The share of mortgage applications with adjustable-rate mortgages doubled last week when compared to three months ago, the Mortgage Bankers Association reported Wednesday. ARMs, which start at one rate and then fluctuate after a set period, comprised more than 9% of loans and 17% of the dollar volume.ARMs were blamed for contributing to the housing bubble of the mid-2000s, offering teaser low rates to borrowers that, once they reset, led to some
Home prices are still rising, but sellers’ profits may be slowing from their recent highs. However, most sellers continue to see huge gains and profits still remain at historical highs.The profit margins on median-priced single-family home sales across the U.S. fell to 47.2% in the first quarter. It was the first quarterly decline since late 2019 and the largest in a decade, according to a new report released by ATTOM Data Solutions. The first-
Homeowners have seen the news headlines, and they believe if they sell now, they should get top dollar—and beyond—for their home. About 43% of sellers recently surveyed say they expect their home to sell over the asking price, according to a new survey of 1,000 homeowners conducted by Clever Real EstateMore than a quarter of sellers—28%—expect to receive an offer on the first day the home is listed. Fifty-three percent anticipate an offer
Average closing costs for a single-family home rose by 13.4% in 2021, according to a new analysis by CoreLogic, a real estate research firm. That equates to about $6,905 including transfer taxes and $3,860 when transfer taxes are excluded.Home buyers also are facing higher borrowing costs from mortgage rates and higher home prices. The 30-year fixed-rate mortgage averaged 5.11% last week, according to Freddie Mac. Since the beginning of the
Home sellers are still fetching multiple offers on their properties and buyers continue to face competition, even as the housing market has shown some signs of slowing.REALTORS® reported an average of nearly five offers on each home that sold in March, according to the March REALTORS® Confidence Index survey.On average, half of buyers made two offers before being successful in their purchase by the third try, the survey shows.Buyers are paying
The 30-year fixed-rate mortgage averaged 5.11% this week, continuing its rapid rise, Freddie Mac reports. The higher borrowing costs are forcing home buyers to expand their budgets.With higher rates and home prices, house hunters need to earn about $25,000 extra if they want to buy the typical home now compared to a year earlier, Nadia Evangelou, senior economist and director of forecasting at the National Association of REALTORS®, writes for th
Smart buys are crucial in an elevated housing market. Fifty-three percent of real estate investors say they’ve lost money on projects, according to the Q1 2022 Real Estate Investor Survey released by Kiavi, a provider of financing to real estate investors. They cite hidden issues with properties that they weren’t aware of when they made their purchase as the main reason for losing money.Another factor that contributed to losses was the locati
As mortgage rates rise, some home buyers are starting to back away from the higher costs of ownership. Existing-home sales fell in March, the second consecutive month for declines, the National Association of REALTORS® reported Wednesday. Still, with limited housing stock for sale, homes continue to sell fast and for higher prices.NAR’s existing-home sales index—which reflects completed transactions for single-family homes, townhomes, condos
Though the current housing crisis was decades in the making, all levels of government and the private sector can work together now to ease the burden on consumers and increase housing availability, affordability, and accessibility. This was the message Tuesday from experts during a webinar hosted by national think tank Third Way called “A Look Ahead: Fixing the Housing Crisis.”Chronic underbuilding has contributed to housing supply
Single-family rentals remain a hot commodity. Rent prices continued their double-digit climb in February, rising 13.1% overall compared to a year earlier. It marked another record for single-family rents, according to CoreLogic’s Single-Family Rental Index.A shortage of available rentals is leading to a run-up in prices. Also, double-digit gains in home prices are pricing out some would-be home buyers and prompting them to rent instead.“Singl
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