It’s going to take time, experts say: Expected interest rate cuts will have some impact on housing prices and mortgage rates, but more housing stock is needed. NEW YORK – Inflation is slowing, and job growth has surged but many Americans still feel the burden of expensive housing – fueled in part by high demand, low inventory and mortgage rates. Home prices across the U.S. rose 5.5% over the past year in December 2023 and they are projected to…
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Rates on 30-year mortgages ticked up this week, but forecasters remain optimistic they will hover around 6% by the end of the year. LOS ANGELES — The average long-term U.S. mortgage rate rose this week to its highest level in 10 weeks, a setback for prospective homebuyers ahead of the spring homebuying season. The average rate on a 30-year mortgage rose to 6.77% from 6.64% last week, mortgage buyer Freddie Mac said…
A new Redfin report found homeowners are staying in their homes twice as long as they did in 2005, driven largely by older Americans. SEATTLE— Baby boomers and Gen Xers, more than other generations, are staying in their homes up to 20 years, far exceeding the typical 11.9 years most U.S. homeowners occupy their residences. A new report from Redfin showed nearly 40% of baby boomers have lived in the home they currently own…
At the end of the day, more than 60% of those surveyed find it easy to manage their finances with their partner. NEW YORK — One in 10 Americans don’t know their partner’s salary, according to new research. A poll of 2,000 Americans in serious relationships, engaged or married split evenly by generation revealed that respondents aren’t just in the dark about the money that’s coming in. Almost one in five (15%)…
“More than three-quarters of millennial home buyers would consider an interest rate higher than the national average of about 7%,” the study found. NEW YORK – Most millennials are prepared to take drastic measures to buy a home, with 65% saying they would pay up to a 10% mortgage rate and 23% admitting they would buy at 15% or more, according to a new study from Clever Real Estate. A combination of…
A recent study found that homeownership is more affordable than renting in several Florida counties despite a nationwide trend to the contrary. NEW YORK – A new report shows that median three-bedroom rents in the U.S. are more affordable than owning a similarly-sized home in nearly 90% of local markets around the nation. The 2024 Rental Affordability Report was released by property data analytics company ATTOM. The report shows that both renting…
The chamber also said the housing market will begin to stabilize to a new normal, and home prices will no longer spike. TALLAHASSEE – The state’s population will grow in 2024, but not as much as the previous year, and the population demographics will shift, Florida Chamber Foundation economists and researchers said during the organization’s annual economic outlook summit. The chamber said the state will grow by 225,000 to 275,000 net new…
Single women have different buying considerations than those of other buyers, a Harvard University study found. NEW YORK – Real estate professionals should understand female buyers to be successful, including the preference for safe neighborhoods and gated communities. The Joint Center for Housing Research at Harvard University found that women prefer condominiums, townhomes or single-family homes within a gated or structured HOA development and a focus on unchangeable safety features within each…
Active listings in the U.S. climbed 4.9% in December year over year, but for-sale inventory is still below pre-pandemic levels. LOS ANGELES — The recent pullback in mortgage rates is spurring more homeowners to put their homes up for sale, though the increases so far have been too modest to return the housing market’s inventory of available properties back to pre-pandemic levels. The number of active listings, a tally of U.S. homes…
Mortgage rates climbed to their highest level in four weeks, reaching 6.66%, Freddie Mac reported Thursday. Two years ago, the average rate was 3.45%. Mortgage rates climbed to their highest level in four weeks, reaching 6.66%, Freddie Mac reported Thursday. Two years ago, the average rate was 3.45%. LOS ANGELES — The average long-term U.S. mortgage rate rose for the second time in as many weeks, climbing to its highest level in…