Mortgage rates inched higher last week, prompting more buyers and homeowners to retreat from taking out loans.Total mortgage application volume, which includes refinancing and home purchases, dropped 2.6 percent last week on a seasonally adjusted annual basis, the Mortgage Bankers Association reported Wednesday. The index is now 20 percent lower than a year ago.Refinancing saw the largest drop last week at 5 percent. Refinancing applications are
Despite tight housing inventories and rising home prices, the homeownership rate rose slightly in the third quarter and reaching the highest level since 2014, the U.S. Census Bureau reported Tuesday.The homeownership rate rose to 63.9 percent in the third quarter, up slightly from 63.5 percent a year ago, the Census Bureau reported.While the uptick isn’t considered statistically significantly, economists were still somewhat upbeat that the home
Despite tight housing inventories and rising home prices, the homeownership rate rose slightly in the third quarter and reaching the highest level since 2014, the U.S. Census Bureau reported Tuesday.The homeownership rate rose to 63.9 percent in the third quarter, up slightly from 63.5 percent a year ago, the Census Bureau reported.While the uptick isn’t considered statistically significantly, economists were still somewhat upbeat that the home
With steady job growth, mortgage rates near record lows, and escalating rental costs nationwide, the market is favorable for first-time home buyers—yet their share of overall purchase activity this year is approaching a 36-year low, according to the National Association of REALTORS®’ 2017 Profile of Home Buyers and Sellers. First-time buyers accounted for 34 percent of home sales this year, the fourth lowest share since 1981. It’s not bec
Mortgage rates reached their highest averages since July this week.“The 10-year Treasury yield surged this week, jumping 12 basis points,” says Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate followed suit, increasing 6 basis points to 3.94 percent. Today's survey rate is the highest rate in three months.”Freddie Mac reports the following national averages with mortgage rates for the week ending Oct. 26: 30-year
About 20 percent of renters couldn’t pay their rents in full for at least one of the past three months, according to a new report from Apartment List, based on 41,000 respondents.As a result, about 3.3 percent of renter respondents say they had experienced an eviction. Researchers extrapolated the findings to estimate about 3.7 million of 118 million American renters have faced an eviction. Another 7 percent of respondents say they’ve been t
More house hunters are looking for a home, but they’re having trouble finding one. Demand continues to exceed housing supplies in many markets, which is restraining contract signings this fall, the National Association of REALTORS® reported Thursday.NAR’s Pending Home Sales Index—a forward-looking indicator based on contract signings—posted a reading of 106 in September, its lowest reading since January 2015. The index is also 3.5 perce
Let’s say it costs $3,000 to make old hardwood floors look new again. That’s a lot of money, especially if your client is just getting the house ready to list. But of all the remodeling projects homeowners can do to increase the resale value of their property, refinishing the floors is at the top.Of course, no one can predict with certainty whether the investment will pay off, but recent research suggests it will have a big ROI—most likely
Mortgage applications reversed course last week after a brief rebound the week before. Total volume for refinancings and home purchases plunged 4.6 percent on a seasonally adjusted week-over-week basis, the Mortgage Bankers Association reported Wednesday. The index is now 19 percent lower than the same week a year ago.Home purchase applications faced the biggest drops last week, falling 6 percent week over week, the MBA reports. Economists say t
Sales of newly built single-family homes rose 18.9 percent last month, according to data from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. This represented the highest sales rate since October 2007, with a seasonally adjusted annual rate of 667,000 units, after an upwardly revised August reading. Compared to last year, new-home sales are 8.6 percent above their level during the same period in 2016."New-home sal
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