After weeks of steady gains, mortgage rates have fallen rapidly in the past week, meaning homes are suddenly much more affordable. The 30-year fixed-rate mortgage averaged 5.3% in the week ending July 7, according to the latest data provided by Freddie Mac. That represents a decline of 40 basis points in the past week. One
Home prices keep on growing, but a slowdown is on the horizon
July 6, 2022 by
Home price appreciation is finally showing signs of slowing down after accelerating massively over the last two years. A report from CoreLogic this week shows that home prices rose by 20.2% in May, compared with the same month last year. While that’s still pretty rapid growth, CoreLogic said an analysis of the data shows there
The right front door color could add more than $6K to the value of your home
July 3, 2022 by
A statement-making front door can boost a home’s curb appeal and its value. New research from Zillow has found that homes with slate blue or black front doors appeal to more recent and prospective buyers and could sell for a higher price. Conversely, pale pink and cement gray front doors could negatively impact a home’s
The tables turn as falling mortgage rates embolden buyers
July 3, 2022 by
Following a string of steady increases, mortgage rates finally fell last week, providing some relief to home shoppers worried about being priced out of the market. The average 30-year mortgage rate fell to 5.70% this week, down from 5.81% a week ago, housing finance giant Freddie Mac reported on Thursday. Rates are still way up
Home inventory grows as more listings come onto the market
July 2, 2022 by
Economists say the historic shortage of homes for sale is coming to an end, as more inventory is added to the market. Realtor.com reported that active listings of existing homes rose 19$ in June, the fastest rise since it began tracking the data five years ago. Meanwhile, the number of new listings also surpassed pre-pandemic
San Jose announces tiny homes initiative to house city’s homeless
June 30, 2022 by
San Jose’s city council has approved a number of new “tiny home villages” that will provide housing for homeless residents of the city, but it’s expecting to face a backlash from worried neighbors who oppose the projects. The councilors voted 8-2 to move forward with plans to build six sites, which include two existing projects
JPMorganChase cuts hundreds of mortgage staff as business dwindles
June 28, 2022 by
JPMorganChase has said it’s cutting jobs in its mortgage lending business amid tightening monetary policy that has seen mortgage rates pushed above 6%. The nation’s biggest bank said last week that the decision was the result of “cyclical changes” in the mortgage market. “We were able to proactively move many impacted employees to new roles
Pending home sales rose in May, but economists say it’s just a blip
June 28, 2022 by
Pending home sales increased in May, breaking a streak of six successive monthly declines, but the National Association of Realtors said it is likely a blip and that sales will continue to fall as the year progresses. The NAR’s latest data shows that contract signings, which are a forward indicator of home sales based on
Home affordability crumbles, causing demand to finally pull back
June 24, 2022 by
Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report from Zillow. Mortgage rates shot up in early June, averaging
Existing home sales fell in May as rising rents and low supply weigh on affordability
June 22, 2022 by
Existing home sales declined again in May, falling by 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to new data from the National Association of Realtors. On a yearly basis, existing home sales were down 8.6% compared to May 2021. The NAR said the market is now at its weakest reading
