Mortgage refinances surge 8%, as rates fall to the lowest level since January 2018

The walking robot that could soon be delivering your packagesIt’s not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford’s vision for how its autonomous vehicles deliver packages and goods in the…Technologyread more


The walking robot that could soon be delivering your packagesIt’s not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford’s vision for how its autonomous vehicles deliver packages and goods in the…Technologyread more
Mortgage refinances surge 8%, as rates fall to the lowest level since January 2018 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: diana olick
Keywords: news, cnbc, companies, vision, fall, thetechnologyread, packagesits, refinances, surge, mortgage, level, vehicles, soon, rates, 2018, robot, packages, neighborhood, walking, visiting, lowest


Mortgage refinances surge 8%, as rates fall to the lowest level since January 2018

The walking robot that could soon be delivering your packages

It’s not fast and may be years from visiting your neighborhood, but a walking robot is part of Ford’s vision for how its autonomous vehicles deliver packages and goods in the…

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: diana olick
Keywords: news, cnbc, companies, vision, fall, thetechnologyread, packagesits, refinances, surge, mortgage, level, vehicles, soon, rates, 2018, robot, packages, neighborhood, walking, visiting, lowest


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51% of millennial homeowners say they have regrets about buying their home—here’s why

Millennials are more than twice as likely to be stressed about homeownership as their baby boomer counterparts. That’s according to real estate website Clever, which conducted a survey of 1,000 homeowners comparing millennials (those ages 23 to 38) and boomers (those ages 55 to 73). The survey explores why young people are “more stressed about owning homes than any other generation.” PMI can add up quickly: It typically costs about 1% of your outstanding loan balance, on top of your monthly mort


Millennials are more than twice as likely to be stressed about homeownership as their baby boomer counterparts. That’s according to real estate website Clever, which conducted a survey of 1,000 homeowners comparing millennials (those ages 23 to 38) and boomers (those ages 55 to 73). The survey explores why young people are “more stressed about owning homes than any other generation.” PMI can add up quickly: It typically costs about 1% of your outstanding loan balance, on top of your monthly mort
51% of millennial homeowners say they have regrets about buying their home—here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: shawn m carter
Keywords: news, cnbc, companies, mortgage, homeowners, 20, millennials, homes, stressed, quickly, millennial, survey, monthly, costs, regrets, buying, 51, say, homeheres


51% of millennial homeowners say they have regrets about buying their home—here's why

Millennials are more than twice as likely to be stressed about homeownership as their baby boomer counterparts. In fact, 51% feel buyer’s remorse, compared to just 20% of boomers.

That’s according to real estate website Clever, which conducted a survey of 1,000 homeowners comparing millennials (those ages 23 to 38) and boomers (those ages 55 to 73). The survey explores why young people are “more stressed about owning homes than any other generation.”

Millennial homeowners’ No. 1 regret is that they say their mortgage payments are too high. Thanks to rising housing costs and competing expenses like student loans, more than two-thirds, or 67%, put down less than 20% on their homes, resulting in higher monthly payments.

Additionally, most millennials who purchased homes without a 20% down payment will be required to pay private mortgage insurance until they’ve paid enough on their mortgage that they only owe 80% of the current market value of the home. PMI can add up quickly: It typically costs about 1% of your outstanding loan balance, on top of your monthly mortgage payments.

Experts recommend trying to build that 20% in home equity as quickly as you can to avoid racking up additional fees.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: shawn m carter
Keywords: news, cnbc, companies, mortgage, homeowners, 20, millennials, homes, stressed, quickly, millennial, survey, monthly, costs, regrets, buying, 51, say, homeheres


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Weekly mortgage applications drop 4.3%, despite lower interest rates

It may be the heart of the spring housing season, but the mortgage market isn’t seeing big business. Mortgage application volume fell 4.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications to purchase a home fell 4% for the week and were barely 1% higher from a year ago. That sales surge may have been due to a sharp drop in mortgage rates. Mortgage rates started this week slightly higher, but there is big economic d


It may be the heart of the spring housing season, but the mortgage market isn’t seeing big business. Mortgage application volume fell 4.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Mortgage applications to purchase a home fell 4% for the week and were barely 1% higher from a year ago. That sales surge may have been due to a sharp drop in mortgage rates. Mortgage rates started this week slightly higher, but there is big economic d
Weekly mortgage applications drop 4.3%, despite lower interest rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: diana olick
Keywords: news, cnbc, companies, homes, sales, buyers, week, interest, lower, 43, rates, higher, supply, volume, applications, despite, mortgage, drop, market, weekly


Weekly mortgage applications drop 4.3%, despite lower interest rates

It may be the heart of the spring housing season, but the mortgage market isn’t seeing big business.

Mortgage application volume fell 4.3% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 4.5% higher annually, thanks to stronger refinance activity.

While applications to refinance a home loan were 5% percent lower for the week, they were still 11% higher than a year ago, because interest rates were 38 basis points higher then. Refinance volume overall, however, is still much lower than normal because so many homeowners refinanced to the historically low rates that followed the last housing crash.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) decreased to 4.42% from 4.46%, with points increasing to 0.46 from 0.44 (including the origination fee) for loans with a 20% down payment.

“Mortgage rates were lower last week, as concerns over global growth, particularly in Germany, outweighed more positive domestic news on first quarter GDP growth and business investment,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

Lower rates didn’t get more buyers off the fence, either. Mortgage applications to purchase a home fell 4% for the week and were barely 1% higher from a year ago. Purchase volume has been weakening this month, despite brighter signs in the overall housing market. There is more supply of homes for sale, and overheated home prices are finally beginning to chill.

Home sales are sending mixed signals right now. Sales started the year weaker, but pending home sales in March jumped more than expected. Pending sales are based on signed contracts. Sales of newly built homes, also measured in contracts, jumped in March as well. That sales surge may have been due to a sharp drop in mortgage rates. Rates have since edged higher, but not by much.

The fact that today’s buyers are so sensitive to the latest mortgage rate swings shows just how much they are struggling to afford homes at all, especially first-time buyers. Supply is leanest on the low end of the market, and that is where the bulk of buyers are. Even as some higher-end homes sit on the market longer, it is still not uncommon in many metropolitan markets to see heavy competition for lower-priced homes. Most of the stagnation in sales is on the highest end of the market, where supply is plentiful.

Mortgage rates started this week slightly higher, but there is big economic data ahead that could swing rates in either direction. The Federal Reserve will make a policy announcement Wednesday afternoon, and the monthly employment report is set to be released on Friday.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: diana olick
Keywords: news, cnbc, companies, homes, sales, buyers, week, interest, lower, 43, rates, higher, supply, volume, applications, despite, mortgage, drop, market, weekly


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The 10 best cities for first-time home buyers

When buying your first home, you want to choose a place you love — and also one you can afford. To determine the best cities for first-time buyers, personal finance site SmartAsset evaluated U.S. cities with populations of 300,000 or more across seven metrics: value per square foot, number of mortgage lenders, loan funding rate, market volatility, home price fluctuations, housing affordability and homeowner stability. The site used data from a number of sources, including the Department of Housi


When buying your first home, you want to choose a place you love — and also one you can afford. To determine the best cities for first-time buyers, personal finance site SmartAsset evaluated U.S. cities with populations of 300,000 or more across seven metrics: value per square foot, number of mortgage lenders, loan funding rate, market volatility, home price fluctuations, housing affordability and homeowner stability. The site used data from a number of sources, including the Department of Housi
The 10 best cities for first-time home buyers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: emmie martin
Keywords: news, cnbc, companies, buyers, firsttime, best, lenders, finance, zillow, cities, site, number, mortgage, housing


The 10 best cities for first-time home buyers

When buying your first home, you want to choose a place you love — and also one you can afford.

To determine the best cities for first-time buyers, personal finance site SmartAsset evaluated U.S. cities with populations of 300,000 or more across seven metrics: value per square foot, number of mortgage lenders, loan funding rate, market volatility, home price fluctuations, housing affordability and homeowner stability.

The site used data from a number of sources, including the Department of Housing and Urban Development, Zillow, the Mortgage Bankers Association, the U.S. Census Bureau and the Federal Housing Finance Agency.

Below, check out 10 cities where first-time buyers can find a combination of affordable homes, numerous mortgage lenders and thriving real estate markets.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: emmie martin
Keywords: news, cnbc, companies, buyers, firsttime, best, lenders, finance, zillow, cities, site, number, mortgage, housing


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Presidential candidate Pete Buttigieg says his monthly mortgage payment is $450

In just a few short months, 37-year-old presidential candidate Pete Buttigieg has gone from being the little-known mayor of Indiana ‘s fourth largest city, South Bend, to a household name — regardless of whether you can pronounce it. In his time on the campaign trail Buttigieg (pronounced “boot-edge-edge”) — or as his constituents call him, “Mayor Pete” — has emphasized his Midwestern roots. “I actually live in a middle-class lifestyle, in a middle-class neighborhood, in the American Midwest. “


In just a few short months, 37-year-old presidential candidate Pete Buttigieg has gone from being the little-known mayor of Indiana ‘s fourth largest city, South Bend, to a household name — regardless of whether you can pronounce it. In his time on the campaign trail Buttigieg (pronounced “boot-edge-edge”) — or as his constituents call him, “Mayor Pete” — has emphasized his Midwestern roots. “I actually live in a middle-class lifestyle, in a middle-class neighborhood, in the American Midwest. “
Presidential candidate Pete Buttigieg says his monthly mortgage payment is $450 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: abigail hess
Keywords: news, cnbc, companies, candidate, 450, middleclass, mayor, south, monthly, mortgage, payment, actually, writes, midwestern, city, pete, lifestyle, presidential, buttigieg


Presidential candidate Pete Buttigieg says his monthly mortgage payment is $450

In just a few short months, 37-year-old presidential candidate Pete Buttigieg has gone from being the little-known mayor of Indiana ‘s fourth largest city, South Bend, to a household name — regardless of whether you can pronounce it.

In his time on the campaign trail Buttigieg (pronounced “boot-edge-edge”) — or as his constituents call him, “Mayor Pete” — has emphasized his Midwestern roots.

“Everybody’s talking about the middle of the country like it’s some mysterious place and I think it might make sense to have somebody in the mix who actually lives here,” Buttigieg told CNBC Make It in a previous interview. “I actually live in a middle-class lifestyle, in a middle-class neighborhood, in the American Midwest.”

One aspect of that Midwestern lifestyle? Affordable housing. “[His] home is one of the nicest in the city and serves as a reminder of South Bend’s distance from the coasts: The mortgage payment, according to Buttigieg, is about $450 a month,” writes Nathan Heller in Vogue.


Company: cnbc, Activity: cnbc, Date: 2019-04-30  Authors: abigail hess
Keywords: news, cnbc, companies, candidate, 450, middleclass, mayor, south, monthly, mortgage, payment, actually, writes, midwestern, city, pete, lifestyle, presidential, buttigieg


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Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers

Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year. Mortgage applications to purchase a home, which had been holding strong amid higher rates, fell 4% for the week. “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers,” Fratantoni said.


Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year. Mortgage applications to purchase a home, which had been holding strong amid higher rates, fell 4% for the week. “The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers,” Fratantoni said.
Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, month, sensitive, applications, week, spooking, fall, rate, weekly, buyers, highest, spring, higher, interest, rates, homes, sales, mortgage, points


Weekly mortgage applications fall as the highest rates in a month are spooking spring buyers

Homebuyers had been brushing off the slight rise in rates during recent weeks, but as those rates move even higher, pruchasers are now pulling back.

Overall mortgage application volume fell 7.3% last week from the previous week, but it was 6.6% higher than a year ago, thanks to stronger refinance volume, according to the Mortgage Bankers Association’s seasonally adjusted index.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($484,350 or less) increased to 4.46% from 4.44%, with points increasing to 0.44 from 0.42 (including the origination fee) for loans with a 20% down payment. The rate has risen 10 basis points in the past three weeks and is now at its highest level in over a month.

“Borrowers remain extremely sensitive to rate changes,” said Mike Fratantoni, MBA senior vice president and chief economist. “Borrowing costs have recently drifted higher because of ebbing geopolitical concerns, as well as signs of strengthening in the U.S. economy, including the recent data pointing to robust retail sales.”

Applications to refinance a home loan, which are most sensitive to interest rates, fell 11% for the week but were nearly 13% higher than a year ago. Mortgage rates were a significant 27 basis points higher last year.

Mortgage applications to purchase a home, which had been holding strong amid higher rates, fell 4% for the week. They were still 3% higher than a year ago, but that annual comparison is shrinking. Purchase applications should be strengthening as the spring season progresses and the supply of homes for sale rises.

Supply was up 2.4% annually at the end of March, according to the National Association of Realtors, but much of that increase is not from more new listings. Instead, listings are sitting for a longer time and piling up.

“The strong economy and job market is keeping buyer interest high, but rising mortgage rates could add pressure to the budgets of some would-be buyers,” Fratantoni said.

Recent home sales reports are showing just how sensitive today’s buyers are. Sales of existing homes in March, which are based on closings and therefore contracts signed in January and February, were disappointing. Sales of newly built homes, however, were stronger than expected, but those numbers are based on contracts signed in March, not closings.

Mortgage rates took a steep dive in March, and that likely juiced sales. With rates now higher again, sales could falter.


Company: cnbc, Activity: cnbc, Date: 2019-04-24  Authors: diana olick, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, month, sensitive, applications, week, spooking, fall, rate, weekly, buyers, highest, spring, higher, interest, rates, homes, sales, mortgage, points


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Kevin O’Leary: Don’t make this home-buying mistake, even when mortgage rates are low

While mortgage rates have been low as of late, on Wednesday, they inched higher. But don’t let falling or rising interest rates influence your decision on whether or not to buy a home, says finance guru and star of ABC’s “Shark Tank” Kevin O’Leary. And you know, with certainty, regardless of what interest rates are, you’re going to pay interest. “Don’t get lulled into an effective ‘gee, the rates are low, that means I should go into debt,'” he advises. “It doesn’t matter what interest rates are


While mortgage rates have been low as of late, on Wednesday, they inched higher. But don’t let falling or rising interest rates influence your decision on whether or not to buy a home, says finance guru and star of ABC’s “Shark Tank” Kevin O’Leary. And you know, with certainty, regardless of what interest rates are, you’re going to pay interest. “Don’t get lulled into an effective ‘gee, the rates are low, that means I should go into debt,'” he advises. “It doesn’t matter what interest rates are
Kevin O’Leary: Don’t make this home-buying mistake, even when mortgage rates are low Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: sarah berger
Keywords: news, cnbc, companies, youre, low, thats, rates, debt, pay, money, oleary, dont, mistake, kevin, mortgage, interest, homebuying


Kevin O'Leary: Don't make this home-buying mistake, even when mortgage rates are low

While mortgage rates have been low as of late, on Wednesday, they inched higher. But don’t let falling or rising interest rates influence your decision on whether or not to buy a home, says finance guru and star of ABC’s “Shark Tank” Kevin O’Leary.

“What I hate about mortgages, they’re very finite,” O’Leary tells CNBC Make It. “You owe money, lots and lots and lots of money. And you know, with certainty, regardless of what interest rates are, you’re going to pay interest. That’s what happens.”

“Don’t get lulled into an effective ‘gee, the rates are low, that means I should go into debt,'” he advises. “It doesn’t matter what interest rates are — debt is debt and you have to pay it back.”

So the critical thing to remember about buying a home — regardless of rates — is that it should be a thoughtful and careful decision.

“Ask yourself this question before you even consider [buying a home]: ‘Do I actually want to have a mortgage? Do I want to owe hundreds of thousands of dollars to somebody?'” O’Leary adivses.

“Maybe I should just rent for awhile, get a feel for the neighborhood I’m in and make sure that my job that’s providing the income to pay for my life and my mortgage is stable.”

If you decide it is time to take out a mortgage and buy a place, paying off your mortgage in a timely manner is then critical, especially for younger people, O’Leary says. That’s because the longer you’re paying off mortgage debt, the less money you can invest.

“Particularly if you’re starting out and you’ve just had your first child with your significant other, you want to pay off that mortgage. You want to get rid of that so you can start saving money and investing in your future,” O’Leary previously told CNBC Make It.

“Don’t fall in love with being in debt through a mortgage,” he cautions. “Fall in love with being debt free. Feels way better.”

Don’t miss: Kevin O’Leary on college admissions scandal: ‘I’ll tell you who you really screwed: Your kid’

Like this story? Subscribe to CNBC Make It on YouTube!

Disclosure: CNBC owns the exclusive off-network cable rights to “Shark Tank.”


Company: cnbc, Activity: cnbc, Date: 2019-04-17  Authors: sarah berger
Keywords: news, cnbc, companies, youre, low, thats, rates, debt, pay, money, oleary, dont, mistake, kevin, mortgage, interest, homebuying


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How to navigate homebuying and refinancing with low mortgage rates

The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house. Housing sentiment has surged thanks to those low rates, according to government-sponsored mortgage giant Fannie Mae. Mortgage application volume also rose after rates saw their biggest weekly decline at the end of March. The average rate on the 30-year fixed-rate mortgage fell to 4.06% with an average 0.5 point, according to Freddie Mac. The average 30-year home loan rate is now 4.07%,


The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house. Housing sentiment has surged thanks to those low rates, according to government-sponsored mortgage giant Fannie Mae. Mortgage application volume also rose after rates saw their biggest weekly decline at the end of March. The average rate on the 30-year fixed-rate mortgage fell to 4.06% with an average 0.5 point, according to Freddie Mac. The average 30-year home loan rate is now 4.07%,
How to navigate homebuying and refinancing with low mortgage rates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: michelle fox, -matt weaver, crosscountry mortgage
Keywords: news, cnbc, companies, average, sentiment, low, mac, rate, according, refinancing, rates, mae, homebuying, weaver, navigate, mortgage, survey


How to navigate homebuying and refinancing with low mortgage rates

The recent drop in mortgage rates may have you dreaming of buying a new home or refinancing your current house.

You’re not alone.

Housing sentiment has surged thanks to those low rates, according to government-sponsored mortgage giant Fannie Mae. Its monthly survey, released Monday, shows that positive sentiment in March jumped to the highest level since June — which was just below the record high.

Mortgage application volume also rose after rates saw their biggest weekly decline at the end of March. Volumes were up 28% from a year prior, according to the Mortgage Bankers Association’s seasonally adjusted index.

But if you are among those who may be put off by the application process, or aren’t sure if it is the right move to make — you should still check things out, said Matt Weaver, loan officer and vice president of sales at Cross Country Mortgage, based in Boca Raton, Florida.

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“Speak to someone that is a professional in the industry and get preapproved upfront to see where you stand — whether you are looking to buy today, six months from now or a year from now,” he said.

The deep drop in rates came in the week ended March 28. The average rate on the 30-year fixed-rate mortgage fell to 4.06% with an average 0.5 point, according to Freddie Mac. (Like Fannie Mae, Freddie Mac is a government-sponsored mortgage company.)

Rates have since fluctuated slightly. The average 30-year home loan rate is now 4.07%, according to Bankrate’s latest survey of the country’s largest mortgage lenders on Monday.

“We did not think that we would see interest rates come back to these numbers,” Weaver said. “We were pretty certain the train had left the station and wasn’t coming back.

“It’s worth coming out and taking advantage of this.”


Company: cnbc, Activity: cnbc, Date: 2019-04-09  Authors: michelle fox, -matt weaver, crosscountry mortgage
Keywords: news, cnbc, companies, average, sentiment, low, mac, rate, according, refinancing, rates, mae, homebuying, weaver, navigate, mortgage, survey


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These 40 cities may see housing prices decline, survey says

If you’re looking for a new home in an urban area, you might be attracted to some more up-and-coming areas. That is according to a new study from GOBankingRates, which evaluated cities based on multiple criteria: percentage of homes with mortgages in negative equity, foreclosure rates, delinquency rates on mortgage payments, homeowner vacancy rates and rental vacancy rates. Separate research from CoreLogic, a provider of property information, data and analytics, released in March found that deli


If you’re looking for a new home in an urban area, you might be attracted to some more up-and-coming areas. That is according to a new study from GOBankingRates, which evaluated cities based on multiple criteria: percentage of homes with mortgages in negative equity, foreclosure rates, delinquency rates on mortgage payments, homeowner vacancy rates and rental vacancy rates. Separate research from CoreLogic, a provider of property information, data and analytics, released in March found that deli
These 40 cities may see housing prices decline, survey says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: lorie konish, sean pavone, istock, getty images
Keywords: news, cnbc, companies, housing, highest, survey, mortgage, list, foreclosure, 40, decline, homeowner, delinquency, cities, youre, vacancy, rates, prices


These 40 cities may see housing prices decline, survey says

If you’re looking for a new home in an urban area, you might be attracted to some more up-and-coming areas.

But buyer beware: Some of those areas come with big risks.

That is according to a new study from GOBankingRates, which evaluated cities based on multiple criteria: percentage of homes with mortgages in negative equity, foreclosure rates, delinquency rates on mortgage payments, homeowner vacancy rates and rental vacancy rates. The site then ranked 40 cities according to these risks.

To be sure, many areas of the country are holding steady. Separate research from CoreLogic, a provider of property information, data and analytics, released in March found that delinquency and foreclosure rates overall were the lowest since 2000.

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“You could see this as a list of bargains. But if things don’t improve, you’re just going to lose equity on your house,” said Andrew DePietro, lead researcher and data analyst at GOBankingRates.

On top of the list is Newark, New Jersey, which also came in first with highest delinquency rate and highest homeowner vacancy rate.

Other Northeast cities to make the list include Baltimore; Bridgeport, Conn.; Hartford, Conn.; Philadelphia; and Syracuse, New York.


Company: cnbc, Activity: cnbc, Date: 2019-04-08  Authors: lorie konish, sean pavone, istock, getty images
Keywords: news, cnbc, companies, housing, highest, survey, mortgage, list, foreclosure, 40, decline, homeowner, delinquency, cities, youre, vacancy, rates, prices


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New home sales rise to 11-month high in February

Sales of new U.S. single-family homes increased to an 11-month high in February and sales for January were revised higher, suggesting that lower mortgage rates were starting to lift the struggling housing market. January’s sales pace was revised up to 636,000 units from the previously reported 607,000 units. New home sales tend to respond more quickly to changes in mortgage rates. Mortgage rates have been declining since the Federal Reserve signaled a long pause in interest rates increases this


Sales of new U.S. single-family homes increased to an 11-month high in February and sales for January were revised higher, suggesting that lower mortgage rates were starting to lift the struggling housing market. January’s sales pace was revised up to 636,000 units from the previously reported 607,000 units. New home sales tend to respond more quickly to changes in mortgage rates. Mortgage rates have been declining since the Federal Reserve signaled a long pause in interest rates increases this
New home sales rise to 11-month high in February Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, 11month, rise, month, pace, week, housing, units, rose, mortgage, sales, rates, market, high


New home sales rise to 11-month high in February

Sales of new U.S. single-family homes increased to an 11-month high in February and sales for January were revised higher, suggesting that lower mortgage rates were starting to lift the struggling housing market.

The Commerce Department said on Friday new home sales rose 4.9 percent to a seasonally adjusted annual rate of 667,000 units last month, the highest level since March 2018. January’s sales pace was revised up to 636,000 units from the previously reported 607,000 units.

Economists polled by Reuters had forecast new home sales, which account for about 11 percent of housing market sales,increasing 1.3 percent to a pace of 620,000 units in February.

New home sales are drawn from permits and tend to be volatile on a month-to-month basis. They rose 0.6 percent from a year ago. New home sales tend to respond more quickly to changes in mortgage rates.

The 30-year fixed mortgage rate tumbled to a more than one-year low of 4.06 percent last week from an average of 4.28 percent in the previous week, according to data from mortgage finance agency Freddie Mac.

Mortgage rates have been declining since the Federal Reserve signaled a long pause in interest rates increases this year. Lower borrowing costs, slowing house price inflation and rising wages have improved housing affordability.

But expensive lumber as well as land and labor shortages remain a challenge for builders. Investment in homebuilding contracted 0.3 percent in 2018, the biggest drop since 2010.

New home sales in the South, which accounts for the bulk of transactions, rose 1.8 percent in February to their highest level since July 2007. Sales surged 26.9 percent in the Northeast and jumped 28.3 percent in the Midwest. They were, however, unchanged in the West.

The median new house price fell 3.6 percent to $315,300 in February from a year ago. There were 340,000 new homes on the market last month, down 0.6 percent from January.

At February’s sales pace it would take 6.1 months to clear the supply of houses on the market, down from 6.5 months in January. Just under two-thirds of the houses sold last month were either under construction or yet to be built.


Company: cnbc, Activity: cnbc, Date: 2019-03-29  Authors: daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, 11month, rise, month, pace, week, housing, units, rose, mortgage, sales, rates, market, high


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