Ohio’s average mortgage rate is the 12th highest in the nation, according to a new report.
Personal finance website WalletHub, a for-profit business, also says a Federal Reserve interest rate cut in September will have little impact on rates in the coming months because markets had previously accounted for it.
Read the full story
Home prices hit a record high in May despite falling demand and sales activity, The Wall Street Journal reported on Friday.
The national median home price in the United States is now $419,300, a 5.8% increase from a year earlier and a new record high, according to the The Wall Street Journal. The record high comes as homeowners remain unwilling to list due to high mortgage rates.
Read the full story
Homes keep selling in Wisconsin but prices and the cost to get a mortgage are keeping some from being able to afford a new home.
The Wisconsin Realtors Association is out with its latest look at the state’s housing market.
Read the full story
Existing home sales shrank in March as consumers respond to continuing price increases and rising mortgage rates.
Sales for existing homes fell 4.3% in March compared to the previous month and 3.7% year-over-year, to an annual rate of 4.19 million, according to a press release from the National Association of Realtors (NAR). The average for a 30-year fixed-rate mortgage reached 7.10% this week, a substantial jump from 6.88% last week, depressing Americans’ desire to switch homes and possibly acquire a higher interest rate, according to a release from real estate giant Freddie Mac.
Read the full story
If you were the owner of a professional football team, and you had just finished in last place for the third year in a row, one would expect management to implement serious personnel changes before the following season—that is if the team actually cared about winning.
Maybe the team needs a new coach that the players respect and trust to make the right play calls. Maybe they need a quarterback that doesn’t lead the league in interceptions and can run outside the pocket. Maybe they need an offensive line that will actually protect the quarterback from hitting the deck on every third and long. Maybe they need a kicker who doesn’t choke under pressure. Or maybe they just need their star wide receiver to stay healthy.
Read the full story
The price of shelter increased substantially in October despite topline month-to-month inflation remaining flat, dashing many Americans’ dreams of buying a home, according to The Wall Street Journal.
Inflation decelerated to 3.2% in October, down from 3.7% in September, owing to substantial deflation in the price of energy, but the shelter sector individually had prices increase by 5.5% for the year. Since the beginning of 2021, when President Joe Biden first took office, home prices have risen 29%, rents are up 17% and mortgage rates have neared 8%, according to the WSJ.
Read the full story
Mortgage rates have continued to rise for the seventh straight week, reaching their highest point in over 23 years, according to the Mortgage Bankers Association (MBA).
The average 30-year mortgage rate for Americans reached 7.9% on Wednesday, up from 7.7% just one week ago, the highest point since September 2000, according to a press release from the MBA. Mortgage applications sank even further following the high rates, with application volume declining 1% from the previous week when seasonally adjusted, the lowest weekly pace since 1995.
Read the full story
The median existing-home price for all housing types declined 3.1% in May from the same month in the prior year – the biggest drop in more than a decade.
The national median existing-home price was $396,100 in May, down 3.1% from $408,600 in May 2022, the National Association of Realtors said.
Read the full story
The latest snapshot of Wisconsin’s housing market isn’t all that great, although realtors say there are signs things are improving.
The Wisconsin Realtors released their April 2023 report on Thursday, and it shows that both sales and home inventories are down, while prices are up.
Read the full story
Mortgage rates continued a slow but steady decline over the past week, suggesting a small but notable reversal from the meteoric rise they underwent over the past year.
Thirty-year fixed mortgage rates “averaged 6.31 percent as of December 15, 2022, down from last week when it averaged 6.33 percent,” Freddie Mac said in its weekly rate update on Thursday.
Fifteen-year rates, meanwhile, averaged 5.54%, down from 5.67% last week.
Read the full story
The average median list price for single-family homes and townhouses in Nashville for October was $510,000, according to data compiled by Movoto Real Estate – down from the previous month’s average list prices of $549,000 in September and $569,553 in August.
Read the full story
Mortgage rates have continually increased for 10 straight weeks, with current 30-year fixed rates hitting their highest point since 2001.
Mortgage rates hit 7.16% for the week ending in Oct. 21 as markets simultaneously saw a 2% decrease in demand for loans, according to a Mortgage Bankers Association (MBA) survey. Mortgage rates are predicted to continue climbing as ongoing inflation concerns have left many analysts predicting another hike in interest rates, CNBC reported.
Read the full story
Mortgage rates increased last week, leading to an uptick in the refinance rate.
According to the latest weekly survey by the Mortgage Bankers Association, mortgage rates increased last week after dropping for two consecutive weeks.
Read the full story
Mortgage applications increased for the first time in over a month after a decrease in mortgage rates last week.
According to a weekly survey by the Mortgage Bankers Association, mortgage applications increased by 1.2% from last week, the first increase seen in five weeks.
Read the full story
Mortgage rates surpassed 4% for the first time since 2019 and the Federal Reserve announced a series of new rate hikes this week, two major shifts that mark the economic response to months of elevated inflation.
The Federal Reserve announced a 0.25% interest rate hike and said six more increases are on the way. Last week’s increase is meant to rein in inflation, but can have negative effects on economic growth. Meanwhile, mortgage rates are expected to increase along with the Federal Reserve rate.
Read the full story
When Jeff, a retired marketing consultant from Chicago, was closing on his home sale, he received a new set of instructions at the last minute on where to send several thousand dollars in closing expenses. At first blush, the email looked legit with an official-looking logo and professional language specifying the amount owed and itemized expenses. But one thing caught his eye: The email address looked strange. Just to be safe, he called his mortgage broker.
“Don’t do that!” his broker told him in an alarmed voice. It was a scam. If he hit “send,” his closing fees would go to a thief who had been monitoring his emails. “I was a keystroke away from losing thousands of dollars,” Jeff recalled.
As the housing market sizzles across the country – with nearly 6 million homes bought last year – scammers have been finding new ways to tap into this once-secure market. Real estate transactions still demand reams of paperwork and regulations involving lawyers, brokers, title insurance companies and banks, but the fact that much of this work now takes place online gives thieves countless opportunities to exploit vulnerable buyers. Last year, more than 11,000 homeowners were scammed out of more than $220 million in closing funds alone, according to the American Land and Title Association, a trade group that represents professionals who perform property transactions.
Read the full story
Home prices in the U.S. are more than 41% higher than the previous peak recorded in 2006 during the housing boom that preceded the Great Recession, according to a national index.
Home prices hit a new peak in June, increasing at an annual rate of 18.6%, and 2.2% compared to May, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index published Tuesday. The index is 95% higher than it was in 2012 when the housing market bottomed out following the recession.
“June 2021 is the third consecutive month in which the growth rate of housing prices set a record,” S&P DJI Managing Director of Index Investment Strategy Craig Lazzara said in a statement. “The National Composite Index marked its thirteenth consecutive month of accelerating prices.”
Read the full story
The final March results from the University of Michigan Surveys of Consumer Sentiment show overall consumer sentiment improved from the February result. Consumer sentiment increased to 98.4 in March, up from 93.8 in February, a 4.9 percent gain. From a year ago, the index is off 3.0 percent. Despite the slight decline from a year ago, sentiment is holding at very favorable levels (see chart). The two sub-indexes had healthy gains in March. First, the current-economic-conditions index rose to 113.3 from 108.5 in February (see top chart). That is a 4.4 percent gain for the month but still a 6.5 percent decrease from March 2018. The March result is also on par with the 113.5 peak reading from the prior expansion. The second sub-index — that of consumer expectations, one of the AIER leading indicators — increased 5.2 percent for the month, to 88.8 (see top chart), the same level as in March 2018. Consumer sentiment remained at broadly favorable levels in March, with respondents pointing to income gains and favorable growth prospects for the overall economy as significant drivers. Sales of new single-family homes rose 4.9 percent in February to a 667,000 seasonally adjusted annual rate (see bottom chart).…
Read the full story