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Redfin and Others Frame the Coming Housing Market Chill box

By Phil Butler | September 4, 2022
Redfin and others release data warning of a possible big chill looming on the horizon. Even if the economy does'nt plummet, real estate will take a hit.
Housing, News

Mortgage rates fall back below 5%, providing relief for home buyers

By Mike Wheatley | August 8, 2022
Having endured weeks of rising borrowing costs, home buyers in the U.S. have gotten a "second chance" to lock in a lower interest rate. Last week, the popular 30-year fixed-rate mortgage fell below 5% for the first time in months, according to a report by Freddie Mac. Rates had been hovering above 5% for a […]
mortgage rates

Mortgage rates fell again as housing market reaches 'equilibrium'

By Mike Wheatley | August 3, 2022
Mortgage rates took a sharp turn lower last week, just one day after the Federal Reserve raised its benchmark rate. The average 30-year fixed-rate mortgage fell to 5.22% on Thursday, down from 5.54% earlier in the week, shortly after the Fed announced another rate hike. Mortgage News Daily reported that the average rate fell even […]
Housing, News

JPMorganChase cuts hundreds of mortgage staff as business dwindles

By Mike Wheatley | June 28, 2022
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 […]

ARMs offer tempting mortgage savings, but there's a risk

By Mike Wheatley | May 26, 2022
A new study from Redfin shows that homebuyers could save an average of $260 per month if they purchase a home now with an adjustable-rate mortgage rather than a traditional fixed-rate loan. That would mean savings of more than $15,000 over the first five years of the loan. It’s a tempting number that explains why […]
Housing, Mortgage

Higher rates may prompt homeowners to stay put, but how will that impact inventory?

By Mike Wheatley | April 22, 2022
Approximately half of American homeowners who currently have a mortgage enjoy a rate of less than 4%. Given that interest rates are now closer to 5%, experts say this could prompt many to stay put, possibly resulting in more pressure on the already-low inventory of homes for sale. The thinking is that homeowners who’re locked […]
Housing, News

As mortgage rates rise, more buyers are being priced out

By Mike Wheatley | April 18, 2022
Rapidly rising mortgage rates may help to reduce housing demand this spring, as the worsening affordability causes more buyers to be priced out of the market, experts say. Mortgage applications are already down more than 6%, according to a report by Redfin. That suggests sellers may have to be more realistic when setting their asking […]
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