The current housing market is showing slight signs of improvement in terms of affordability for buyers. According to the Mortgage Bankers Association, the median new mortgage payment dropped to $2,167 in June, a 2.4% decrease from the previous month. This decline indicates an increase in borrower affordability, which can be attributed to factors such as
Real Estate
The Federal Reserve is contemplating a significant interest rate cut in the upcoming months, something that has not been seen in years. This move is expected to result in a decline in mortgage rates, which could have a substantial impact on potential homebuyers. While experts suggest that the first rate cut may happen in September,
The surge in catastrophic severe weather events has led to a considerable increase in homeowners insurance prices, with a staggering average rise of 21% between May 2022 and May 2023. This upward trend is expected to continue as insurers grapple with higher costs, consequently passing them on to consumers through higher premiums. One of the
Living in a major city can be quite expensive, especially when it comes to renting a place in the city-center. According to data by Numbeo, the monthly rent in Shanghai’s city-center can cost approximately $2,700. This high cost is a significant factor to consider for individuals or families looking to move to a major urban
Vice President Kamala Harris has long been recognized as a strong advocate for affordable housing. Throughout her career, she has voiced her support for policies aimed at ensuring that every American has access to affordable housing. One notable example is when Harris posted on X about the Biden administration’s initiative to cap rent increases by
Despite a slight decrease in mortgage interest rates last week, potential homebuyers are still hesitant to make a move in the housing market. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances dropped to 6.82%, the lowest level since February, but applications for a mortgage to purchase a home decreased by
The real estate market saw a significant decline in sales of previously owned homes in June, with a 5.4% drop compared to May. This trend continued from the previous year, with sales being 5.4% lower than in June of the previous year. This slowdown in sales can be attributed to a shift from a seller’s
Are you considering transitioning from being a renter to becoming a homeowner? It’s crucial to evaluate your financial readiness before taking this significant step. Many renters may not realize that they could afford to buy a home, according to recent data. In 2022, an estimated 39% of households in the U.S. were renting, with around
In the United States, housing represents one of the most significant expenses for consumers. However, for many, the dream of homeownership is hindered not only by high rents and soaring home prices, but also by the lack of access to affordable credit. According to a 2022 fact sheet from the Office of the Comptroller of
The recent drop in mortgage rates to the lowest level since March has led to a significant increase in demand for refinancing. According to the Mortgage Bankers Association, applications to refinance a home loan jumped 15% last week compared to the previous week, reaching the highest level since August 2022. This surge in demand is