For the second week in a row, mortgage rates climbed from their lowest levels on record. But economists reminded borrowers that rates continue to be near historic lows. The 30-year fixed-rate is still significantly below what it was a year ago. “Mortgage rates rose again this week as lenders increased prices to help manage skyrocketing refinance demand,” says Freddie Mac Chief Economist Sam Khater. “On the purchase front, daily loan pu
Existing-home sales performed strongly in February, with three out of the four major regions of the U.S. showing sales increases, the National Association of REALTORS® reported Friday. Home prices also were on the rise last month.Total existing-home sales—accounting for single-family, townhouse, condo, and co-op transactions—increased 6.5% month over month, reaching a seasonally adjusted annual rate of 5.77 million. Sales were up 7.2% year o
An entryway gives home buyers their first impression of the inside of a home. A foyer that is dark or cramped can be a turnoff.Realtor.com® recently asked designers for common mistakes they see in the appearance of the entryway. Make sure you’re not making these four mistakes.1. Furniture that's not up to scale. Choose slender items that are meant to fit a smaller space. You don’t want to block a path to the inside of your house. The sc
The fourth quarter of 2019 was a strong one for the luxury housing sector, as million-dollar sales and prices rose, according to the realtor.com® Q4 2019 Luxury report released Wednesday.Million-dollar sales in the quarter rose 11.4% year over year. The luxury entry point reached $1.27 million, up 2.1% annually, realtor.com® reports. The report is based on the last three months of 2019.The fourth quarter of 2019 was the only period to reach dou
Foreclosures and evictions for mortgages insured by the Federal Housing Administration, Fannie Mae, and Freddie Mac will be suspended for several weeks in response to the coronavirus outbreak.President Donald Trump announced Wednesday that he had directed the Department of Housing and Urban Development to suspend foreclosures and evictions for mortgages insured through the FHA until the end of April. This will “allow households who have an FHA-
Fewer new homes were started last month, and challenges likely lie ahead for the new-home sector during the coronavirus concerns, the National Association of Home Builders reports.Total housing starts in February fell 1.5% to a seasonally adjusted annual rate of 1.60 million units, the Commerce Department reported Wednesday. Housing permits—a gauge of future construction—also dropped last month, tumbling 5.5% to 1.46 million.Still, single-fam
Cities across the country are issuing temporary bans on evictions as the COVID-19 outbreak worsens. From coast to coast, cities such as San Francisco, Miami, and Baltimore are enacting moratoriums on evictions. State lawmakers in New York have proposed legislation for a moratorium on evictions and foreclosures. Further, the Real Estate Board of New York, a trade group that represents developers and property managers, has issued a three-month mora
Real estate pros are taking disinfectant wipes to home showings and in their car to clean frequently touched surfaces as they interact with clients to help slow the spread of COVID-19. But are you disinfecting correctly?HouseLogic.com reports that the best cleaners are either a bleach solution or a 70% alcohol solution. “Follow this bleach recipe: 5 tablespoons (1/3 cup) bleach per gallon of water, or 4 teaspoons of bleach per qu
The returns on single-family rental have decreased from a year ago in 59% of 389 U.S. counties tracked, but not all cities have seen profits slip in recent weeks, according to ATTOM Data Solutions’ 2020 U.S. Single Family Rental Market Report.Nationwide, the average annual gross rental yield (the annualized gross rent income divided by the median purchase price of single-family homes) was 8.4% for the first quarter of 2020, which is down slight
The Federal Reserve called an emergency meeting Sunday to slash its benchmark rate to zero—its second response to the volatile economic reaction to the coronavirus outbreak. The Fed also said it would buy $700 billion in Treasury and mortgage bonds. After the Fed’s last emergency cut on March 3, mortgage rates plunged to all-time lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 3.29% for the week ending March 5. Could rates
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