The 30-year fixed-rate mortgage plunged 22 basis points this week, the largest one-week drop in 10 years, Freddie Mac reports in its weekly mortgage survey.“The Federal Reserve’s concern about the prospects for slowing economic growth caused investor jitters to drive down mortgage rates by the largest amount in over ten years,” says Sam Khater, Freddie Mac’s chief economist. “Despite negative outlooks by some, the economy continues to c
More homeowners plan to spruce up their homes this year, but a lot of things can go wrong—particularly financially—when setting out to do a home remodel. More than a quarter of home renovation projects go over budget.Some of the biggest budget breakers for owners completing a home renovation project, according to a new infographic from Job Site Image, a company that offers construction photo documentation, are:Choosing more expensive pro
Pending home sales posted a slight drop in February, but economists are shrugging off any concerns that it could be a sign of any murky spring for the housing market.The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings, fell 1 percent in February to a reading of 101.9. Contract signings are down 4.9 percent year over year.“In January, pending contracts were up close to 5 perc
Tighter underwriting that the Federal Housing Administration announced March 14 for higher-risk loans doesn’t mean applications for those loans won’t get approved, just that they’ll be subject to more intensive manual review, and that’s an understandable move for the agency, NAR says.“We recognize it’s something the agency has to do to protect its insurance fund,” says Megan Booth, director of housing policy for NAR.About
Housing discrimination, or the fear of it, is keeping many consumers in the lesbian, gay, bisexual, and transgender community from buying a home and contributes significantly to sagging homeownership rates in the LGBT community, finds a new survey of nearly 2,300 LGBTs.Forty-four percent of respondents said they would be anxious about how welcoming potential neighbors and the community would be of them, and 40 percent would be overly concerned ab
Builders added fewer homes to the pipeline in February, but the National Association of Home Builders says the numbers may be misleading about the extent of the actual shortfall.Total housing starts plunged 8.7 percent in February to a seasonally adjusted annual rate of 1.16 million units, the U.S. Commerce Department reported Tuesday. (The annual rate is the number of housing units builders would begin if they kept pace for the next 12 months.)
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Beloved household animals can leave behind smells that could turn off potential buyers when a home is for sale. Homeowners—who may have become “nose blind” to the smells—may want to take a few steps to remove any lingering smells prior to their first showing. Here are a few tips from HouseLogic.com, a home improvement resource:Start scrubbing.Scrub the bare floors and walls where pets have left their mark with vinegar, wood floor cleaner,
Affordability is a driving factor when purchasing a home for retirement, says Danny Goodman, COO of 55places.com, a resource for active adult communities in the U.S.“Whether retirees are looking to stay close to family, move to a warmer climate, adopt a low-maintenance lifestyle, or join the camaraderie that comes with active adult communities, the small towns recognized here offer practical options and attractive amenities at a reasonable pric
The Federal Housing Administration has announced tighter lending standards, which could put up to 50,000 mortgages in jeopardy annually. The FHA insures mortgages for first-time home buyers and often borrowers with low credit scores and high loan payments relative to their incomes. The clampdown is on lending rules that the FHA believes are allowing too many risky loans to be approved.The FHA says it will begin to flag more loans a
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