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☆ Budget-minded homebuyers should look in these 23 cities where down payments are plummeting, even in an unaffordable housing market
▼ + stars: | 2024-05-16 | by ( James Faris | ) www.businessinsider.com time to read: +5 min

Affordability remains a headacheHome affordability has taken a huge hit since the pandemic as mortgage rates, property prices, and — by extension — down payments have surged. Mortgage rates have since more than doubled at over 7%, and houses cost over $70,000 more at $332,000. The 30-year fixed mortgage rate is now roughly triple the 2.7% rate it was at in early 2021. The savings rate in the late 2010s was around 6.5% of disposable income, and it spiked early in the pandemic due to a surge of government stimulus. 23 cities where down payments are down meaningfullyAlthough affordability is limited as mortgage rates, home prices, and down payments have risen, there are still dozens of cities where the cost of buying a house is headed lower.

Persons: —, Hannah Jones, Realtor.com, Freddie Mac, they'd, Jones Organizations: Service, Business Locations: Realtor.com

During the pandemic, mortgage rates reached historic lows. HELOC rates have generally remained between 8.16% and 8.59% this year, depending on the term length of the loan. Check out our current HELOC rates page to see the latest rates. To find out the maximum amount you could borrow with a HELOC, multiply your home's current value by your HELOC lender's maximum CLTV. For example, Boyd says that some HELOC lenders can take 50 days or more to close.

Persons: HELOCs, you'll, Adam Boyd, Boyd, You'll Organizations: Bank, Citizens Locations: U.S

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 interest rates will affect your monthly payments. 30-Year Fixed Mortgage RatesThis week's average 30-year fixed mortgage rate was 7.09%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.38% this 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: Fannie Mae, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

Thirty-year mortgage interest rates have been holding steady after dipping below 7% earlier this month, according to Zillow data. Once the Fed is able to start cutting rates, mortgage rates should also go down. On the other hand, if April's CPI data shows signs of cooling, mortgage rates could inch down a bit further. 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, it's Organizations: Federal Reserve, Zillow Locations: Chevron

☆ A 20% home down payment isn't 'the law of the land,' analyst says. Here's how much people are paying
▼ + stars: | 2024-05-14 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Tetra Images | Tetra Images | Getty ImagesPutting 20% down is 'definitely not required'One way to reduce your monthly mortgage payment is by putting down more money and borrowing less. But for many households, trying to get a higher down payment can be challenging, said Danielle Hale, chief economist at Realtor.com. While a lower down payment is one way to "attack affordability challenges," it can be a "mixed bag," Hamrick said. With a lower down payment, you will need to borrow more from your lender, which raises the monthly cost of your mortgage, Hale said. A smaller down payment can also mean you don't qualify for a lender's best -available interest rate.

Persons: Danielle Hale, there's, SurveyMonkey, Hale, It's, Hamrick Organizations: CNBC, Department of Veterans Affairs, U.S . Department of Agriculture, Federal Housing Association Locations: U.S

☆ Your home sale could trigger capital gains taxes. Here's how to calculate your bill
▼ + stars: | 2024-05-13 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

You can reduce your home sale profit by adding often-forgotten costs and fees to your basis, which minimizes your capital gains tax liability. For example, you can start by tacking on fees and closing costs from the purchase and sale of the home, according to the IRS. The average closing cost nationwide is $4,243, according to a report from Assurance, but fees vary widely. That includes your real estate commissions and closing costs. The 'best way' to reduce capital gains taxesYou can further increase your home's basis by tacking on the cost of eligible upgrades, experts say.

Persons: Thomas Scanlon, Raymond James, Scanlon, tacking, Paul Fenner Organizations: Westend61, tacking, Tamma Locations: Manchester , Connecticut, New York, California, Commerce Township , Michigan

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 7.09% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.38% last week, according to Freddie Mac data, which is a nine-basis-point decrease from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Freddie Mac Organizations: Bureau of Labor Statistics, Federal Reserve, Federal Reserve Bank, Zillow, Fed Locations: Chevron

Average 30-year mortgage rates dropped this week and have been hovering in the upper 6% range, according to Zillow data. As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should go down. 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 (-0.18%)The average 15-year mortgage rate is 6.11%, 18 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall (-0.28%)The average 30-year refinance rate is 6.99%, 28 basis points lower than last week.

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

☆ I bought an abandoned house and tried to renovate it but failed. I'll never buy another fixer-upper.
▼ + stars: | 2024-05-09 | by ( Karie Fugett | ) 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. The kitchen and bathroom were gutted, and the smell of rats' nests was so strong I could hardly stand it. The property was located in a town I'd never heard of with fewer than 1,000 residentsThe abandoned home. I had been sitting on some life insurance money I'd gotten after my Marine husband died of war wound complications. I got lucky with the saleThe silver lining was that housing prices had skyrocketed since I'd purchased the property.

Persons: —, Ivy, I'd, couldn't, Karie, Blackberries, Fugett, we'd, I, we're, We're Organizations: Service, Business Locations: Oregon, Philomath, Eugene, Alabama

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 7.22% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.47% last week, according to Freddie Mac data, which is a three-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit. Once the Fed starts cutting rates, which is likely to happen this year, mortgage rates should fall even further.

Persons: Jerome Powell, Freddie Mac Organizations: of Labor Statistics, Reserve, Zillow, Federal Reserve, Fed Locations: Chevron

☆ 10 things gardeners and interior designers would never have in their outdoor spaces
▼ + stars: | 2024-05-07 | by ( Alyssa Towns Swantkoski | ) www.businessinsider.com time to read: +1 min

Business Insider asked gardeners and interior designers how they decorate outdoor spaces. Continuous pavement and invasive plant species can impact how your outdoor environment operates. 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 . Business Insider asked interior designers and gardeners what features, items, and trends they'd never have in their own outdoor spaces.

Persons: — Organizations: Service, Business

Mortgage rates dipped slightly late last week but remain relatively high. 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 because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

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

Mortgage rates trended down a bit late last week, with 30-year mortgage rates dropping just below 7%, according to Zillow data. This is a sign that the economy is coming into better balance, which is good news for mortgage rates. Once inflation slows enough that the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should trend down. 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, Investors, Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Marine moved from the U.S. to Brussels with her family—our mortgage is under $3,000/month: Take a look inside
▼ + stars: | 2024-05-04 | by ( Jessica Van Dop Dejesus | ) www.cnbc.com time to read: +6 min

My husband Martin and I met in Brussels in 2012, when I literally stepped on his toes at my neighborhood farmer's market. We ultimately chose Brussels, the capital of Belgium and the administrative center of the European Union. Take a look inside our apartmentWe live in a street-level duplex in a building with only three apartments. She loves that she and her family can host dinner parties in the dining room. Federico CampanaleThe bedrooms, laundry room, storage, and bathroom are on the bottom floor.

Persons: Martin, we'd, he'd, Jessica, Jessica van Dop, I'd, Federico Campanale, it's, We've, Saint Gilles Organizations: NATO, Washington , D.C, Pentagon, Marine Corps, European Union Locations: Brussels, Netherlands, Washington ,, Europe, Rotterdam, Belgium, Saint Gilles, Puerto Rico, Western New York, Our, Saint, Eastern, Puerto Rican

Once the Fed is able to start cutting the federal funds rate, mortgage rates should trend down. 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 (-0.24%)The average 15-year mortgage rate is 6.24%, 24 basis points lower than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall Slightly (-0.06%)The average 30-year refinance rate is 7.36%, six basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

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

☆ HGTV's new show 'Zillow Gone Wild' brings the popular Instagram account to life and shows off the one-of-a-kind homeowners behind the listings
▼ + stars: | 2024-05-03 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

HGTV's new show "Zillow Gone Wild" premieres May 3rd. AdvertisementHost Jack McBrayer tours one "Zillow Gone Wild" home with its owner Tracy Turco. Zillow Gone Wild is now driven by mostly user submissions, its founder tells BI. The "Pink Palace" is one home featured on HGTV's new show "Zillow Gone Wild." "Zillow Gone Wild" airs 10:30 p.m. on Fridays on HGTV and is streaming on Max.

Persons: —, Jack McBrayer, Kenneth, Tracy Turco, Samir Mezrahi, Mezrahi, perusing, Dan Latu, Magda Gabor, Gabor, glamor, McBrayer Organizations: Service, HGTV, NBC, Hollywood Regency, Hollywood, Max Locations: Instagram, North Carolina, California, Palm Springs, Hollywood, Florida

☆ I'm a millennial first-time buyer who moved into a micro home village. I had to downsize my stuff, but it was worth it for the community.
▼ + stars: | 2024-04-30 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Kristi Campbell, a 28-year-old business consultant, who moved into micro-home community South Park Cottages in 2023. In 2022, my boyfriend sent me a link to South Park Cottages' website, a Black-owned tiny home village. South Park Cottages afforded me the opportunity to buy my first home sooner than planned — it was the official stamp for adulthood. AdvertisementBefore I was even considered for a home at South Park Cottages, I had to be pre-approved for the full loan amount of the home. I chose South Park Cottages' preferred lender, along with a preferred closing attorney.

Persons: —, Kristi Campbell, It's, Campbell, it's, — we're, There's, you've, I've Organizations: Service, Business, East, Bluetooth Locations: New York, East Atlanta, Atlanta, California, Georgia

Average 30-year mortgage rates continue to hover around 7% after spiking up earlier this month, according to Zillow data. This means we could see mortgage rates improve somewhat as we approach fall. 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. Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices.

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

Currently, 30-year mortgage rates are above 7%, according to Zillow data. Hotter-than-expected economic data has pushed mortgage rates up this year. This would allow more hopeful homebuyers to enter the market and find a home with an affordable monthly mortgage payment. 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: Fannie Mae, homebuyers, you'll Organizations: Zillow, Mortgage, Association, Sky Locations: Chevron

Sticky inflation has pushed mortgage rates up in recent months, and we likely won't see them trend down until inflation starts decelerating again. 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 Up (+0.23%)The average 15-year mortgage rate is 6.48%, 23 basis points higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Fall Slightly (-0.11%)The average 30-year refinance rate is 7.42%, 11 basis points lower than last week. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year.

Persons: decelerating, it's, you'll, It's, refinance Organizations: Federal, US, of Economic, Zillow, FHA Locations: Chevron

☆ I downsized to an ADU I built in my Sacramento yard. I pay only $520 toward my mortgage and am saving up for my next home.
▼ + stars: | 2024-04-27 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

One of them sent me an advertisement for CalHFA's ADU grant program that gives eligible Californians $40,000 to cover blueprints, permits, and closing costs to build an ADU on their property. In 2022, I began the process of getting approved for the CalHFA's ADU grant, which was pretty easy. As a result, my mortgage, including my main house and ADU, increased by $1,500 a month — from $1,200 to $2,700. There are two renters living in the main property and my son and I moved into the ADU. Living in the ADU with my son, I only pay $520 of the $2,700 mortgage.

Persons: —, Blanca Barragan, They've, Barragan, I've, I'm Organizations: Service, Business, Habitat, Humanity, Tiny Locations: Sacramento, Blanca, California

Most major forecasts believe that mortgage rates will ultimately trend down this year. 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 RatesThis week's average 30-year fixed mortgage rate was 7.17%, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates inched up to 6.44% this 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: Fannie Mae, you'll, Freddie Mac, it's Organizations: Reserve, US, of, Zillow, Federal Reserve Locations: Chevron

Mortgage rates should go down later this year, increasing affordability for many 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. 30-year Fixed Mortgage RatesThe average 30-year fixed mortgage rate was 7.17% this week, according to Freddie Mac. 15-year Fixed Mortgage RatesThis week, average 15-year mortgage rates were 6.44%, a five-basis-point increase from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

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

Though mortgage rates are currently at a five-month high, they still should ultimately trend down this year. But if inflation remains sticky in the coming months, mortgage rates will likely remain elevated for longer than currently expected. 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 because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year.

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

☆ A homebuyer's guide to the real-estate revolution
▼ + stars: | 2024-04-23 | by ( James Rodriguez | ) www.businessinsider.com time to read: +16 min

Real-estate agents' commissions have fluctuated between 5% and 6% of the sale price for decades, despite advances in technology and an influx of agents. The recent lawsuits, which accused the NAR and some of the country's largest brokerages of conspiring to keep agents' commissions unfairly high, could signal the start of a new era. If sellers aren't paying out commissions to buyers' agents, buyers themselves could end up on the hook. For example, what happens if the seller isn't willing to pay the buyer's agent's commission? In most states, the buyer's agent can technically just rebate that extra money to their client.

Persons: Austin Whitt, Whitt, —, I've, Steve Brobeck, Sabrina Brown, they've, Michael Warren, Sellers, Prentiss Cox, it'll, you've, doesn't, Jack Ryan, Ryan, homebuying, Rob Hahn, Wendy Gilch, Gilch, I'm, it's, David Dworkin, Dworkin, Cox, It's Organizations: Realtors, National Association of Realtors, NAR, Consumer Federation of America, Getty, University of Minnesota, MLS, Consumer Federation of, National Housing Conference, Justice Department Locations: Tennessee, Nashville, America, North Carolina, United Kingdom, Australia

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