Home buyers have another shot at snagging mortgage rates under 3% this week. The 30-year fixed-rate mortgage fell to 2.99%, defying expectations that below 3% rates were now gone.The Federal Reserve recently warned that it will soon begin tapering its bond purchases, which is expected to move rates up. The National Association of REALTORS® is predicting that the 30-year fixed-rate mortgage will average 3.5% by mid-2022.But over recent weeks
Sixty-seven percent of U.S. households own a pet, and nearly half of those pet owners are renters, according to new research from All About Cats, a pet resource website.For renters whose pets are a vital consideration during their home search, All About Cats released research on the best and worst places in the U.S. to find a pet-friendly rental property. It’s easiest to find a pet-friendly rental in New York and Charlotte, N.C., according to t
Home buyers may find more opportunities with a greater number of listings for sale and may be able to snag better housing deals this month. A new analysis from ATTOM Data Solutions shows that October is the best month of the year to buy a home.Buyers who close in October tend to get better deals compared with those who purchase during the spring buying season. Homes tend to fetch lower premiums than other months of the year. For example
Lawmakers on Capitol Hill announced Thursday that they've reached a deal to lift the national debt ceiling through December while continuing to work on a longer-term budget solution. The deal comes a day after Charlie Oppler, president of the National Association of REALTORS®, met with President Joe Biden and other business leaders at the White House on Wednesday to discuss the issue.Biden called the meeting to pressure Congress to act before Oc
Builders are up against short supplies of a variety of materials needed to build homes, such as wood paneling, ceiling joists, and pipes. They’re searching for substitutes to keep construction schedules on time, but the process is also adding to their costs.Supply shortages have become a common story in the homebuilding industry over the past year. More than 90% of builders say they have faced a shortage of appliances, framing lumber, plywood,
A sharp increase in mortgage rates is causing home buyers and refinancers to pause. Total mortgage application volume, which includes home purchases and refinancings, dropped 7% last week compared with the previous week, the Mortgage Bankers Association reported Wednesday.The MBA reports that the average contract interest rate for a 30-year fixed-rate mortgage rose to 3.14%, up from 3.10% the previous week. That marks the highest level since July
Salt Lake City is the best metro area in which to raise a family, according to a new study released from LendingTree. Researchers factored into their rankings median family incomes, monthly housing costs for homes with a mortgage, homeownership rates among families with at least one child, unemployment, education attainment, commute time, and more.Salt Lake City has the lowest unemployment rate, ranks second for its homeownership rate among famil
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Real estate professionals are rapidly adopting technology for closing transactions or for marketing. Most home buyers start their hunt online so agents are casting a wide net.Forty-one percent of more than 6,000 executives and senior management at real estate firms surveyed say one of their biggest challenges over the next two years is keeping up with technology, according to the 2021 Real Estate in a Digital Age report produced by the National A
Priced out of the single-family market, more buyers are now turning their attention toward often a more affordable alternative—condominiums and townhouses. Over the past year, sales have rapidly been on the rise, whether for a permanent residence or even as a second home.Twice as many condos sold in May than a year earlier, according to realtor.com® data. However, that is being measured against a 46% drop in condo sales in May 2020 compared to
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