Higher home prices are translating into higher down payments. The median home price is $350,000, according to the National Association of REALTORS®. That means a buyer would have to put down $70,000 (or 20%) on a purchase to avoid private mortgage insurance.Low down payment loans are available for those who can’t reach that 20% down payment threshold. For example, FHA loans require 3.5% down, which would be $12,500 on a median-priced home.“H
Housing affordability declined in August compared to a year ago, despite median incomes rising. However, the jump in home prices—up 11.7%—was way above family income increases of 2.2%, the National Association of REALTORS® reports.Mortgage rates are helping to offset some of those high home prices, however. A 30-year fixed-rate mortgage dropped to 3% in August and has averaged below 3% in the past few weeks, the lowest on record.Nationa
Home prices have hit a record-high growth of 12.9% over the last year. Yet the higher prices aren’t scaring buyers. Homes are still selling quickly—nearly two weeks faster than they did last year.The U.S. median home price remained near its summer peak of $350,000 during the first week of October and has shown no signs of cooling, according to realtor.com®’s Weekly Housing Report, reflecting the week ending Oct. 3.“While buyers woul
The 30-year fixed-rate mortgage neared its all-time low this week, averaging 2.88%. The record low was 2.86%, set in mid-September.The low rates are turning into a boon for the housing market. The National Association of REALTORS® reported this week that housing contract signings in August jumped 24% year over year. Pending home sales are exceeding pre-pandemic levels, with all four major regions of the U.S. posting higher sales activity.
With mortgage rates hitting all-time lows in recent months, 75% of homeowners—or 19.3 million—could refinance and lower their monthly mortgage payments, according to data from Black Knight, a software and analytics firm for the mortgage and lending industry. That is the largest number of potential refinance candidates on record, Black Knight says.What’s more, the average homeowner could potentially reduce their mortgage payme
Mortgage rates ticked up this week but still remain under a 3% average and near historical lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 2.90% this week. The all-time low for rates was set in mid-September, averaging 2.86%.Home buyers are seeing how record-low rates can significantly decrease their borrowing costs. Compared to a year earlier, mortgage rates have dropped more than 70 basis points. That has brought monthly pay
Large retirement communities are being challenged by a new wave of retirees who are showing less interest in the sprawling housing developments that were built for them. Instead, today’s retirees are showing a desire for more customized housing options that fit their active lifestyle.The idea of retirement communities isn’t disappearing, but it’s shifting in design and location, CNBC reports. For example, just prior to the pandemic, more re
Home sales climbed in August to the likes of the 2006 housing boom days, despite the COVID-19 pandemic. Existing-home sales in each of the four major regions of the U.S. saw month-over-month and annual growth, the National Association of REALTORS® reported on Tuesday. The Northeast saw the largest monthly improvement in home sales.Housing inventories continue to remain tight, putting upward pressure on home prices. Existing-home prices for
Homeowners are gaining wealth in the pandemic. The average homeowner gained about $9,800 in equity year over year in the second quarter, according to a new report from CoreLogic, a real estate data firm.“Homeowners’ balance sheets continue to be bolstered by home price appreciation, which in turn mitigated foreclosure pressures,” says Frank Martell, president and CEO of CoreLogic. “Although the exact contours of the economic recovery rema
Fewer investors are flipping homes, but those still active in the market are earning higher profits. Typical investment returns rose to the highest level since late 2018 for housing flips, according to ATTOM Data Solutions’ latest 2020 U.S. Home Flipping Report.The gross profit on the typical home flip nationwide—which is reflected as the difference between the median sales price and the median paid by investors—rose to $67,902 in the secon
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