Mortgage prepayments, a common gauge for housing and refinancing demand, jumped to its highest level since May 2013—a good sign for the market, according to a new analysis from data and analystics firm Black Knight. Mortgage prepayments were at 1.81% in October, more than double the figure a year ago. That represents a 134% year-over-year increase, Black Knight reports.What’s causing the improvement? Low mortgage rates are prompting more peop
Mortgage rates declined this week, with the 30-year fixed-rate mortgage averaging 3.66%, Freddie Mac reports. After several weeks of increases, the drop in mortgage rates is a welcome sign for home buyers.“The housing market continues to steadily gain momentum with rising homebuyer demand and increased construction due to the strong job market, ebullient market sentiment, and low mortgage rates,” says Sam Khater, Freddie Mac’s chief ec
President Donald Trump signed a bill Thursday evening to extend the National Flood Insurance Program until Dec. 20, another short-term gap measure that came just hours before the program was set to expire. Congress had approved the extension bill earlier Thursday before it went to the president for his signature.This marks the 13th short-term extension of the NFIP since 2017. The National Association of REALTORS® has long called for a long-term
Low mortgage rates and a strengthening economy propelled home sales in October, the National Association of REALTORS® reported Thursday. Total existing-home sales, which include completed transactions of single-family homes, townhomes, condos, and co-ops, rose 1.9% month over month to a seasonally adjusted annual rate of 5.46 million, NAR’s latest existing-home sales report shows. Sales are up 4.6% from a year ago.“Historically low interest
It’s good to be a landlord: National rents on single-family homes rose 3% in September, as low rental housing inventories compared to demand continues to push up prices, according to CoreLogic’s Single-Family Rent Index.“Low rental supply coupled with ongoing demand pushed up rents in September,” says Molly Boesel, principal economist at CoreLogic. “Vacancy rates have fallen moderately on the national level over the last quarter—with
A growing number of retirees are bucking the downsizing trend and are opting to upsize instead. They may be motivated to find a larger home to accommodate a live-in parent or visiting family members or because a larger home is simply what they prefer.“People who choose to upsize in retirement often do so when relocating to a more climate-friendly area, such as Florida or Arizona,” Cara Ameer, a real estate professional with Coldwell Bank
Some millennials are feeling trapped in renting because they’re unable to save enough to make the leap into homeownership, according to Apartment List’s “2019 Millennials & Homeownership Report.” The report analyzes the attitudes, expectations, and actions of more than 10,000 millennial renters nationwide.The vast majority of millennials say they want to own a home and view it as a financially superior choice over renting, but ne
Foreclosure filings are on the rise, increasing 13% month over month in October and reaching their highest level of 2019, according to ATTOM Data Solutions’ latest U.S. Foreclosure Activity Report.Foreclosure starts rose monthly in 36 states, marking the first double-digit month-over-month increase since February 2018, ATTOM Data Solutions reports. The metro of Minneapolis-St. Paul-Bloomington, Minn.-Wis., saw the highest increase of foreclosur
Though middle-class households are pinching their pennies, they still desire homeownership as a means to increase personal wealth, according to a new study by personal finance resource SmartAsset. Researchers looked at the states in which the middle class is the strongest financially, factoring in housing costs, incomes, and job growth, among other criteria.The middle class is defined as households who earn between two-thirds to double the nation
Some sellers are hoping to hook a buyer by offering a one-year home warranty to cover repair costs for items such as appliances, electricity, or plumbing. The tactic, which is gaining popularity, is meant to give buyers peace of mind that they won't have to shell out cash for pricey improvements after moving into the home. Seventeen percent of sellers have offered a home warranty as an incentive to potential buyers, according to research fro
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