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Why Fed Cut Impacts Mortgage Rates
The Federal Reserve approved a much-anticipated quarter-point interest rate cut last week, following a two-day policy meeting, taking down the benchmark overnight lending rate to a target range of 1.75% to 2%. That comes nearly two months after the policymaking Federal Open Market Committee made its first cut in 11 years. And while no further […]
Tariffs Behind Rising Remodel Costs
Those wanting to spruce up a home may need to add more money to their budget. Builders and contractors are warning that new tariffs on Chinese goods will add $2.5 billion in added costs to the home remodeling industry, and those extra costs will be passed on to customers. NAR’s 2019 Remodeling Impact Report Tariff […]
Solar Affect on New Home Cost
In 2018, the California Energy Commission unanimously voted for the mandatory implementation of solar panels on virtually every newly built home in California. This regulation has ensured that California will be the first state in the country to fully harness the sun’s power by 2020. And although many have praised the landmark decision, some fear it will put a bigger financial […]
Why Market Tanked in December
When U.S. stocks posted their worst December since the Great Depression, traders put plenty of the blame on actions by the Federal Reserve and that other favorite scapegoat, computerized trading. But now it seems clear that the market was mostly anticipating what has actually happened in recent days: Companies are cutting profit forecasts and trying […]
Did Buyers Miss Final Chance for Low Rates?
Mortgage rates are edging noticeably higher, and would-be home buyers and refinancing homeowners may have missed out on a chance to lock in a lower rate. Mortgage application volume for refinancings and home purchases dropped 2.7 percent, a seasonally adjusted week-to-week basis, the Mortgage Bankers Association reported May 16. Mortgage application volume is 4.5 percent […]
Agents & the Opioid Crisis
Now even real estate agents are being impacted by the crisis. REALTORS® who deal with mostly high-end properties may feel a greater sense of security on the job, but with the growth of opioid abuse, they may have a higher risk of running into drug addicts, according to a report by CNBC and the National […]
More Buyers Putting Less Down
A 20% down payment is no longer the norm. In the past year, 1.5 million borrowers purchased their homes with down payments of less than 10%, according to Black Knight Financial Services. That marks a seven-year high. A growing number of home shoppers are financing more than 90% of their home purchase. “The increase is […]
Client Tip: Buying a Flip
This spring’s housing market is so tight, with a near record-low supply of homes for sale, that buyers who find a move-in ready home are ready to pounce. The better the finishings, the higher the price sellers can command. Some flippers are turning historic homes into modern, hybrid treasures, but others are slapping cosmetic fixes […]
Mortgage applications fall 4 percent
Rising mortgage rates appear to be the new normal, and the market for home loans is still adjusting. Total mortgage application volume fell 4 percent on a seasonally adjusted basis last week from the previous week, according to the Mortgage Bankers Association. While rates didn’t rise much during the week, the new range is clearly […]