Home buyers can expect to pay more for a home this summer. The median existing-home price for all housing types reached an all-time high in May at $264,800, according to the latest housing report released by the National Association of REALTORS®.Many markets continue to see a flood of buyers but not enough homes for sale, which is prompting prices to rise and also limiting the number of sales. For the second consecutive month, existing-home sal
Mortgage rates have been up and down in recent weeks, so when borrowers saw little fluctuation last week, they jumped at a chance to lock in a rate. Home refinancers, in particular, took advantage.Total mortgage application volume rose 5.1 percent last week on a seasonally adjusted basis compared to the previous week. The gain was fueled by homeowners who were refinancing. Refinancing applications increased 6 percent for the week. However, such a
Mortgage rates are on the rise. Could that derail sales? According to First American’s Potential Home Sales model, even if the 30-year fixed-rate mortgage rose to 5 percent, the impact on the housing market would be modest. Many economists are predicting that the 30-year fixed-rate mortgage will average 5 percent by the end of 2018 or early 2019. First American’s Potential Home Sales model estimates the potential for existing-home s
Co-buyers—multiple unmarried buyers listed on the sales deed—are bringing some of the highest down payments to settlement, according to ATTOM Data Solutions’ First Quarter 2018 U.S. Residential Property Loan Origination Report.The average down payment for homes purchased by co-buyers in the first quarter was $56,911—46 percent higher than the average down payment of $38,915 for homes purchased by other buyers. The average co-buyer brought
Mortgage rates were back on the rise this week, increasing to their second highest level this year. The move follows the Federal Reserve’s vote on Wednesday to raise its federal fund rate by 25 basis points.The 30-year fixed-rate mortgage followed suit, rising eight basis points to average 4.62 percent during the week, Freddie Mac reports.“The good news is that the impact on consumer budgets will be smaller than past rate hike cycles,” say
Freddie Mac announced a new partnership with a job-hunting firm called NextJob to provide employment search assistance to current and aspiring homeowners living in high-need or other poverty areas.The program will assist homeowners who have Freddie Mac Home Possible mortgages increase their re-employment prospects following a job loss, reduced hours, or other employment challenges that threaten their ability to make their mortgage payments. The p
The Federal Reserve voted Wednesday to raise interest rates for the second time this year and indicated that it will step up the pace of interest rate hikes if economic growth continues to boom. It changed its outlook to a total of four likely increases this year. Eight Fed policy makers said they expected four or more quarter-point rate increases for the full year.“The committee expects that further gradual increases in the target range for th
With home prices up in most markets, homeowners aren’t being shy about tapping into their newfound equity. Home equity lines of credit were up 18 percent in the first quarter, and up 14 percent from a year ago, according to ATTOM Data Solutions’ First Quarter U.S. Residential Property Loan Origination Report.“Putting home equity to work is the name of the game in the 2018 housing market,” says Daren Blomquist, senior vice president at ATT
Generation Z is still mostly comprised of kids, but analysts in the housing market are already expecting big things about this generation’s future appetite for real estate.Generation Z, born in 1997 and beyond, is a cohort of about 65 million to 75 million who are expected to start buying homes on a large scale within five to 10 years. The oldest members of Gen Z are in their early 20s. Millennials are currently the largest group of homebuyers.
Rising interest rates and the economy are the top two current issues to watch in real estate, according to the Counselors of Real Estate’s Top Ten Issues Affecting Real Estate 2018-2019, a list of the biggest threats to the housing market. For the first time, CRE broke its annual list down into current and longer-term issues to watch during the industry’s next year.Top Current Issues to Watch1. Interest rates and the economy: As interest ra
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