PMI is often overlooked by buyers, so they need to be aware of the potential costs that come with putting less than 20% down. NEW YORK – According to Freddie Mac, the interest rates on 30-year fixed-rate mortgages averaged 6.95% in mid-December — double the rate paid by homeowners just two years ago. Although Freddie Mac projects the housing market will improve in 2024, many homebuyers will still face an additional expense:…
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Reverse mortgages – also known as Home Equity Conversion Mortgages (HECMs) – can help homeowners aged 62 and older. MIAMI, Fla. – A Home Equity Conversion Mortgage (HECM), also known as a reverse mortgage, is a HUD-insured financial product that allows homeowners aged 62 or older to convert a portion of their home equity into cash while continuing to live in their homes. Unlike traditional mortgages, where you make monthly payments to…
By Melissa Dittmann Tracey The Federal Trade Commission can fine companies up to $50,000 per violation for fake online reviews. NEW YORK — An endorsement or testimonial from current or past clients can help you stand out, particularly online. However, the Federal Trade Commission has some guidance for how to use them in your business. This year, the FTC released new guidance about including endorsements or testimonials in your digital marketing, including social…
The latest figures from HUD also show more than 93,000 people benefited from public housing and vouchers this year. WASHINGTON – The Department of Housing and Urban Development (HUD) said it worked with public housing programs nationwide to help more than 94,000 households exit or avoid homelessness in 2023. More than 8,200 households benefited from public housing and more than 85,000 others used housing vouchers. The White House said it has made progress…
A state report this week found Fla. with 22.6M residents – 1.61% more than it had a year earlier. But they also predict growth will slow over the next several years. TALLAHASSEE, Fla. – Florida continues to grow as it attracts people from other parts of the U.S., but that growth is projected to slow in the coming years as groups that have been moving to Florida in droves get older, according…
Lenders are offering free refinancing to get buyers into homes, but proceed with caution and read the fine print. NEW YORK – Some lenders are getting creative and offering free refinancing to buyers willing to take the leap and purchase a house amid America’s crushing combination of lofty home prices and high mortgage rates. The selling point? It can be summed up by the real estate slogan that seems like it was…
Lower Rates to Draw Buyers – Sellers Not so Much While mortgage rates moving closer to 6% will draw buyers into the 2024 housing market, several economists don’t think it will create a similar rush of sellers listing their homes LOS ANGELES (AP) – Several housing economists are projecting that mortgage rates will ease moderately next year, though the forecasts call for the average rate on a 30-year home loan to remain…
Buyers’ Tactics in the Face of High Mortgage Rates Buyers may be able to make rising mortgage rates less onerous by using one or more of these nine tips suggested by RE agents and lenders. NEW YORK – Mortgage rates have risen to their highest levels in more than 20 years, making it harder to afford a home. And yet, out of necessity or desire, hundreds of thousands of people buy homes…
Gas, cars and airfare cost less last month. Prices rose 3.2% year-to-year in Oct. – still higher than the Fed’s 2% goal – for the smallest increase since June. WASHINGTON (AP) – Inflation in the United States slowed last month in a sign that the Federal Reserve’s interest rate hikes are continuing to cool the consumer price spikes that have bedeviled consumers for the past two years. Tuesday’s report from the Labor…
Artificial intelligence (AI) – really just a giant computer network – needs space to operate, making digital-data space a high growth commercial-market niche. NEW YORK – A corner of the U.S. commercial property market is flourishing as developers erect data centers – brick-and-mortar homes for digital data. In especially high demand? Buildings designed for artificial intelligence (AI) servers, which require extreme levels of power and cooling to operate. Watchers say data centers…