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☆ New Realtor Rules Will End Casual House Hunting, Change Homebuying
▼ + stars: | 2024-08-19 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

They'll hand 5%, or $25,000, to their agent, who then gives half, or $12,500, to the buyer's agent. They also feared that buyers' agents might "steer" clients away from homes that dared to offer less than the going rate. But in order to keep using the MLS, buyers' agents will have to abide by another rule that will further upend the old way of doing things. In the old days, a seller might have unthinkingly offered a commission of 2% or even 3% to the buyer's agent. The idea that sellers pay both agents' commissions has always been a clever sleight of hand.

Persons: they'll, didn't, Laura Ellis, they'd, Sellers, Tanya Monestier, Monestier, Ellis Organizations: Realtors, Baird & Warner, MLS, National Association of Realtors, NAR, Consumer Federation of America, California Association of Realtors, CFA, University at Buffalo Locations: Chicago, America, California

As the economy continues to normalize and the Fed is able to lower the federal funds rate, mortgage rates should drop 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. Mortgage Rates for Buying a Home30-Year Fixed Mortgage Rates Increase (+0.26%)The current average 30-year fixed mortgage rate is 6.17%, up 26 basis points from where it was this time last week, according to Zillow data. 15-Year Fixed Mortgage Rates Go Up (+0.26%)The average 15-year mortgage rate is 5.45%, 26 basis points higher than last week. Mortgage Refinance Rates30-Year Fixed Refinance Rates Jump Up (+1.07%)The average 30-year refinance rate is 7.04%, 107 basis points up from last week.

Persons: Zillow, Price, you'll, It's, refinance, they've Organizations: Federal Reserve, Zillow, FHA Locations: U.S, Chevron

☆ A millennial couple with a $1.2 million net worth explains how they both plan to retire by 35
▼ + stars: | 2024-08-14 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

They've managed to do all that while never making more than about $200,000 combined in yearly income from work. "We got our first house young, but we didn't buy all new furniture; we furnished it with hand-me-downs and thrift store finds," Wallace said. Between their three homes, which total $1.9 million in value, they have about $850,000 in equity, and they don't plan on paying them off early as interest rates on them are below 3.5%. Becoming millionairesThey hit their first half-million in 2021 and became millionaires in 2022, bringing their net worth above $1.2 million this year. They both plan on retiring in four years but anticipate working in part-time roles that better align with their passions.

Persons: Andrea Wallace, They've, Wallace, we've, Roth IRAs, they've, they're Organizations: Service, Business, FI, FIRE, Hallmark, Arizona State University, Lean FIRE Locations: Phoenix, California

As the Fed lowers its benchmark rate, mortgage rates are expected to decrease further. This would likely remove a substantial amount of upward pressure off of mortgage rates. 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 fell to 5.63% last 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: they're, you'll, Freddie Mac, it's Organizations: Federal Reserve, Traders, Zillow Locations: Chevron

☆ Most apartment owners in 6 big US cities are offering deals to renters — but don't expect a break in NYC or Miami
▼ + stars: | 2024-08-13 | by ( Lian Kit Wee | ) www.businessinsider.com time to read: +1 min

More landlords across the US are offering rental perks to attract renters, according to Zillow. Cities including New York and Miami saw fewer rental concessions than average, due to tighter rental markets. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementApartment landlords are offering massive concessions to draw renters across the US, but not all cities are trying equally hard to drum up new tenants.

Persons: —, Austin — Organizations: Service, Business Locations: New York, Miami, — Raleigh, Charlotte, Atlanta, Salt Lake City, Nashville

Mortgage rates are down today compared to where they've been in recent weeks, with 30-year mortgage rates hovering in the low 6% range, according to Zillow data. 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 RatesLast week, average 15-year mortgage rates were 5.63%, a 36-basis-point decrease from the previous week, according to Freddie Mac data. Mortgage rates have been elevated for most of 2024, but they've been trending down in recent months. Once the Fed cuts rates, mortgage rates should fall even further.

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

Mortgage rates dropped last week in response to July's weaker-than-expected labor market data, though they're up slightly today. As mortgage rates go down, more homeowners will have an opportunity to refinance and save money on their monthly mortgage payments. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.99% this week, according to Freddie Mac data, which is an eight-basis-point decrease from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: it's, Freddie Mac Organizations: Zillow, Federal Reserve, Fed Locations: Chevron

☆ A millennial couple who make $250,000 say they can't find a home in their budget: 'We refuse to become house-poor'
▼ + stars: | 2024-08-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

They want to keep their monthly mortgage payment between $3,000 and $3,500 — or around 30% of their monthly take-home income of about $11,000. However, rising home prices and mortgage rates in recent years have made this goal difficult to accomplish. "We refuse to become 'house-poor' and, like many others, are choosing to sit it out until the housing market is reasonable again," Laura said. With an 11% downpayment, they estimated their monthly mortgage payment would be about $5,000 — about 43% of the couple's take-home monthly pay. AdvertisementGoing forward, Laura said they plan to continue monitoring the housing market for a home they like that's in their budget.

Persons: —, Laura Graves, Samuel, they'd, Laura, they've, they're, it's, There's, Samuel aren't, We'll Organizations: Service, Business, Federal, Housing Locations: Portland, Wilsonville , Oregon, Wilsonville, Spokane , Washington

Read previewAs a freshman at Penn State University, Ezra Gershanok was set on landing a job in consulting after graduation. Four Gen Z consultants told BI they were not in the industry for the long haul. Related storiesYet she doesn't expect the consulting industry will go hungry for workers because of the opportunities the experience can bring. AdvertisementShe said the learning opportunities can help some young consultants cope with the long hours and stress of the gig. Gen Z consultants said the hours are worth it as long as they pick up new skills.

Persons: —, Ezra Gershanok, There's, Gershanok, It's, he'd, Gen Zers, Vicki Salemi, Monster, Salemi, Gen, Jorge García Febles, I'm, PwC, it's, Spencer Rascoff, Surabhi Gupta Organizations: Service, Penn State University, Deloitte, McKinsey & Company, Business, Ritz Carlton, Consulting, McKinsey

Mortgage rates fell dramatically this week, with 30-year mortgage rates even briefly dipping below 6% for the first time since early 2023, according to Zillow data. This should remove a lot of the upward pressure off of mortgage rates and allow them to ease. 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. As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to drop.

Persons: they've, Fannie Mae Organizations: Treasury, Federal Reserve, Zillow, Mortgage, Association, ARM Locations: Chevron

Average 30-year mortgage rates dropped 26 basis points to 6.47%, their lowest level since May 2023, according to Freddie Mac. If today's mortgage rates are lower than the rate you're currently paying, refinancing could be worth it. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Now that inflation has decelerated and a Fed cut is looking more likely, mortgage rates have trended down. 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: Zillow, Mortgage, Association, Sky Locations: Chevron

☆ Mortgage rates plunge to lowest level in more than a year
▼ + stars: | 2024-08-08 | by ( Bryan Mena | ) edition.cnn.com time to read: +5 min

Washington CNN —US mortgage rates plummeted this week after weaker-than-expected employment data raised the odds of the Federal Reserve cutting interest rates next month. The standard 30-year fixed-rate mortgage averaged 6.47% this week, mortgage financing giant Freddie Mac said Thursday. Mortgage rates have steadily fallen over the past several weeks since reaching a 2024 peak of 7.22% in early May. Mortgage rates track the benchmark 10-year US Treasury yield, which moves in anticipation of the Fed’s decision on interest rates. Lower mortgage rates and a bigger housing stock will eventually entice more buyers to eventually enter the market.

Persons: Freddie Mac, That’s, ”, Sam Khater, Freddie Mac’s, “ Homebuyers, ” Lawrence Yun, Lisa Sturtevant, “ Organizations: Washington CNN, Federal Reserve, Las, P Global, Harvard Joint Center for Housing Studies, CNN, Treasury, National Association of Realtors, Fed, NAR, “, Bright MLS Locations: New York, San Diego, Las Vegas, Tampa, Denver, Minneapolis, United States

☆ JD Vance said migrants are the reason it's so expensive to rent or buy homes. He's wrong.
▼ + stars: | 2024-08-07 | by ( Alcynna Lloyd | Eliza Relman | ) www.businessinsider.com time to read: +5 min

With ongoing affordability challenges exacerbated by high interest rates and inflated home values, housing is a major concern for Americans across the political spectrum. "When I talk to Americans, one of the biggest concerns I hear is, 'Why are housing costs so high?' In the past, Vance has blamed the housing affordability crisis largely on high interest rates. Many economists disagree with Vance's argument about the source of the housing affordability crisis and his solution to it. They've also blamed the current administration for relatively high interest rates, which are determined by the independent Federal Reserve and designed to control inflation.

Persons: —, JD Vance, Vance, Sean Hannity, Kamala Harris, Daryl Fairweather, Fairweather, hasn't, Ned Davis, There's, Donald Trump's, Biden, Harris, They've Organizations: Service, Fox News, Republican, Business, Federal Reserve, Ned Davis Research, Trump Locations: Ukraine

☆ A boomer who moved from Minnesota to Mexico said his cost of living dropped by 50% — but transplants need to respect the culture
▼ + stars: | 2024-08-06 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +6 min

Eleven years ago, Mark LeGeros made a big change: The now-65-year-old moved from Minneapolis to Puerto Vallarta, Mexico. There are still adjustments moving abroad, and hopeful movers need to know that. Living abroad brings its own challenges, along with rewards. "But just always have a support group that are dealing with living abroad because you need that adjustment group to help you put things into perspective." "But if you want the adventure of living abroad and learning a new culture, being curious, that kind of thing, that's when you probably should really consider living abroad."

Persons: Mark LeGeros, it's, that's, I'm, LeGeros, He's Organizations: Service Locations: Minneapolis, Puerto Vallarta , Mexico, Mexico, United States

Mortgage rates have been trending down in recent days in response to weaker-than-expected labor market data and concerns of a possible economic downturn. 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 6.73% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 5.99%, an eight-basis-point decrease from the previous week, according to Freddie Mac data. Once the Fed cuts rates, mortgage rates should fall even further.

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

As the Fed lowers rates this year, mortgage rates are expected to go down. 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 5.99% this week, according to Freddie Mac data, which is an eight-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 may happen this year, mortgage rates should fall even further.

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

☆ Home flipping and BRRRR are back: Interest rate cuts are set to fuel a resurgence in the real-estate investing strategies, says BiggerPockets' housing-market guru
▼ + stars: | 2024-08-04 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Read previewHome flipping and the BRRRR method have been in the doghouse among much of the real-estate investing community over the last couple of years. As the Federal Reserve jacked up interest rates and home prices cooled off, warnings about the viability of these strategies abounded. But now, the popular strategies are due for a resurgence, according to Dave Meyer, BiggerPockets' housing market expert. Related storiesOne piece of evidence for this is that home flipping profits have generally been on the rise since the start of 2023 and jumped significantly in Q1 2024, according to real-estate data firm ATTOM. Further, he argues, the housing market is not as volatile as the stock market, and it's rare to see forced selling on a grand scale, he said.

Persons: —, Dave Meyer, BiggerPockets, Meyer, he's bullish, there's, it's, Skylar Olsen, she's Organizations: Service, Federal Reserve, Business, ATTOM, Labor

Last week, 30-year mortgage rates averaged 6.28%, and they're even lower today, according to Zillow data. What does this mean for mortgage rates? 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. 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, Fannie Mae Organizations: Federal, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

Mortgage rates are down in response to the labor market slowing. Average 30-year mortgage rates are now hovering in the low 6% range, according to Zillow data, the lowest they've been since January 2024. 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 is a significant slowdown compared when it peaked at 9.1% in 2022, which means mortgage rates should start trending down soon. 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, Zillow, Mortgage, Association, Sky Locations: U.S, Chevron

As the Fed lowers rates, mortgage rates are expected to go down. "Mortgage rates declined to their lowest level since early February," Sam Khater, Freddie Mac's chief economist, said in a press release. 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 Barely Tick Down (-0.05%)The average 15-year mortgage rate is 5.55%, five 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: Freddie Mac, Jerome Powell, Sam Khater, Freddie Mac's, you'll, It's, refinance, they've Organizations: Reserve, Zillow, FHA Locations: Chevron

Mortgage rates are often indirectly impacted by changes to the federal funds rate, and as the Fed starts lowering its benchmark rate, mortgage rates are expected to go down as well. This means that as long as inflation continues to ease, mortgage rates should drop further 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. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates fell to 6.07% last 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: Jerome Powell, Powell, you'll, Freddie Mac, it's Organizations: Zillow, Federal Reserve Locations: Chevron

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 6.78% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesLast week, average 15-year mortgage rates were 6.07%, a two-basis-point increase from the previous 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. Once the Fed cuts rates, mortgage rates should fall even further.

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

☆ Housing affordability is 'moving in the right direction,' economist says. Here's what to know
▼ + stars: | 2024-07-30 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

A slight decrease in mortgage rates in the month of June definitely helped buyers, said Yun. Housing affordability is improving ever so modestly, but it is moving in the right direction. While there's still an affordability challenge broadly, conditions are "moving towards a more neutral market," Orphe Divounguy, a senior economist at Zillow. Total housing inventory registered at the end of June was 1.32 million units, up 3.1% from May and 23.4% from a year ago, according to NAR. Competition is easing fastest in the South, where all major southern markets except Dallas and Raleigh are either neutral or buyer-friendly, according to the June 2024 Zillow Housing Market Report.

Persons: Yun, Freddie Mac, Lawrence Yun, Chen Zhao, there's, Selma Hepp Organizations: Sdi, CNBC, Investors, National Association of Realtors, Zillow Locations: Redfin, Dallas, Raleigh

Mortgage rates are down from where they've been in recent months, with 30-year mortgage rates hovering just below 6.5%, according to Zillow data. 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 6.78% this week, according to Freddie Mac. 15-Year Fixed Mortgage RatesAverage 15-year mortgage rates were 6.07% this week, according to Freddie Mac data, which is a two-basis-point increase from the previous week. Now that the Fed has paused hiking rates, mortgage rates have come down a bit.

Persons: they've, Freddie Mac Organizations: Federal Reserve, Mortgage Bankers Association, Zillow, Fed Locations: Chevron

☆ These homeowners are ‘hacking’ their pools and lawns to earn extra cash
▼ + stars: | 2024-07-29 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

Now, newer offerings allow homeowners to rent out portions of their homes on an even shorter-term basis, often by the hour. One of these platforms is Swimply, an online marketplace for private pool rentals that launched in 2020, just as the pandemic halted travel and more people looked to get their kicks locally. Peer-to-peer rental marketplaces of all kinds have popped up: RentMyCourt (private tennis and pickleball court rentals), SniffSpot (backyard rentals for dogs), CurbFlip (driveway and parking space rentals) and Vanly (driveway and shower rentals for people traveling in camper vans or RVs). Younger homebuyers are keenly aware of the opportunity to offset their expenses with extra cash. While the extra income is a focus for many homeowners, some participating in this budding industry say they’ve found something unexpected: community.

Persons: Alexis Hammond, ” Hammond, Hammond, she’s, it’s, Kellie Finch, Michael Kukuk, Kukuk, “, ” Swimply, ” Derek Callow, homebuyers, Peerspace, Rony Chammas, they’ve, Leslie Garabedian's, Stevie, Eddie, Leslie Garabedian Leslie Garabedian, West, ”, Garabedian, ” Garabedian Organizations: CNN, Baltimore, Baltimore Ravens, SniffSpot Locations: Peerspace, Houston, West Caldwell , New Jersey

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