The summer season has brought some good news for potential buyers in the housing market. Recent data indicates that there has been a slight improvement in home affordability, with the median new mortgage payment dropping to $2,167 in June from $2,219 in May. This decrease in the index demonstrates an enhancement in borrower affordability, which
Real Estate
As the Federal Reserve is poised to make the first interest rate cut in years this fall, the anticipation is high amongst those in the market for a new home. While there is a less than 6% chance of a rate cut in the upcoming Federal Open Market Committee meeting, experts predict a much greater
As consumers gear up to renew their homeowners insurance policies, they are met with a significant increase in prices. Between May 2022 and May 2023, home insurance prices surged by an average of 21% during renewal. This spike can be attributed to a rise in catastrophic severe weather events, leading experts to predict that the
Living in a major city in Asia can come with a hefty price tag, especially in cities like Hong Kong and Singapore. According to data from Numbeo, the monthly rent in Shanghai’s city-center can cost approximately $2,700. However, in Hong Kong and Singapore, a family of four can expect to spend an estimated $9,000 a
Vice President Kamala Harris has been a strong advocate for affordable housing throughout her career, encompassing her time as attorney general for California to her current role in the Biden administration. Harris has been involved in various housing policy initiatives, such as the California Homeowner Bill of Rights and introducing the Rent Relief Act in
Despite a slight decrease in mortgage interest rates last week, the average contract interest rate for 30-year fixed-rate mortgages remains relatively high at 6.82%. This decrease from 6.87%, while promising, has not been enough to entice potential homebuyers off the fence. With points increasing to 0.59 from 0.57 for loans with a 20% down payment,
As reported by the National Association of Realtors, sales of previously owned homes took a hit in June, dropping by 5.4% compared to May, with 3.89 million units sold on a seasonally adjusted, annualized basis. This also represents a 5.4% decline from sales in June of the previous year. The decrease in sales indicates a
Many renters may not realize that they are financially capable of purchasing a home. In 2022, 39% of families in the U.S. were renters, with approximately 7.9 million of those families deemed “income mortgage-ready,” according to Zillow. This means that these families could have comfortably paid a mortgage payment that accounts for 30% or less
Housing constitutes a significant expense for consumers in the United States, yet high rents and home prices are not the only obstacles preventing potential homebuyers from saving money. Another major roadblock is access to affordable credit. An alarming statistic reveals that approximately 50 million Americans are considered “credit invisible,” as reported by the Office of
In the past week, mortgage rates hit the lowest level since March, leading to a significant increase in demand for refinancing. Applications to refinance a home loan rose by 15%, reaching the highest level since August 2022. This surge in demand was 37% higher compared to the same week last year, despite mortgage rates remaining