The average rate on a 30-year U.S. mortgage eased to where it was three weeks ago, modest relief for prospective homebuyers challenged by rising home prices and stubbornly high borrowing costs. The long-term rate slipped to 6.72% from 6.74% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%. Borrowing
Buying a home is exciting, but for many millennials, it’s not all nesting and redecorating. In fact, a recent Hometap survey of 1,000 homeowners revealed that millennials are more stressed about paying their mortgages than any other generation. “Millennials have a lot on their cumulative financial plates—thanks to soaring home values and corresponding large mortgages.
Homebuyers may soon have a new way to purchase homes using cryptocurrency. The Trump administration is pushing for a policy that allows buyers to include cryptocurrency in federal mortgage applications without converting it to cash. The directive requires Fannie Mae and Freddie Mac to prepare for counting cryptocurrency as an asset for single-family home mortgage
FIRST-TIME buyers are to get a “leg up” onto the housing ladder under plans announced by the Chancellor. Rachel Reeves has set out sweeping changes for those looking to buy a house. 1 Chancellor Rachel Reeves is expected to announce changes for home buyers todayCredit: AFP This includes a new permanent mortgage guarantee scheme, which
MORTGAGE experts have weighed in on whether you should take a mortgage break if you’re struggling to pay your bills. This is a type of agreement between you and your lender where you temporarily pause or reduce your payments. 1 We explain the pros and cons of asking for a mortgage breakCredit: Getty If you
With the mortgage market in turnaround, many homeowners are looking to tap their home equity rather than sell. One of the largest home lenders in the U.S., Rocket Mortgage, also has some of the most generous limits on home equity loans: up to $500,000. We also like that this online lender consistently ranks tops for
Mortgage rates are likely to edge a little lower in July, continuing the gradual decline we saw in June. So far, inflation hasn’t risen from higher tariffs, and financial markets seem convinced that the Federal Reserve will cut short-term interest rates in the second half of the year. Together, those two factors could decrease mortgage
Homebuyers could soon be able to count bitcoin and other cryptocurrency holdings as qualifying assets when applying for a mortgage, in a significant departure from previous policy. In a memo on Wednesday, Federal Housing Finance Agency Director Bill Pulte ordered Fannie Mae and Freddie Mac to prepare proposals for considering cryptocurrency as an asset in
Your lender may sell your mortgage to another financial institution after you close. It’s actually not uncommon for a loan to be sold more than once. If your mortgage is sold, your rate, terms and payment plan will all remain the same. You’ll just have to update your details with the new mortgage company, which
MORTGAGE lenders have been slashing rates, with two-year deals now at the lowest they’ve been in almost three years. The average two-year fixed mortgage currently has an interest rate of 5.12%, according to data from Moneyfacts. 1 Lenders have been cutting mortgage rates in the last week, but by smaller margins than beforeCredit: Alamy Rates