The recent drop in mortgage interest rates to the lowest level since May 2023 has caused a significant surge in mortgage demand, attracting both homebuyers and existing homeowners. The Mortgage Bankers Association reported a 6.9% increase in total mortgage application volume last week, reaching the highest level since January of this year. The average contract
Real Estate
The dream of owning a home is deeply ingrained in the American psyche, but the hidden costs associated with homeownership can be a financial burden for many. Inflation is causing home prices to rise faster than incomes, making it difficult for homeowners to keep up with the escalating expenses. More than 1 in 4 homeowners
The recent decrease in mortgage rates has caught the attention of many home buyers and industry experts alike. According to Mortgage News Daily, the average rate on a 30-year fixed mortgage dropped significantly to 6.4%, marking the lowest rate since April 2023. This abrupt decline was fueled by a weaker-than-expected monthly employment report, causing bond
The recent decision by the Bank of England to cut interest rates has sparked a wave of mortgage rate reductions by major high street lenders in Britain. HSBC, Santander, Nationwide, Barclays, Metro Bank, Lloyds, Halifax, and more have all lowered their borrowing costs following the BOE’s announcement. This move is seen as a positive sign
Building up the middle class is a crucial goal for any administration to ensure the strength of the nation as a whole. Vice President Kamala Harris has been vocal about her intentions to prioritize the middle class during her presidency. An important proposal that she advocated for during her first presidential bid in 2020 and
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
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