What Buyers and Sellers should know about the current housing market
Buyers: Home Prices Won't Come Crashing Down Good things may come to those who wait, but patience doesn't always pay off in the housing market. Two-thirds of homebuyers are waiting for mortgage rates to fall this year before buying a home. In the time that homebuyers...
US Initial Jobless Claims Soar to 14-Month High
The number of people claiming unemployment benefits in the US rose by 33,000 from the previous week to 258,000 on the period ending October 5th, significantly exceeding market expectations of 230,000. This marks a new 14- month high and highlights the ongoing trend of...
Housing market reversed course slightly in July 2024
Sales of existing homes broke a four-month slide in July. Prices continued their increase for the 13th straight month with the median national sales figure rising to $422,600. Easing inflation helped accelerate the decline in mortgage rates in mid-July and rates...
Will it be a .50% or .25% Fed rate cut in September?
Some Fed officials said a half-point Fed rate cut in September would become more likely if there were signs of a further slowdown in hiring. The longer the Fed keeps borrowing costs high, the more it risks weakening the economy too much and causing a recession. Yet,...
No emergency rate cut in July
The Federal Reserve appears to be very much on track for an interest rate cut in September after a "vast majority" of officials said such an action was likely, according to the minutes of the U.S. central bank's July 30-31 meeting. Markets are fully pricing in a...
Positive signs of a rate cut happening this year
Jerome Powell concluded his visit to Capitol Hill as part of his twice-yearly report on the state of the economy this week. Powell said the risks to the economy have become better balanced, allowing him to broaden his focus beyond getting inflation down. He’s watching...
Mortgage rates have dropped to a three-month low
‘We expect rates to continue to come down over the summer months,’ Freddie Mac says. Mortgage rates fell to their lowest level since early April as the U.S. economy showed indications of a slowdown. The 30-year fixed-rate mortgage averaged 6.86% as of June 27,...
How to Remove Private Mortgage Insurance Early
PMI is typically required when you take out a conventional conforming mortgage and put down less than 20%. Your loan servicer must automatically drop PMI when your mortgage balance reaches 78% of your home’s purchase price. It’s possible to cancel PMI in other cases,...
Investors are snatching up 1 in 5 homes for sale creating another hurdle for first time buyers.
Homeownership has slipped out of reach for millions of Americans thanks to the astronomical rise in mortgage rates and an ongoing inventory shortage. Now, there is another obstacle to buying a home. Investors and hedge funds are snatching up properties at the fastest...
Paying Off Your Mortgage Faster
Refinance to a Shorter Term: Refinancing your mortgage to a shorter term, such as a 15-year mortgage, can result in higher monthly payments but a lower overall interest cost. Make Extra Payments: One of the most straightforward ways to pay off your mortgage faster is...