DIRS.INFO The most relevant business & tech news

☆ 24 major cities where renters can save at least 10% compared to the national median
▼ + stars: | 2024-10-17 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Here are 24 real-estate markets where rent is at least 10% below the national median. Median rent in the 50 largest US metropolitan areas dipped to $1,743 last month, according to an October 16 report from Realtor.com. Asking prices were lower year-over-year for the 14th straight month, though they were only a few dollars cheaper than in September 2023. Business Insider reviewed Realtor.com's list of the 50 biggest US cities and narrowed it down to the two dozen cities where rent was at least 10% less than the national median of $1,743 last month. Below are those 24 major US cities, along with each location's median rent in September, the year-over-year and month-over-month changes, and the savings versus the national median rate.

Persons: —, Jiayi Xu, Danielle Hale, Xu, Hale Organizations: Service, Nashville's, Dallas Locations: Southern, Denver, Austin, Birmingham, Midwest, Chicago, Detroit

☆ 22 cities where homebuyers and owners will benefit most as interest rates tumble
▼ + stars: | 2024-10-09 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Mortgage rates are down, but many owners and buyers are waiting for them to fall more. That should help thaw a real-estate market that had frosted over due to elevated mortgage rates. AdvertisementProperty owners are also poised to benefit from lower rates, Xu and her colleagues noted. Many owners are currently locked into the rock-bottom mortgage rates that were common in the late 2010s and early 2020s. "Although mortgage rates have eased, market rates continue to exceed current rates for most homeowners, keeping them locked in 'golden handcuffs,'" said Danielle Hale, Realtor.com's chief economist, in a statement for the report sent to Business Insider.

Persons: it's, —, Realtor.com, homebuyers, Jiayi Xu, Xu, Danielle Hale, she's, David Burt Organizations: Service, Business

☆ 'Zoomtown' slowdown: 18 cities where rents have plummeted from their pandemic peak
▼ + stars: | 2024-05-23 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

That figure was 0.7%, or $12, less than in 2023 but is still 22.5% higher than the pre-pandemic rent rate of $1,407 in April 2019. Advertisement18 cities where rents have fallenRenting is also much more affordable than it was during the pandemic peak. The typical Austin apartment in April went for $1,494, which is down 11.5% — or nearly $200 — from the peak rent of $1,689 in September 2022. Below are the 18 US cities, many of which became Zoomtowns during the pandemic, where apartment prices are down at least 5% from their post-2019 peak. Along with each is its median rent in April, year-over-year rent change, peak rent, and change from that peak rent figure.

Persons: —, Realtor.com, Jiayi Xu, Xu, Austin Organizations: Service, Business, Star Locations: Austin

☆ China launched a probe to the far side of the moon, stepping up its space race with the US
▼ + stars: | 2024-05-03 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +2 min

China launched the Chang'e-6 probe to collect samples from the far side of the moon. AdvertisementChina on Friday launched a probe to collect samples from the far side of the moon, as it stepped up its space race against the US. The Chang'e-6 probe successfully lifted off from China's Wenchang Space Launch Center at 5.37 a.m. It will collect around two kilograms of lunar samples from the far side of the moon for analysis. "People want to know why this happened," Yi Xu, a professor at the Space Science Institute of Macau University of Science and Technology and a member of the Chang'e-6 science team told The New York Times.

Persons: —, maria, Yi Xu Organizations: Service, US, NASA, Space Science Institute of Macau University of Science, Technology, New York Times Locations: China

☆ Mortgage rates rise for the third week in a row to 6.9%
▼ + stars: | 2024-02-22 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Mortgage rates climbed for the third week in a row, inching closer to 7%. Mortgage rates have been making smaller moves over the past two months, after coming down from last year’s high, 7.79%, reached in October. Historically, Khater said, the mix of a strong economy and higher rates didn’t meaningfully impact the housing market. “In essence, Federal Reserve officials are seeking more concrete evidence of sustained improvement in inflation before making any changes,” she said. “The recent increase in mortgage rates has the potential to slow the market by disrupting the plans of many buyers, especially in a market where a significant number of consumers are anticipating lower mortgage rates, not higher,” said Xu.

Persons: Freddie Mac, who’ve, “, ”, Sam Khater, Freddie Mac’s, Khater, Jiayi Xu, Powell’s, Xu Organizations: DC CNN —, Federal Reserve, Realtor.com, Federal, Mortgage, Association Locations: Washington

☆ Mortgage rates inch up for the second week in a row, landing at 6.66%
▼ + stars: | 2024-01-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked up this week for the second week in a row, but remain more than a full percentage point lower than their high last year. The 30-year fixed-rate mortgage averaged 6.66% in the week ending January 11, up from 6.62% the previous week, according to data from Freddie Mac released Thursday. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Lower mortgage rates expected to bring new inventoryWhile mortgage rates trending lower is welcome news for homebuyers, those in the market are still dealing with the double whammy of low inventory and high home prices that continue to rise. But, she added, the pace of mortgage rates declining is likely to be slower going forward than the dramatic nine-week drop at the end of 2023.

Persons: Freddie Mac, who’ve, ”, Sam Khater, Freddie Mac’s, That’s, Jiayi Xu, Xu Organizations: DC CNN —, “, Federal, Treasury Locations: Washington

☆ Mortgage rates drop for fifth straight week
▼ + stars: | 2023-11-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

It’s the fifth straight week rates have moved lower. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. According to a forecast from Realtor.com, the average mortgage rate is projected to be 6.8% in the next year. “As mortgage rates are expected to remain elevated, current homeowners with low mortgage rates are expected to stay put, leading to a decline in for-sale inventory,” said Xu.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Khater, Jiayi Xu, Xu, ” Xu, Joel Kan, ” Kan Organizations: DC CNN —, Inflation, Federal, Realtor.com, Treasury, Mortgage, Association Locations: Washington

☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ Mortgage rates plummet by largest amount in a year
▼ + stars: | 2023-11-09 | by ( Manav Tanneeru | Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates tumbled this week in the biggest one-week drop since last November. “Many consumers are feeling strained by the high cost of living, so unless mortgage rates decrease significantly, the housing market will remain stagnant.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. But while mortgage rates remain relatively high, the difference between rates now and what they were a year ago has narrowed, said Lisa Sturtevant, chief economist at Bright Multiple Listing Service. “We are in a new era for mortgage rates, where prospective homebuyers can expect rates to settle above 6%,” said Sturtevant.

Persons: It’s, Freddie Mac, ”, Sam Khater, Freddie Mac’s, Joel Kan, Jiayi Xu, Xu, Realtor.com, Lisa Sturtevant, Sturtevant Organizations: DC CNN —, “, Treasury, Mortgage, Association Locations: Washington

☆ Affordable apartments are getting snapped up quickly — but rental units in these 18 cities are significantly cheaper now than they were last year
▼ + stars: | 2023-10-23 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Rent is steadily sliding in the US, but great deals on apartments are still few and far between. A new report from Realtor.com revealed that rent growth was negative for the fifth straight month in September. That problem is slowly getting addressed as 445,000 new multi-family units come online, though they're selling very quickly. Nearly 70% of new affordable apartments got filled within three months of completion in the second quarter compared to a 57.2% rate for more expensive units, Realtor.com found. The trend was pronounced across all the four major US regions, though less pricey Midwest markets had the most dramatic rise in so-called absorption rates of new rental units.

Persons: Realtor.com, Realtor.com's Jiayi Xu, Danielle Hale, Xu, Hale, shouldn't Organizations: shouldn't Locations: Midwest, Austin , Texas, California, San Francisco, Los Angeles

☆ These are the 10 best cities for apartment dwellers as mortgage rates stay oppressively high — and the 3 housing markets where buying a home is actually cheaper than renting
▼ + stars: | 2023-09-30 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Lower rent prices and multi-decade-high mortgage rates mean that it's smarter to rent than buy in most large US cities right now, according to Realtor.com. Disparities between buying and renting stemmed from a split in how median costs changed in the last 12 months. "The advantage of renting became more pronounced in all rent-favoring markets," Xu and Hale wrote. But there were three cities where buying was actually cheaper than renting in August, according to Realtor.com: Memphis, Tennessee; Pittsburgh, Pennsylvania; and Birmingham, Alabama. Below are the 10 metro areas where renting makes more sense than buying right now, along with the median rent, the median monthly cost of buying and how it compares to renting, and the year-over-year changes for renting and buying.

Persons: Jiayi Xu, Danielle Hale, Xu, Hale, Realtor.com, Freddie Mac Locations: Realtor.com, Memphis , Tennessee, Pittsburgh , Pennsylvania, Birmingham , Alabama

☆ Mortgage rates rise to just short of 7%
▼ + stars: | 2023-08-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —US mortgage rates remained elevated this week, rising for the third week in a row, but stayed just under the market’s 7% threshold. The 30-year fixed-rate mortgage averaged 6.96% in the week ending August 10, up from 6.90% the week before, according to data from Freddie Mac released Thursday. “However, upward pressure on rates is the product of a resilient economy with low unemployment and strong wage growth, which historically has kept purchase demand solid.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Markets had been waiting for July’s inflation report, released Thursday morning, which showed consumer price hikes rose 3.2% annually, the first increase in 12 months. The Fed also will consider the forthcoming August employment and inflation data prior to the next policy meeting, in September.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Xu Organizations: DC CNN, Federal Reserve, Index, Fed Locations: Washington

☆ Mortgage rates jump higher, closing in on 7%
▼ + stars: | 2023-07-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates climbed higher this week, inching closer to 7% and reaching their highest level since November. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November. “The strong job market will continue to drive demand in the economy, fuel price increases and contribute to higher inflation,” Xu said. Strong labor market encourages some buyersEven as the average mortgage rate pushed toward 7%, reaching its highest level this year last week, mortgage applications still ticked up a bit, according to the Mortgage Bankers Association.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, ” Xu, Bob Broeksmit, Xu, “ Organizations: DC CNN, Mortgage, Association Locations: Washington

☆ Mortgage rates jump to 6.81%, their highest level this year
▼ + stars: | 2023-07-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates jumped up this week as recent economic data showed inflation remains sticky and the job market is still red hot. The 30-year fixed-rate mortgage averaged 6.81% in the week ending July 6, up from 6.71% the week before, according to data from Freddie Mac released Thursday. “Mortgage rates continued their upward trajectory again this week, rising to the highest rate this year so far,” said Sam Khater, Freddie Mac’s chief economist. These high rates combined with low inventory continue to price many potential homebuyers out of the market.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Rates ticked up last week, mirroring the trend of the yield on 10-year Treasuries, which are reacting to economic data that suggests stubborn inflation may be stuck at an elevated level.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, “, Xu, homebuyers, Joel Kan Organizations: DC CNN, “, Federal Reserve, Realtor.com, ”, Mortgage, Association Locations: Washington, ”

☆ Mortgage rate soars to 7.22% after strong economic data
▼ + stars: | 2023-07-06 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

The average rate on the popular 30-year fixed mortgage hit 7.22% on Thursday, according to Mortgage News Daily. Mortgage rates follow loosely the yield on the 10-year Treasury , which leapt higher following a much stronger-than-expected employment report from ADP. The 30-year fixed mortgage rate has now risen 31 basis points in just the past week. For sellers, higher mortgage rates have created a so-called golden handcuff effect. They now don't want to move and have to give up that low rate to buy at a higher rate.

Persons: Jerome Powell, Powell, Jiayi Xu Organizations: Mortgage News, Treasury, Federal, Fed

☆ Mortgage rates fall for the first time in three weeks
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates dropped this week after a three-week climb, as rates remain volatile amid conflicting economic indicators. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago and have remained over 5% for all but one week during the past year. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Xu, ” Xu, Bob Broeksmit, “ Organizations: DC CNN —, Fed, Federal, Treasury, ”, Mortgage, Association Locations: Washington

☆ US mortgage rates climb to their highest level since November
▼ + stars: | 2023-06-01 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates jumped higher last week as uncertainty about the debt ceiling standoff sent bond yields rising. Mortgage rates tend to be pegged to US Treasury yields, which had been heading higher as America grows ever closer to default. Although the Fed doesn’t have direct control over mortgage rates, higher interest rates tend to push bond yields higher, which also can nudge mortgage rates up. “If the U.S. defaults on its debt, bond investments become riskier, resulting in increased yields and potentially higher mortgage rates. But if mortgage rates remain elevated, sellers looking to wrap up a move during the summer months may be motivated to cut prices.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, Joe Biden, Xu, “, George Ratiu, ” Ratiu, Bob Broeksmit, today’s, ” Xu Organizations: Washington CNN, Treasury, Federal, “, Realtor.com, Mortgage, Association Locations: America, U.S

☆ Mortgage rates tick down for the second week in a row
▼ + stars: | 2023-05-11 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Mortgage rates ticked down last week for the second week in a row, as progress on inflation is keeping rates calmer. “This week’s decrease continues a recent sideways trend in mortgage rates, which is a welcome departure from the record increases of last year,” said Sam Khater, Freddie Mac’s chief economist. Mortgage rates topped 5% for the first time since 2011 a little more than a year ago, and have remained over 5% for all but one week during the past year. But over the last month rates have averaged about 6.37% and have been going up and down, but staying under 6.5%. “This should bode well for the trajectory of mortgage rates over the long term.”The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country.

☆ Mortgage rates remain volatile, tick down after climbing for two weeks
▼ + stars: | 2023-05-04 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —The only thing consistent about mortgage rates right now is that they are volatile in the wake of mixed economic signals and recent bank failures. Mortgage rates ticked down this week, after climbing for two weeks in a row. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Analysts have said that recent bank failures are doing some of the Fed’s work on reducing inflation for it. The move is unlikely to have a big impact on mortgage rates, as the move was already factored in for most investors said Xu.

☆ Mortgage rates rise for the fifth-straight week
▼ + stars: | 2023-03-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates edged further toward 7%, rising for the fifth consecutive week, as the Federal Reserve suggests rate increases will continue amid stubborn inflation. “Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Housing market chilledRising mortgage rates have put a damper on the spring selling season. While applications for a mortgage rose slightly last week after three weeks of declines, according to the Mortgage Bankers Association, activity is muted.

☆ US mortgage rates rise for the third week in a row
▼ + stars: | 2023-02-23 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington CNN —Mortgage rates shot up for the third-straight week, as inflation concerns make rates more volatile. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Inflation concerns remainThe mortgage rate for a 30-year, fixed-rate loan continued to climb as the 10-year Treasury yield has surged. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “This decline may be due to a combination of multiple factors such as high housing prices, high mortgage rates, and the recent wave of tech layoffs on the West Coast,” said Xu.

☆ Mortgage rates tick down ahead of Fed meeting next week
▼ + stars: | 2023-01-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —Mortgage rates fell slightly this week, staying almost flat ahead of the Federal Reserve’s closely watched interest rate-setting meeting next week. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. Mortgage applications riseThe downward trend for mortgage rates since November has had a positive impact on home affordability for mortgage borrowers. “Borrower demand, thanks to lower mortgage rates, continues to rise in early 2023,” said Bob Broeksmit, MBA president and CEO.

☆ Mortgage rates fall to levels last seen in September
▼ + stars: | 2023-01-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

“As inflation continues to moderate, mortgage rates declined again this week,” said Sam Khater, Freddie Mac’s chief economist. But mortgage rates dropped in November and December, following data that showed inflation may have finally reached its peak. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “While our 2023 forecast anticipates ongoing inflation causing upward pressure on rates, recent favorable data has helped to pull mortgage rates down,” said Xu.

Search resuls for: "Yi Xu"

23 mentions found