Mortgage applications dropped 6.5% last week, and demand reached the lowest point in 22 years, the Mortgage Bankers Association reported Wednesday. The index reflects applications for refinancings and home purchases.Mortgage applications for a home purchase, a gauge of homebuying, dropped 7% for the week and are now 21% lower than a year ago, the MBA reports. Refinance applications dropped another 6% this week and are 75% lower than the same week
Celebrity mansions are known for being grand. Outfitted with luxurious amenities and fancy finishes, they come with ultra-high price tags. In the celebrity home market, the average purchase price was more than $11.5 million, and the average interior size was more than 10,000 square feet.But what other characteristics do celebrity-style homes share? Ruby Home, a luxury real estate brokerage in Los Angeles, compiled data from 128 celebrity homes na
Americans have become outdoor enthusiasts since the pandemic began. Fifth-three percent of individuals participated in outdoor recreational activities in 2021—a record high, according to a recent Outdoor Industry Association survey.Americans’ love for the outdoors has had a big influence on real estate as buyers search for homes that allow them to enjoy outside activities more.“During the pandemic, we saw a shift in migration trends from ur
The interest rate for the 30-year fixed-rate mortgage averaged 5.09% this week, continuing to inch down slightly. Still, rates are up significantly compared to a year ago. Due to the higher rates, home buyers need to earn about $30,000 more if they want to buy the typical home now compared to a year ago, Nadia Evangelou, National Association of REALTORS®’ senior economist and director of forecasting, writes on the association’s blog.The high
The housing market is showing more signs of slowing. Purchase applications fell 1% last week compared to the previous week and volume is now 14% lower than a year ago, the Mortgage Bankers Association’s latest index shows.Overall, mortgage demand, which includes applications for refinancings and home purchases, has fallen to its lowest level since December 2018.Mortgage rates have been moving higher over recent weeks, leading to the softening d
The median national home price climbed to an all-time high in May, reaching $447,000, realtor.com® reports. Buyers snatched up listings a week faster than a year ago. But despite higher prices and faster sales, housing analysts say there are signs of a slowing housing market.Active inventory rose 8% annually—the first time that benchmark has been reached in nearly three years, realtor.com®’s monthly housing trends report shows. A rising num
Inflation is running at a 40-year high, and more Americans are feeling burdened and rethinking financial plans. Inflation is currently at 8.3% and Americans are facing higher prices for food, housing, fuel, and more.Twenty-five percent of Americans say they’re postponing retirement due to inflation, according to a new BMO Harris Bank report. More than a third of consumers who earn $250,000 a year say they’re living paycheck to paycheck, accor
Opportunity zones are booming. From the first quarter compared to the fourth quarter of 2021, 55% of qualified opportunity zones saw a jump of at least 20% in median single-family home and condo prices, according to a new report from ATTOM Data Solutions. Home prices in distressed neighborhoods nationwide continue to keep up with the gains in the broader national housing market, the report notes.Opportunity zones, established by Congress in the T
After weeks of rising rates, mortgage rates are now falling. The 30-year fixed-rate mortgage averaged 5.10% this week, Freddie Mac reports.“Mortgage rates decreased for the second week in a row due to multiple headwinds that the economy is facing,” says Sam Khater, Freddie Mac’s chief economist. “Despite the recent moderation in rates, the housing market has clearly slowed, and the deceleration is spreading to other segments of the econom
When it comes to the value of a home, yards in Hawaii get the most consideration in the U.S.Living Cozy, a homeware and furniture brand analyzed the average home value and yard size in each state to identify where the size of a yard could have the biggest impact on a property’s value. Researchers found that Hawaii is the state with the highest yard value compared to the other states.“Famous for its luxury homes with large backyards, houses in
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