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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 average 30-year fixed mortgage rate dropped to 6.58% last week, according to Freddie Mac. 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 6.58%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.9%, a decrease 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.

According to the Mortgage Bankers Association's latest forecast, the average 30-year fixed mortgage rate could go as low as 5.2% by the end of 2023. To put that in perspective, the monthly mortgage payment on a $250,000 loan at 5.2% is $1,373. 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 40-basis-point drop from the prior week, according to Freddie Mac data.

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.

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.

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.

☆ Inside a $2.5 million Michigan castle that harkens back to medieval Europe with its secret passageways, wooden drawbridge, and wine cellar
▼ + stars: | 2022-11-24 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

The LeBlanc Castle is a custom 10,000-square-foot property about 30 minutes north of Detroit. The castle, set on more than 6 acres, has been on the market for three months asking $2.5 million. To this day, he has not spent a single night at the five-bedroom, seven-bathroom mansion a 30-minute drive north of Detroit known to locals as The LeBlanc Castle. It harkens back to the 15th-century Scottish medieval era with its secret passageways, wooden drawbridge, and other classical features like a moat. Since taking possession of the castle, Gatecliff said he has updated several pieces of the home's infrastructure.

☆ Georgia GOP Senate nominee Herschel Walker set to receive 2022 tax exemption on Texas home meant for a 'principal residence': report
▼ + stars: | 2022-11-23 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Walker is set to receive a tax break for his Texas home meant for a "primary residence," per CNN. The Georgia Republican is expected to save $1,500 from the homestead tax exemption in Texas. Walker is locked in a tight runoff contest with Democratic Sen. Raphael Warnock in Georgia. In 2021, Walker registered to vote in Georgia after living in Texas for about 20 years. Texas homeowner guidelines stipulate that individuals can qualify for the exemption if it's used for their "principal residence."

A month ago, 30-year fixed rates were spiking above 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 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 40-basis-point drop 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.

See more mortgage rates on Zillow Real Estate on ZillowCurrent 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 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 40-basis-point drop from the prior week, according to Freddie Mac data. But average 30-year fixed rates will likely remain somewhere in the 5% to 6% range throughout 2023.

☆ People investing as little as $1,000 for partial ownership of a property share how they did it, the risks, and the rewards
▼ + stars: | 2022-11-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Several real-estate investing startups allow people to buy portions of properties instead of whole homes. Though he bought a personal residence for himself in 2020, the Eagle Mountain, Utah resident didn't have enough cash on-hand to purchase an investment rental property. A growing number of startups like Fintor — including Arrived Homes, Fundrise, and others — are making real-estate investing more accessible for the average person using the "fractional ownership" model. Fundrise also allows investors to buy shares of Fundrise the company itself through a primary offering, which Kelkile has also done. Tyler Witty, a 47-year-old who owns an exterior cleaning company in Richmond, Virginia, already owns three investment properties.

Mortgage rates remain significantly lower today than they were two weeks ago, which is good news for borrowers. 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 started ticking up from historic lows in the second half of 2021 and have increased significantly so far in 2022.

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.

☆ A real estate investor who owns 109 properties and is pacing for a 2008-style 'massive opportunity' explains which loans to secure to take advantage of the correction
▼ + stars: | 2022-11-19 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Travis Hanson secured a guardian line of credit so he can take advantage of a market correction. Finally, you can consider a home-equity line of credit (HELOC), which uses your property as collateral against the loan. Hanson uses LOCs when his own cash is already tied up. To determine rent rates, Hanson uses AppFolio, a property management software. Hanson then uses the app to send a postcard to the owner on record, offering to buy the house.

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.

☆ Homebuyers who fled to Florida to escape high taxes are now shocked at their massive tax bills
▼ + stars: | 2022-11-18 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +5 min

A Florida law caps property taxes at 3% a year for existing homebuyers. The tax bills have come as a shock for some, who may have to consider moving out of the state. Anyone who bought a Florida property in 2022 will be in the same situation next year. Corporate homebuyers are also getting hit with higher tax billsDeeply resourced, large-scale homebuyers are getting caught off guard, too. Some local governments in Texas have argued for increasing property taxes in order to finance things like hurricane relief, the Texas Tribune reported.

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.

☆ 'Instagram vs. Reality': Homeowner shares unedited videos of a house she bought from aspiring DIY influencers to make a point on how misleading social media can be
▼ + stars: | 2022-11-17 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Sara Van Ess told Insider she started uploading the reality of her new home to highlight how heavily edited social media can be. I started searching for it and stumbled across a kitchen I recognized," Van Ess told BuzzFeed. "The content we put out there does not just impact us, it impacts the people who view it," Van Ess told Insider. In her videos, Van Ess showed the imperfections around her home that may not be shown on social media. Commenters urged Van Ess to continue her series as an insight into how DIY home improvement projects actually turn out.

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.

☆ Real-estate tech firms are getting hammered by a cataclysmic reckoning that one VC called a cross between the 2001 dot-com bust and the 2008 market crash
▼ + stars: | 2022-11-16 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +10 min

The proptech sector is battling two challenges at once: a slowing housing market and a tech bust. For almost a decade, a growing group of companies have thrived by introducing tech innovations to a stubbornly analog real-estate industry. "Now we're seeing something that feels like a confluence between the 2001 dot-com bust in the venture-capital world and the 2008 market crash in real estate. Shares of both Opendoor and Redfin, which once drew investor attention to the soaring proptech industry, are worth roughly one-tenth what where they were a year ago. The company hasn't laid off any of its 300-person staff — including a roughly 50-person tech team — and doesn't plan to, Matthews said.

"I’m looking for the right buyer," owner Brian Jones, 47, told NBC affiliate WKYC of Cleveland. He debuted the home as a tourist attraction in 2006 while adding property to the campus as it became available. "A Christmas Story Christmas" has an adult Ralphie (reprised by Peter Billingsley) trying hard to bring the giving spirit of the holidays to a new generation. At least one neighbor said the "Christmas Story" campus has contributed to the community. "It’s got its drawbacks, with the backup of crowds and the fact that it's all one-way streets around here," neighbor Byron Roberts told WKYC.

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 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.

☆ If you can't afford to buy a home right now, a 'renter for life' Yale economist explains why renting forever might be the smarter option anyway
▼ + stars: | 2022-11-15 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Yale economist says, for some Americans, renting might be the better financial decision anyway. That's according to Yale economist James Choi, who said on a recent Freakonomics Radio podcast that he's a "renter for life." It comes as rent prices are also beginning to fall across the US. This makes it difficult to assess a home's "financial risks," Choi says. While Choi is a "renter for life," he acknowledges that for many Americans, owning a home is about more than just the investment itself.

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