Show me the money! Admit it, that’s what you’re thinking when you consider selling your house. In fact, chances are good you’ve mentally spent much of the proceeds already—on a new house you’re buying, and maybe even a nice vacation this summer.Slow down there—while selling a home can indeed bring in some sweet profits, not every dollar goes into your pocket. You also have to pay the...
Real Estate News
Mortgage rates took a step back this week as concerns about a recession outweighed worries about inflation. According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average fell to 5.3 percent with an average 0.8 point. (A point is a fee paid to a lender equal to 1 percent of the loan amount. It is in addition to the interest rate.) It was 5.54 percent a week ago and 2.8...
Home values have risen for 124 consecutive months — more than 10 years — and the gains have accelerated in recent years. That, and keeping up with monthly mortgage payments, has put a lot of wealth on paper for homeowners.A record 48.1% of homeowners with a mortgage nationwide were equity-rich in the second quarter of 2022 — owing the lender less than 50% of what they could sell their home for. That...
By: Orla McCaffrey (realtor.com)May 2, 2022Mortgage rates are at their highest level in more than a decade. Home buyers are fighting back.More borrowers are paying fees to cut their interest rates and making higher down payments to lower the amount they have to finance, lenders and real-estate agents say. People buying homes under construction are choosing to lock in today’s rates rather than risk even...
By: Lisa Kaplan Gordon (realtor.com)What is a bridge loan? As the name suggests, bridge loans offer a short-term loan or “bridge” that allows borrowers to purchase new real estate property by using the home they currently own as collateral. A bridge loan is definitely worth considering for borrowers who are trying to buy and sell a home at the same time.What is a bridge loan?Also called a “wrap” or...
You’ve imagined it: that party you’ll throw (and the happy dance you’ll undoubtedly do) the day you pay off your mortgage. Ah, the joy of being debt-free and the full owner of your home! But hold on: While paying off that principal on your home loan is certainly an achievement, it’s not one you want to rush unnecessarily. We know, holding on to a mortgage payment can seem...
By: Susan Doyle and Michele Lerner (washingtonpost.com)Mortgage rates ticked downward this week, rocked by an undercurrent of economic uncertainty, but continue to be elevated above the familiar days when they hovered around 3 percent.The 30-year fixed-rate mortgage averaged 5.25 percent as of Thursday, a dip from last week when it averaged 5.3 percent, according to data released by Freddie Mac. This time...
By: Jordan RosenfeldThe pandemic put only a temporary damper on the housing market, as the market rebounded robustly, hotter than ever, particularly in 2021. As we’ve rolled into 2022, the market is starting to simmer down just a little but not much. The median home price in January 2022 was $350,300, as compared to $356,700 from August 2021, according to the National Association of Realtors. And the...
By Michele Lerner (washingtonpost.com)With mortgage rates spiking in recent weeks to levels not seen for more than a decade, home loan borrowers are considering their options for financing. Approximately 11 percent of mortgage applications were for adjustable-rate mortgages (ARMs) in the first week of May, according to the Mortgage Bankers Association — nearly double the share of ARM applications three...
By: Clare Trapasso (realtor.com)Q:Between the increases in mortgage rates and prices, it’s so hard to afford a home now. Should I max out my budget?Don’t do it.Granted, it’s hard not to buy a home at the top of your budget when prices have hit record highs and mortgage rates are climbing—especially if you fall in love with a particular property and get into a bidding war over it. But I urge you to...
