As we head into spring, mortgage rates continue to fall. They have officially reached their lowest point in over three years. Presently, the average cost of a 30-year fixed rate mortgage is 3.62 percent, which is down 0.03 percent from last week. This is good news, especially if you will be buying a home soon. This rate decrease has been
Freddie Mac just released its Multi-Indicator Market Index (MiMi) showing improvements in the stability of the U.S. housing market. MiMi keeps track of the nation’s housing market by measuring its stability in all fifty states, Washington D.C. and the top 100 metropolitan markets. Although the beginning of 2015 showed a fairly weak housing market, Freddie Mac’s new report offers a
Besides providing you with a stable place to live and raise a family and a safe long-term investment, being a homeowner also allows you to take advantage of several tax deductions and credits that are not available to anyone else. Following are the top ways homeownership can help lower your income taxes. Mortgage Interest Deductions IRS Form Schedule A can
This week, mortgage rates rose, which was comparative to their usual intraday movement potential. However, the market has been anything but average. In fact, the numbers show that the recent intraday losses are among the worst that’s occurred during the year. The exact levels confirm that it is the fourth lowest within the last year. Losses and Gains The market
As the most recent jobs report was released, mortgage rates remained stable. Only a few lenders raised rates by microscopic levels. Although this is an uncommon occurrence, it is explained by the state of current world events. Oftentimes, the key part of gathered Employment Situation data is the top line job creation, or NFP. The average forecast for present NFP
The fourth quarter of 2015 saw a continued rise in homeownership rates from the previous quarter. The U.S. Census Bureau reported that 63.8 percent of Americans owned homes in the last quarter of 2015. The homeownership rate during the third quarter was 63.4 percent. The increase may be correlated with an increase in employment rates and less restrictive credit availability.
The National Association of Realtors (NAR) has reported that existing home sales increased 14.7 percent from November 2015 to December 2015 as the seasonally adjusted annual rate jumped from 4.76 million to 5.46 million. This is the largest month-to-month increase in history, and it more than made up for the 10.5 percent decline experienced from October to November. The current
Those who are searching for a home just received an unanticipated bonus from plummeting interest rates. The fall occurred after the U.S. stock market experienced a tumble. Because of the dip, 30-year fixed mortgage rates shifted down significantly to 3.75 percent. A week ago, rates were above 4 percent. Analysts have been predicting rate increases for the last few months,
A recent survey conducted by the Federal Reserve Bank of New York indicated that the public expectations regarding household income growth and spending have declined, and consumers are conflicted about their expectations regarding job security. Respondents are surveyed over the course of 12 months so their opinions can be monitored over time. When it came to inflation, respondents’ predictions generally
According to the latest statistics from CoreLogic, national home prices rose by 6.3 percent in November 2015 compared to prices in November 2014. The increase from the previous month was 0.5 percent. Several reasons were cited for the sustained jump in home prices over the last year, including high demand and low supply in many of the major markets, which
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