Confidence among the nation’s homebuilders is showing improvement, with the National Association of Home Builders/Wells Fargo Housing Market Index moving up from a July reading of 58 points to 60 in August. Any reading above 50 is considered positive for the index, which gauges builder perceptions of current single-family home sales and sales expectations for the next six months. The
Today’s mortgage rates remain near three-year lows, but everyone wants to know where they’re headed in the future. According to Realtor.com Chief Economist Jonathan Smoke, global economic concerns—most recently from the Brexit fallout—have kept mortgage rates low as investors seek refuge in dollar-denominated assets, U.S. bonds and U.S. mortgage–backed securities. In addition, the nation’s slowdown in economic growth as a
Freddie Mac’s monthly Outlook for July shows that international concerns such as slowing growth in China and the Brexit vote in the U.K. have played a major role in decreased mortgage rates. In the most recent Primary Mortgage Market Survey, the 30-year fixed-rate mortgage fell to 3.41 percent, just slightly above the all-time record low. This is likely to result in a boost in housing activity, particularly refinancing,
Among the largest and most immediate effects from the vote by Britain this past week to sever its economic and political ties with the European Union are how it will alter mortgage interest rates and U.S. real estate prices. According to Redfin, here’s what you need to know about buying, selling and borrowing with the recent advent of the Brexit
Lender attitudes toward the housing market are positive heading into third quarter 2016, having recovered from a significant decline in recent quarters, according to Fannie Mae’s second quarter 2016 Mortgage Lender Sentiment Survey. Conducted in May, the survey shows that lenders reporting demand growth for GSE (government-sponsored enterprise) eligible purchase mortgages in the past three months rebounded to 70 percent
Mortgage rates crept just barely lower on June 10, but it was enough to leave the average lender’s rate sheet in its best shape since May 2013. Unlike the early February time frame, rates have moved lower in a steadier way, according to Mortgage News Daily. Although that doesn’t mean they can’t bounce higher, it does mean there’s less risk of a
When shopping for a mortgage, your credit score is paramount—ultimately making or breaking your mortgage approval and determining whether or not you snag your dream home. According to trulia.com, here are four key consumer loans that can affect your mortgage worthiness, along with ways to improve your credit if you already have (or are considering) these loans—all with the goal of
U.S. new home sales posted their strongest month in more than eight years in April, while prices jumped to a record level. That suggests healthy demand alongside limited supplies across the housing market, according to a recent Wall Street Journal report. Here are some highlights: • Purchases of new, single-family homes jumped 16.6 percent from a month earlier to a
With the Central Valley leading the way, California’s statewide pending home sales reversed a three-month slide and posted higher in April, but an ongoing shortage of homes on the market may diminish the upcoming home-buying season, according to the California Association of Realtors (CAR). CAR’s April Market Pulse Survey also reflected a slowdown in market activity, with a decrease in
California homeowners need to be on the lookout for scammers offering to alter and decrease their mortgage payments, according to the California Department of Justice, which has received numerous complaints from homeowners and mortgage servicers expressing concern about fraudulent mortgage loan modifications. How does it work? Masquerading as mortgage servicers or representatives from the Home Affordable Modification Program (HAMP), these
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