The Biden administration is expanding its crackdown on junk fees, this time setting its sights on the mortgage industry. The Consumer Financial Protection Bureau (CFPB) cites particular concern about the rising costs of home purchase loans, which surged nearly 22% from 2021 to 2022. In other words, closing costs rose nearly $1,000 to an average
April mortgage rate forecast Mortgage rates shouldn’t change much in April, as inflation remains stubbornly elevated. The inflation rate has been falling since October 2022, but progress has felt as maddeningly slow as the driver who doesn’t notice when the light turns green. Inflation’s decline is likely to continue its glacial pace in April. Mortgage
If you’re thinking of buying a home, there’s no day like today to make the move, says Barbara Corcoran. The rate on the benchmark 30-year fixed mortgage declined slightly to 6.79% last week, well below October’s peak of 7.79%, according to Freddie Mac. For homebuyers, the prospect of waiting for lower borrowing cost might seem
sdominick / iStock.com Since the onset of the COVID-19 pandemic in March 2020, mortgage rates skyrocketed. The Michigan Journal of Economics explained that increased demand for homes went up while supply stagnated and remained extremely low. These factors resulted in higher home prices and higher mortgage interest rates. Check Out: Housing Market 2024: Avoid Buying
An analyst said that any recovery to the housing market will likely be gradual.Richard Newstead/Getty Images The housing market looks to be gradually approaching a recovery. A growing number of mortgage-locked homes are going up for sale, JPMorgan said. Existing-home sales, meanwhile, jumped by nearly 10% in February. The housing market looks like it’s starting
NoDerog / Getty Images/iStockphoto It’s no secret that mortgage rates have been ballooning lately, affecting both homebuyers and sellers — many of whom feel locked in by the lower rates they secured a few years ago. In turn, the dearth of inventory is putting pressure on home prices, leaving many would-be buyers on the sidelines.
Mortgage rates slipped this week, but homebuyers are waiting for a more significant drop before entering the expensive housing market. The average rate for 30-year mortgages remained below the 7% mark, but not by much, settling at 6.91% on Thursday, according to Mortgage News Daily. Another measurement tracking weekly average rates for the 30-year loan
Barbara Corcoran has said it before, and she’ll probably say it again: when mortgage rates fall, home prices will rise. “If rates go down just another percentage point…prices are going to go through the roof,” the self-made real estate millionaire and Shark Tank star told Fox Business yesterday. The average 30-year fixed mortgage rate is
US pending home sales, a measure of contract signings on existing homes, gained momentum in February as some buyers raced ahead of climbing mortgage rates. After dipping in January, the index for pending home sales rose 1.6% in February, according to data from the National Association of Realtors (NAR) released Thursday. The reading of 75.6
The Yahoo view: A good choice for borrowers, particularly on the East Coast, PNC Bank offers first-time home buyers grants, PMI-free loans, and medical professional loans. PNC has some in-depth tools for first-time home buyers, a competitive home equity line of credit — and some unique transparency with its mortgage rates. Two areas that could