Homeowners were in a rush to take advantage of lower mortgage rates, as weekly refinance applications surged 26%, the Mortgage Bankers Association reported Wednesday. Refinance volume is now nearly 224% higher than a year ago.Mortgage rates are falling due to fears of an outbreak of the new coronavirus in the U.S. The average 30-year fixed-rate mortgage dropped to 3.57% last week from 3.73% a week earlier, the MBA reports. A year ago, rates avera
Last year, home flipping reached its highest rate since 2006, according to ATTOM Data Solution’s 2019 U.S. Home Flipping Report, released Thursday. Butt despite the increase, profit margins have dropped, the report shows.In 2019, 245,864 single-family homes and condos in the U.S were flipped—that represents 6.2% of all home sales during the year. Those home flips generated a gross profit, on average, of $62,900 nationwide, representing the di
Trailer parks have emerged as one of the top-performing real estate investments in the decade since the housing crash, The Wall Street Journal reports. Shares of stocks for major operators of mobile home parks, such as Sun Communities Inc., have climbed 4,137% since March 2009. “They’ve been rocket ships,” John Pawlowski, an analyst at real estate research firm Green Street Advisors, told the Journal. “It’s baffling how g
Americans’ credit scores are improving, particularly among millennials. The average FICO score in the U.S. surged to a record of 703 in 2019, Experian reported in a new analysis. The share of Americans who had FICO scores above 700 increased to 59%, the highest on record. “Millennials ages 24 to 39 now outnumber baby boomers and are finally hitting their credit stride,” according to the Experian report. “Their economic emergence is r
Home values vary considerably across the country, and that means aspiring buyers will need more—or less—money depending on where they’re putting down roots. For example, the median home value in San Francisco is nearly $1.2 million, compared to $170,000 in Philadelphia.Researchers with SmartAsset, a personal finance website, sought to find out how much consumers need in order to afford home payments in different areas of the country. They a
Borrowing costs continue to head lower, enticing home shoppers and refinancers to lock-in.“Given the recent volatility of the ten-year Treasury yield, it’s not surprising that mortgage rates again have dropped,” says Sam Khater, Freddie Mac’s chief economist. “These low rates combined with high consumer confidence continue to drive home sales upward, a trend that is likely to endure as we enter spring.”Freddie Mac reported the followi
Total debt for Americans over the age of 70 has jumped 543% over the last two decades. Mortgages are a big part of that debt, according to a new report from the Federal Reserve Bank of New York.Americans in their 60s also saw debt significantly increase in that time, rising 471%, the report shows.Other age groups have also seen debt increases over that period, but the report authors note they haven’t been as pronounced as that seen by seniors.
More vacant foreclosures are appearing in some markets. But while pockets of property distress continue to haunt those areas, economists say there’s no need for panic.Vacant homes in foreclosure limbo—labeled “zombie foreclosures”—rose 3.1% in the first quarter, according to a newly released report from ATTOM Data Solutions, a real estate data firm. About 282,800 homes are in the process of foreclosure, and 8,700 are sitting empty as zo
Real estate pros are having a busy winter, and with buyer demand high, it could be even busier if it wasn’t for a lack of inventory continuing to plague many markets. Pending home sales rebounded in January, rising 5.2% month over month, the National Association of REALTORS® reported Thursday. Contract signings are up 5.7% over year-ago levels.“This month’s solid activity—the second-highest monthly figure in over two years—is due to th
The higher your credit score, the better your chance to snag a lower mortgage rate and potentially save tens of thousands of dollars over the life of a loan. But one missed payment or a default can instantly bring a credit score down.“Depending on your credit history, a 15- or 20-point shift could mean the difference between being approved or declined or better terms or higher costs,” Rod Griffin, the director of public education at Experian,
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