The 30-year fixed-rate mortgage rose sharply this week, averaging 3.05%. That marks the highest average since April, according to Freddie Mac’s mortgage market survey.“As inflationary pressure builds due to the ongoing pandemic and tightening monetary policy, we expect rates to continue a modest upswing,” says Sam Khater, Freddie Mac’s chief economist. “Historically speaking, rates are still low, but many potential home buyers are
To keep pace with higher prices, the Federal Housing Finance Agency announced Wednesday that its 2022 multifamily loan purchase caps for Fannie Mae and Freddie Mac will rise to $78 billion for each of the government-sponsored enterprises. That is a combined total of $156 billion to support the multifamily market next year.The 2022 caps, based on the Federal Housing Finance Agency’s projections for overall growth in the multifamily originations
Demand is surging for rental units and that is pushing up prices. The amount homeowners could receive from renting their home increased by 0.4%, which may seem small but is the largest one-month increase since 2006, according to the latest Consumer Price Index. Rents of primary residences jumped by 0.5%, the largest one-month increase since 2001.“This might just be an overshoot after a couple of relatively modest increases, but we can’t rule
While U.S. foreclosure starts rose 67% in September compared with a year ago, they remain well below historic levels. The significant jump has to be seen in context: It is comparing the rate of foreclosure starts now to those of a year ago, when pandemic-led moratoriums were preventing foreclosures from moving forward.And the increase isn't likely to lead to a glut of homes on the market, says National Association of
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Home buyers are paying more in closing costs, but it’s mostly because they’re paying more to buy a home. Lenders are actually holding their closing costs down, a new report shows.National average closing costs for single-family properties was $6,837 including taxes, and $3,836 excluding taxes, for the first half of 2021, according to ClosingCorp, a residential real estate closing data firm. Closing costs were up 12.3% and 10.5%, respectively,
Loan originations for jumbo residential mortgages are set to hit a level that has not been seen since the run-up to the 2008 financial crisis, Bank of America researchers posted in a weekly report. Skyrocketing home prices are forcing home buyers to borrow more to afford the rising costs.Mortgage loans that exceed conforming loan limits set by Freddie Mac and Fannie Mae are estimated to reach $550 billion this year, Bank of America estimates. A l
iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
Homebuyers are bidding up home prices as they compete for homes. But appraisals don’t always agree with the offer the seller finally accepts. Some homes are appraised below the agreed-upon sales price, which could upend a deal.Twenty-three percent of contracts were delayed due to appraisal issues, according to the latest REALTORS® Confidence Index Survey, based on a survey of real estate professionals’ transactions. About 12% of transactions
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