In June the average rate on the 30-year fixed shot over 6% briefly, and that was enough to turn the once-hot housing market on its heels. Rates pulled back in July and August, but the damage was already done. Now rates are heading past 6% yet again, causing already beleaguered mortgage demand to fall even further.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.94%
Housing sales are falling in response to rising interest rates, but the real estate market is not in a recession, according to Wharton’s Fernando Ferreira. He explains why the persistent lack of supply will continue to put pressure on homebuyers. Wharton real estate professor Fernando Ferreira doesn’t believe the U.S. housing market has entered a recession.Home sales are falling in response to rising interest rates, but th
The government’s main measures of US growth pointed in different directions in the first half of 2022, adding to the ongoing debate on the health of the economy.Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the economy, decreased at a 0.6% annualized rate in the April to June period, Commerce Department data showed Thursday. That reflects an upward revision to consumer spending and compares
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If borrowing costs get just a little higher, the average household may be blocked from homeownership, warns an NAR economist. Mortgage rates continued inching up this week, nearing a threshold that would bring the average American household to a financial tipping point, warns Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®.The 30-year fixed-rate mortgage jumped to an average of 5.66%, Fredd
3 in 5 say climate risks have already impacted their decision on where to live; but housing prices and cost of living are still bigger factors. New survey data reveals that the vast majority (87 percent) of US adults believes climate change poses a risk to the world. The findings come as the effects of climate change are becoming ever more visible around the world — think recent catastrophic flooding from Australia to Kentucky&nb
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Our modern hallway ideas will help you create a slick, stylish entrance to your home. Plus, we also share great tips from design experts These modern hallway ideas look at how to create a space for your home that is elegant yet practical.Getting your hallway lighting right is a good starting point, according to award-winning architect Paul Weston. And there are several tricks you can try to eliminate shadows and illuminate every inch of your
Learn what to do before the season is over to protect plants and make improvements in anticipation for next spring. Before COVID-19, millions of Americans had never gardened. Now, many have the time at home to plant perennial beds and borders, vegetable and herb patches, and fruit trees to improve their yards’ aesthetics and provide food for their families. They also may construct outdoor spaces for lounging, cooking, dining, and to simply have
(Bloomberg) -- Bank of America Corp. started a trial program aimed at helping first-time homebuyers in Black and Hispanic neighborhoods by offering mortgages that don’t require down payments, closing costs or minimum credit scores, all considered longtime obstacles to narrowing the gap between White and minority ownership.Customers using the program will be evaluated for a home loan not by credit scores, but rather factors such as their history
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