20 basis points compared to last week, and they remain the highest they've been since the early 2000s. 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. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices.

Persons: Fannie Mae Organizations: Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

While borrowers can't control the macroeconomic conditions that have led to higher mortgage rates, they can do some things with their own finances to ensure they snag the lowest rates available. By boosting your credit score, you can keep your mortgage payment down, even when rates are sky high. 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.

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

If price growth remains stubborn, the central bank could hike rates again, which would keep mortgage rates elevated. 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.

Persons: Dan Richards, Fannie Mae Organizations: Federal Reserve, Zillow, Mortgage, Association, Sky, ARM Locations: Chevron

This means mortgage rates are likely to stay near their current levels, barring any changes in the current economic outlook. Average 30-year mortgage rates will likely continue to hover right around 7% for at least the next few weeks. We'll also likely see mortgage rates drop once the Fed starts cutting rates, though that might not be until later next 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.

Persons: Selma Hepp, We'll, There's, you'll, Fannie Mae Organizations: Federal Reserve, Fed, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Home sales stick near recent lows in August, but prices continue to climb
▼ + stars: | 2023-09-21 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sales of previously owned homes fell 0.7% in August from July to a seasonally adjusted, annualized rate of 4.04 million units, according to the National Association of Realtors. "Mortgage rate changes will have a big impact over the short run, while job gains will have a steady, positive impact over the long run." There were just 1.1 million units for sale at the end of August, down 0.9% for the month and down just more than 14% year over year. Sales continue to be weakest on the lower end of the market, where there is the least supply. "This is true not only in tech hubs like Austin and San Francisco, but also affordable markets like Columbus, Ohio."

Persons: Lawrence Yun, Yun, Danielle Hale Organizations: National Association of Realtors, NAR, Homeowners, It's Realtors Locations: Arlington , Virginia, Austin, San Francisco, Columbus , Ohio

Mortgage rates have generally been steady so far this month, with average 30-year mortgage rates hovering around 7%. 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 RatesLast week's average 30-year fixed mortgage rate was 7.18%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.51% last week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022 and have been volatile so far in 2023, but they're expected to trend down later this year.

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

Mortgage rates haven't been as volatile this month as they have been in previous months. Price growth accelerated a bit last month, according to the latest CPI report, but prices have overall been cooling, which is good news for mortgage rates. 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 RatesLast week, the average 30-year fixed mortgage rate was 7.18%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.51% last week, a 1-point drop compared to the prior week, according to Freddie Mac data.

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

☆ I lost out on 5 houses before finally buying a home, and the experience taught me 5 things I think other buyers should know
▼ + stars: | 2023-09-17 | by ( Laura Grace Tarpley | Stephanie Hallett | Personal Finance Reviews Editor | ) www.businessinsider.com time to read: +6 min

We waived the inspection contingencies in our offers, but we still scheduled pre-offer inspections. Not only did we bring extra cash toward a low appraisal, but we made our earnest money non-refundable. But having low appraisal money in the double digits definitely gave us a leg up. We made our earnest money non-refundableEarnest money is a percentage of your down payment that you make upfront, sort of like a safety deposit. Our earnest money deposit was $10,000, and we marked on our offer letter that we forfeited our earnest money.

Persons: I've Organizations: Service Locations: Wall, Silicon

Mortgage rates ended the week a little lower than the week before, with 30-year mortgage rates hovering just below 7%. 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.

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

☆ The housing market is brutal. These 6 charts show just how bad things are for buyers.
▼ + stars: | 2023-09-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Record-high monthly mortgage payments and low home inventory have made the housing market historically unaffordable. Below are 6 charts illustrate how difficult the current housing market is for buyers. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyAdvertisementAdvertisementThe housing market has never before been this unaffordable for Americans. These six charts from real estate group Redfin show just how brutal it is for people navigating the current market. AdvertisementAdvertisementSeparate National Association of Realtors' data published last month showed that home prices saw a record increase in over half of the US housing market over the past quarter.

Persons: it's Organizations: Service, Federal Reserve, Redfin, metros, Association of Realtors Locations: Wall, Silicon, San Jose, Milwaukee, Atlanta, Las Vegas, Newark , NJ, Seattle, San Antonio ,, San Jose ,

Average 30-year mortgage rates continue to hover right around 7%, ticking up just a few basis points overall this week, according to Freddie Mac. In spite of the slightly-hot report, mortgage rates have been relatively steady this week, with 30-year rates increasing just 6 basis points to 7.18%. Average 15-year mortgage rates went down a single basis point to 6.51%. 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.

Persons: Freddie Mac, you'll, Fannie Mae Organizations: of Labor Statistics, Zillow, Federal Reserve, Fed, Mortgage, Association, Sky Locations: Chevron

Mortgage rates have been holding relatively steady, with average 30-year mortgage rates hovering around 7%. We'll likely need to see some more slowing before mortgage rates drop enough to bring more homebuyers back on the market. 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 RatesLast week's average 30-year fixed mortgage rate was 7.12%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.52% last week, according to Freddie Mac data.

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

Mortgage rates are a little lower now compared to where they ended last week. 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 RatesLast week, the average 30-year fixed mortgage rate was 7.12%, according to Freddie Mac. 15-year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.52% last week, a three-point drop compared to the prior 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.

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

Average 30-year mortgage rates dropped a bit overall last week, according to Freddie Mac, but they're still above 7%. If price growth continues to show signs of cooling, mortgage rates could recede somewhat. 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.

Persons: Freddie Mac, Fannie Mae Organizations: Bureau of Labor Statistics, Zillow, Federal Reserve, Mortgage, Association, Sky, ARM Locations: Chevron

Mortgage rates ticked up later in the week and remain elevated today. According to Freddie Mac, 30-year mortgage rates have been above 7% for four weeks now, and it's unclear if they'll drop back down anytime soon. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. Sky high mortgage rates have pushed many hopeful buyers out of the market, slowing homebuying demand and putting downward pressure on home prices. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

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

☆ I've been saving for a down payment for my first house. Now that my student-loan repayments are starting again, I have to put my dreams on hold.
▼ + stars: | 2023-09-09 | by ( Frank Olito | Senior Reporter | Read More | ) www.businessinsider.com time to read: +6 min

Because of the pause on student-loan repayments, I saved a lot of money for a down payment. Every time I purchased an item I needed, I wondered whether I should save that money for my payments. Since I focused on saving and had the extra money without my loan repayments, I've been able to get close. Why didn't I save money specifically for my loans during the pause? I don't have any answers yet, but the scary reality is I'm going to have to put my dreams on hold.

Persons: I've, Joe Biden, I'm Organizations: Service, Emerson College, SAVE Locations: Wall, Silicon, New York, New York City, Florida

☆ China’s cautious property giants may be rewarded
▼ + stars: | 2023-09-08 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yu Liang, president of China Vanke Co Ltd, China's top property developer, attends a news conference announcing the company's annual results in Hong Kong March 6, 2014. China Vanke Co Ltd on Thursday posted a 20.5 percent rise in net profit for 2013, in line with estimates, driven by record contracted sales last year. Yu Liang told investors last week that the property market in the world’s second-largest economy was “oversold”. The chair of $22 billion China Vanke (000002.SZ) is worth listening to. On the same day, the company reported a 19% decline in net profit to 9.9 billion yuan ($1.35 billion) for the six months to the end of June.

Persons: Yu Liang, Bobby Yip, ”, Vanke, homebuyers, Xi Jinping, Xi, Una Galani, Thomas Shum Organizations: China Vanke Co, REUTERS, Reuters, China, Mainland, HK, Securities Times, Shenzhen Metro Group, Thomson Locations: China, Hong Kong, HONG KONG, Shenzhen, Evergrande’s

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