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☆ It might be your fault you can't afford a house, says finance guru Dave Ramsey
▼ + stars: | 2024-06-18 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Read previewBuying a house has become especially hard, but some people can't afford one because they're mismanaging their money, personal finance guru Dave Ramsey says. "It is mathematically tough right now, it is economically tough. Overspenders can't complainDespite those challenges, the talk show host and author called out people who make bad financial decisions and then complain they can't afford a house. "Well I just told you why you can't afford a house: Your stinking overspending." "When you are broke and in debt, don't have an emergency fund, and sign up for a mortgage payment you can't afford, that is not smart real estate.

Persons: —, they're, Dave Ramsey, Overspenders, Ramsey, Warren Buffett Organizations: Service, Business, Federal Reserve, Disney

☆ These new high yield bond funds are hitting the market as interest rates start to fall
▼ + stars: | 2024-06-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The managers for the fund also helm the BlackRock High Yield mutual fund, which has a four-star rating from Morningstar and a yield of roughly 6.5%. Other recent launches include the John Hancock High Yield ETF (JHHY) , an Invesco BulletShares 2032 High Yield Corp. ETF (BSJW) , and the AB Short Duration High Yield ETF (SYFI) , which was a conversion from a mutual fund. The new products come as the next steps for high yield debt are unclear. High yield investors say that the sector is still on solid ground, at least for now. Four of the five biggest broad-based high yield bond ETFs have seen inflows over the past month, according to FactSet.

Persons: Jay Jacobs, John Hancock, Michael Schlembach, Schlembach, AJ Rivers, Rivers Organizations: Morningstar, BlackRock, John, Yield Corp, Treasury, Federal Reserve, Marathon Asset Management Locations: BlackRock, U.S

This is good news for mortgage rates, but we'll need to see more data showing that inflation is sustainably coming down before rates can fall further. As inflation slows and the Fed is able to start lowering the federal funds rate, mortgage rates are expected to go down. 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: Fannie Mae Organizations: of Labor Statistics, Zillow, Federal Reserve, Mortgage, Association, ARM Locations: Chevron

☆ Investors may be looking at commercial real estate risk all wrong and missing these opportunities
▼ + stars: | 2024-06-16 | by ( Christina Cheddar Berk | In | ) www.cnbc.com time to read: +6 min

The threat from a looming wave of maturing commercial real estate loans has been well telegraphed to investors, but it's possible the metrics they are using to protect themselves from risk are flawed. Many investors have been avoiding bank stocks with high concentrations of commercial real estate (CRE) exposure. Investors have been punishing regional bank stocks, especially when the bank's commercial real estate exposure tops more than 300% of its total equity . While the latter two have some exposure to New York City real estate, both banks benefit from strong management teams, he said. (New York real estate markets are navigating both falling office values as well as the dynamics of rent-regulated multifamily properties.)

Persons: Erika Najarian, Stephens, Matt Breese, Breese, Webster, Najarian, Piper Sandler, Scott Siefers, Siefers, generalists Organizations: Owners, KBW, Regional Banking, UBS, Federal Deposit Insurance Corp, Federal Reserve, Kansas City Fed, NBT Bancorp, Webster, National Bancorp, Micron Technology, Financial Group, Citizens Locations: New York City, York, . Connecticut, New, New York, Providence, R.I

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threatens to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

Amid the whirlwind of activity, the 51-year old, Israel-born executive has presented himself as a real estate visionary with a personal preference for all-black attire and a taste for luxury brands. BVK recently hired the residential brokerage firm Corcoran Group to complete a market study of the Fifth Avenue project, a person who viewed the report said. Miller noted he did not have direct knowledge of the situation at 685 Fifth Avenue. At 685 Fifth Avenue, he recently marked down prices for some of the units. In contrast, the Shore Club, which is being built by the New York real estate developer Steve Witkoff just a few hundred yards away from the Raleigh has pre-sold briskly.

Persons: —, Michael Shvo, Shvo, Peter Marino, Norman Foster, Renzo Piano, BVK, Corcoran, Jonathan Miller, Miller Samuel, Miller, Pam Liebman, Corcoran's, Truist, Michael Lirtzman, Akuna, Lirtzman, I've, Scott Wadler, Wadler, Jed Jacobsohn, John Goodman, Diane, –, Goodman, profanely, Serdar, Shvo's, Bilgili, Deutsche Finance didn't, Alex Miranda, I'm, Steve Witkoff, Morgan Chase Organizations: Service, Bayerische, Deutsche Finance, Business, GFI, Group, Shvo, Wabash, Akuna, Colliers, Wabash –, Raleigh, Core, New York State, Noë, Associates, West, Bilgili, BVK, Shore Club, New Locations: New York, Manhattan's Plaza, Los Angeles, Miami Beach, Raleigh, Israel, Wilshire, LA, Manhattan, Chicago, Miami, Paris, South Florida, San Francisco, Manhattan's, Turkish, BVK, Wabash, Shvo, Munich

☆ Luxury developer Michael Shvo has big plans. Bitter disputes and a soft real estate market threaten to thwart them.
▼ + stars: | 2024-06-13 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +15 min

☆ A brief drop in mortgage rates caused a huge surge in demand, but it may be short-lived
▼ + stars: | 2024-06-12 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage rates dropped for much of last week, causing total mortgage application volume to surge nearly 16% compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. But rates jumped back up again after a stronger-than-expected monthly employment report Friday. For the bulk of the week, rates were lower than that, but Friday's news caused rates to jump 12 basis points, according to a separate survey from Mortgage News Daily. Homebuyers are not only contending with high interest rates but also high home prices. A monthly survey from Fannie Mae found 86% of consumers say now is a bad time to buy a home.

Persons: Mike Fratantoni, Fannie Mae, Fratantoni, Matthew Graham of Organizations: Mortgage, Mortgage News, Federal Reserve, Matthew Graham of Mortgage News

☆ Bond giant PIMCO sees another wave of bank failures coming as commercial mortgage trouble mounts
▼ + stars: | 2024-06-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

"The real wave of distress is just starting" for commercial property debt, Pimco's John Murray told Bloomberg. He warned that bank failures could jump amid high exposure to commercial property loans. AdvertisementA "very high" concentration of distressed commercial real estate loans will be drive another spate of bank failures, Pimco's global head of real estate, John Murray, told Bloomberg. "The real wave of distress is just starting," Murray said. Ever since interest rates spiked two years ago, heavy attention has been paid to commercial real estate as doubt grows over property owners' ability to refinance debt.

Persons: Pimco's John Murray, —, John Murray, Murray Organizations: Bloomberg, Service, Business

☆ Home equity is near a record high. Tapping it may be tricky due to high interest rates
▼ + stars: | 2024-06-10 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

But tapping it may be tough due to high interest rates, according to financial advisors. Reverse mortgageA reverse mortgage is a way for older Americans to tap their home equity. A reverse mortgage is likely best for people who have much of their wealth tied up in their home, advisors said. A home equity conversion mortgage (HECM) is the most common type of reverse mortgage, according to the Consumer Financial Protection Bureau. watch nowA reverse mortgage is available as a lump sum, line of credit or monthly installment.

Persons: Selma Hepp, Hepp, Lee Baker, Atlanta . Baker, Kamila Elliott, Grace Cary, Elliott, Baker, Alexander Spatari, Cash Organizations: Getty, Apex Financial Services, Collective Wealth Partners, Consumer Financial, Bureau Locations: Cultura, Atlanta .

☆ The US office sector will worsen through next year, and the recovery will be slower than after the 2008 crisis, Fitch Ratings says
▼ + stars: | 2024-06-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Fitch Ratings revised its office delinquency forecast for 2024 and 2025. Maturing office loan refinanceability will reach no more than 16%-21%. AdvertisementThings are not looking up for the US office sector, with loan performance set to slump even further in 2025, Fitch Ratings said. Driving the fallout are still-elevated interest rates, cooling economic growth, and a stricter lending environment, Fitch wrote on Friday. Fitch anticipates low refinanceability on maturing office loans through this year, with 16%-21% able to refinance.

Persons: Fitch, — Organizations: Service, Fitch, National Association of Realtors

☆ Spirit Airlines isn't considering Chapter 11, 'encouraged' by post-JetBlue plan, CEO says
▼ + stars: | 2024-06-07 | by ( Leslie Josephs | ) www.cnbc.com time to read: +2 min

A Spirit Airlines aircraft undergoes operations in preparation for departure at the Austin-Bergstrom International Airport in Austin, Texas, on Feb. 12, 2024. Spirit Airlines CEO Ted Christie said Friday that the budget airline isn't considering a Chapter 11 bankruptcy filing and is "encouraged" by its plan after a failed takeover by JetBlue Airways . Earlier this year, a federal judge blocked JetBlue's planned takeover of Spirit on antitrust grounds, raising concerns on Wall Street about the money-losing airline's ability to address its debt. "We are proudly executing to our plan as we've exited the merger agreement with JetBlue and are encouraged by the initial results of our stand-alone plan," Christie said at an annual shareholder meeting on Friday. S&P Global Ratings on Wednesday downgraded Spirit, raising questions about its ability to refinance.

Persons: Ted Christie, Spirit, we've, Christie Organizations: Spirit Airlines, Austin, Bergstrom International Airport, JetBlue Airways, Pratt & Whitney, Airbus, JetBlue, Hertz Locations: Austin , Texas, Thursday's

☆ With Big Tech’s runaway 2024, it just might be time to part with a few winners. Here's why
▼ + stars: | 2024-06-05 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +6 min

Those highly appreciated positions can change the risk profile of your portfolio, particularly if it's been a long time since you last rebalanced. Managing the tax hit Trimming heavily appreciated positions in a portfolio that's held in a taxable account may come with a capital gains hit. One potential way to mitigate the tax is to use realized losses to offset those capital gains. In a year when losses exceed capital gains, investors can apply up to $3,000 of those losses to offset ordinary income and then carry over the remainder. Normally, these holdings would be the ones subject to the heftiest capital gains taxes if they were sold.

Persons: Blair duQuesnay, it's, Morningstar, Amy Arnott, Arnott, Roger Aliaga, Diaz, We've, Aliaga, Russell Organizations: Nvidia, Ritholtz Wealth Management, CNBC's, Vanguard, Investors, Federal Reserve, Bond Market, SEC, Aggregate Bond, U.S, Taxpayers Locations: New Orleans

☆ Mortgage demand falls for the second straight week, but all eyes are on Friday's jobs report
▼ + stars: | 2024-06-05 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates last week moved to the highest level since early May, and that pushed mortgage demand lower for the second straight week. Total mortgage application volume fell 5.2% last week, compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Mortgage applications to purchase a home fell 4% for the week and were 16% lower than the same week a year ago. Buyers are not only contending with higher interest rates. Mortgage rates ended last week with a sharp drop on Friday and then continued to slide this week.

Persons: –, Mike Fratantoni, Fratantoni, Matthew Graham of, Graham Organizations: Mortgage, MBA's, Government, Matthew Graham of Mortgage News Locations: Austin , Texas

☆ Sternlicht defends gating Starwood REIT withdrawals, hopes it will be a 'six-month thing' as rates fall
▼ + stars: | 2024-06-05 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Barry Sternlicht, chairman and CEO of Starwood Capital Group, speaks at the Milken Conference 2024 Global Conference Sessions at The Beverly Hilton in Beverly Hills, California, on May 7, 2024. Barry Sternlicht, Starwood Capital Group chairman and CEO, defended his decision to cap how much money investors could pull from his real estate fund amid mounting losses and redemption requests. The firm said the real estate trust, one of the largest in the world, maintained $752 million of immediate liquidity as of the end of April. Sternlicht called the Fed's monetary policy "unbelievably ineffective," but he believes interest rates will come down soon. "The real estate asset class is probably the biggest victim of the unintended consequence of his actions," he said.

Persons: Barry Sternlicht, The Beverly Hilton, Sternlicht, who've Organizations: Starwood Capital Group, The Beverly, Starwood, Income Trust Locations: Beverly Hills , California

☆ A shady financial tool from the housing-bubble era is making a comeback
▼ + stars: | 2024-06-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Perhaps the last thing the market needs is another shady financial product that pushes low-income Americans into homes they can’t afford, under terms that could bankrupt them. The zero-down mortgage is making a comeback, my colleague Matt Egan reports. And honestly, when has the value of the housing market ever gone anywhere but up up up up? The housing market, as we all remember from “The Big Short,” does not always go up. One way for motivated buyers to hunt for a lower mortgage rate is buy someone else’s.

Persons: America’s, aren’t, Matt Egan, you’re, let’s, didn’t, you’d, you’ll, ”, Patricia McCoy, ” Alex Elezaj, ” Adams, “, Samantha Delouya, Ellen Harper, Samantha, ” Harper Organizations: New, New York CNN, Wall, United Wholesale Mortgage, Boston College Law School, CNN, “ Locations: New York, Georgia

Mortgage rates are up slightly after initially trending a bit lower over the past few weeks. "Following several weeks of decline, mortgage rates changed course this week," 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 RatesLast week, average 15-year mortgage rates were 6.36%, a 12-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, Sam Khater, Freddie Mac's, you'll, it's Organizations: Federal Reserve, Zillow Locations: Chevron

Mortgage rates have been holding relatively steady this month, though 30-year mortgage rates inched up slightly this week. 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 6.36% this week, according to Freddie Mac data, which is a 12-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: Lawrence Yun, Freddie Mac Organizations: National Association of Realtors, NAR, Zillow, Federal Reserve, Fed Locations: Chevron

☆ Zero-down mortgages are making a comeback
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

That massive roadblock is being removed by a new zero-percent down mortgage program launched two weeks ago by one of the nation’s largest mortgage lenders. ‘Demand has been huge’These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income. That’s because in order to refinance at a lower rate, the homeowner would need to fully pay off that second mortgage. For instance, Bank of America launched a zero-down payment mortgage program in 2022 for first-time homebuyers in certain Black and Hispanic neighborhoods. “These mortgages are going to be ticking time bombs – just like subprime mortgages –unless home prices continue to increase very substantially,” Kelleher said.

Persons: Mat Ishbia, homebuyers, Christian Petersen, refinances, UWM, ” Alex Elezaj, they’d, ”, Patricia McCoy, McCoy, won’t, Bankrate, ‘, Anneliese Lederer, ” Lederer, ” Dennis Kelleher, ” Kelleher, Jonathan Adams, ” UWM, Elezaj, “, ” Elezaj, ” It’s, “ We’re, Greg McBride, Adams, ” Adams Organizations: CNN, United Wholesale Mortgage, Phoenix Suns NBA, Phoenix Suns, NBA, Oklahoma City, Footprint Center, Boston College Law School, Consumer Financial Protection Bureau, Federal Reserve, Bank of America, US Department of Agriculture, US Department of Veterans Affairs, Center for Responsible, Better, Saint Joseph’s University, Bankrate, “, Wall Street Locations: Phoenix , Arizona

If inflation continues to decelerate in the coming months, mortgage rates could fall further. 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

☆ The small-cap slump is getting historically long. Here's what needs to change for a rebound
▼ + stars: | 2024-05-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

"With yields holding firm at elevated levels , large caps continue to outperform small caps. Hopes for multiple rate cuts from the Federal Reserve this year have dimmed after recent inflation readings showed signs of stickiness. An economy that is growing more slowly, but with cooler inflation, could be the combination small caps need. Small caps could also benefit from an uptick in the global economy that benefits areas like manufacturing that has heavy representation in the small-cap index. Investors who really want exposure to small caps could also look outside of the U.S. Wolfe Research analyst Rob Ginsberg said in a May 29 note to clients that global small caps are outperforming their U.S. counterparts and are poised for a potential breakout.

Persons: Russell, Todd Sohn, JC O'Hara, Roth MKM, Chad Miller, you've, Miller, Cayla, Seder, Mark Haefele, Solita, Angelo Kourkafas, Edward Jones, Rob Ginsberg, — CNBC's Michael Bloom Organizations: CNBC, ESG, Silicon Valley Bank, Federal Reserve, Big Tech, Companies, UBS, Institute, Supply, PMI, Investors, U.S . Wolfe Research Locations: Thrivent, Silicon

☆ Weekly mortgage demand drops to three-month low, as rates begin climbing again
▼ + stars: | 2024-05-29 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

After a brief pullback during much of May, mortgage rates began rising again last week. That had an immediate impact on what had been several weeks of strengthening mortgage demand. As a result, total mortgage application volume fell 5.7% last week compared with the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. "Borrowers remain sensitive to small increases in rates, impacting the refinance market and keeping purchase applications below last year's levels. Mortgage rates jumped sharply to start this week, rising 12 basis points just on Tuesday, according to a separate survey from Mortgage News Daily.

Persons: Joel Kan, Kan, Neel Kashkari Organizations: Mortgage, Mortgage News, Minneapolis Federal, CNBC Locations: Austin , Texas

☆ Denmark Made Home Buying Easier. America Should Follow Its Lead.
▼ + stars: | 2024-05-29 | by ( James Rodriguez | ) www.businessinsider.com time to read: +13 min

When mortgage rates shoot up, as they did over the past two years, many would-be sellers decide they don't want to move after all. AdvertisementAs the Federal Reserve began pushing up borrowing rates in the spring of 2022, hoping to reel in rising inflation, mortgage rates went vertical. So far, this system of pooling together mortgage bonds and selling them to investors is pretty close to the American way of doing things. When US homeowners pay off their mortgages, they have only one option: pony up the amount left on the loan. That's not just good for buyers or sellers or mortgage loan officers — it's good for everyone.

Persons: It's, John Campbell, Danes, Freddie Mac, that's, Will Doerner, —, aren't, pesky, Campbell, Fannie Mae, Banks, Jesper Berg, there's, That's Organizations: Harvard, Federal Reserve, Federal Housing Finance Agency, Homeowners, Danish Financial Supervisory Authority Locations: America, …, Denmark, Zillow, Canada, Australia, Danish

After finally dropping below 7% earlier this month, 30-year mortgage rates have been holding relatively steady in the mid-to-high 6% range, according to Zillow data. Once the Fed is able to start lowering rates, mortgage rates are expected to fall. Mortgage rates are expected to go down this year, but they might not drop as much as initially expected. 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: Federal, Consumer, Mortgage, Zillow, Association, Sky Locations: March's, Chevron

☆ Weekly mortgage refinance demand revives as interest rates fall to 7-week low
▼ + stars: | 2024-05-22 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Mortgage interest rates fell for the third straight week last week, sparking increased demand for refinances. Total mortgage application volume rose 1.9% compared to the previous week, according to the Mortgage Bankers Association's seasonally adjusted index. Applications to refinance a home loan rose 7% for the week and were 21% higher than the same week one year ago. Rates last week were just 32 basis points higher than they were a year ago, and that gap has been shrinking. While higher mortgage rates certainly hurt affordability, today's buyers are still facing very low supply and stiff competition, which fuels bidding wars.

Persons: Joel Kan, Matthew Graham Organizations: Mortgage, Federal Reserve, Mortgage News Locations: Hawthorn Woods , Illinois

So far in May, 30-year mortgage rates have averaged around 6.75%, which is 10 basis points lower than the previous month's average. If the next few months continue to show that inflation is decelerating, mortgage rates could go down further this year. 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 (-0.09%)The average 15-year mortgage rate is 6.00%, nine 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: they'll, you'll, It's, refinance Organizations: Zillow, FHA Locations: Chevron

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