For the week ending July 8, mortgage applications to purchase a home fell 4% compared to the previous week The average size of a home purchase loan has pulled back from its record high as demand for mortgage applications fell for the second straight week. According to the Mortgage Bankers Association, the average purchase loan size fell to $415,000 for the week ending July 8, down from $460,000 hit in March. Total mo
The real estate market is starting to show signs of cracking in some of the most expensive cities in the country, and other pricey areas should brace for a rough stretch ahead.In the early part of the year, the prevailing real estate narrative suggested that housing prices would stay buoyant because of a historic shortage of available inventory even as mortgage rates surged. But for all the signs that the market was facing headwinds, few people w
State Sen. Anthony Portantino's request for the money out of the new state budget for a regional housing trust was approved. The future of an affordable housing trust fund among the cities of Pasadena, Glendale and Burbank took a step forward this week, as officials announced the approval of a $23 million infusion to get the fund off the ground.Under state Sen. Anthony J. Portantino’s proposed SB 1177, the money — carved out from the state’
With the Fed aggressively trying to manage record-high year-on-year inflation rates with a series of interest rate hikes, rising mortgage rates are impacting home affordability for many American homebuyers. Housing market activity arguably got way overheated amid the pandemic, especially in 2021, and should experience a natural slowdown. Many housing markets are showing signs of a cooling off in activity. However, in other cities, houses are
The interest rate on the 30-year fixed mortgage fell this week, offering relief to home buyers who are reeling from escalating costs. The quick rise in mortgage rates over the last few weeks is taking a pause. The 30-year fixed-rate mortgage averaged 5.7% this week, dropping from last week’s 5.81%, according to Freddie Mac. Still, rates remain well above where they were a year ago, when they averaged below 3%. Higher rates have been sending sho
Just because you’re burdened with high student loan doesn’t mean you can’t get a good mortgage deal – but good credit will help Americans continue to hold a staggering amount of student loan debt, with the potential to derail many people's hopes of buying a home.The most recent data shows that American student loan borrowers – 45 million strong – owe about $1.7 trillion in student loan debt. That makes student loan debt the second-
NAR economist says homebuying costs have increased $800 every month so far this year. Mortgage rates inched closer to 6% this week. The 30-year fixed-rate mortgage averaged 5.81%, up modestly from 5.78% last week, according to Freddie Mac. Borrowing costs are mounting higher and higher for potential home buyers, who now find themselves squeezed both financially and by low inventory.“Since the beginning of the year, home buying has cost about $8
First-time buyers often rely on family gifts to afford the down payments on their homes. Now California Legislators want the government to fill the role of a generous relative.Lawmakers are proposing creating a billion-dollar fund in this year’s state budget that would provide California’s first-time buyers either all of the money they need for a down payment, or very close to it, in exchange for partial ownership stakes in those residences.T
However, housing prices continue to accelerate, with the national median surpassing $400,000 for the first time. Read more from NAR’s latest report. Home sales are falling from their pandemic-fueled highs as home buyers tighten up their budgets. “Home sales have essentially returned to the levels seen in 2019—prior to the pandemic—after two years of gangbuster performance,” says Lawrence Yun, chief economist for the National Association
The reversal after declines over the last three weeks has economists closely watching for the Fed’s anticipated rate hike next week.Following three weeks of declines, mortgage rates reversed course and headed back up this week. The 30-year fixed-rate mortgage averaged 5.23% for the week ending June 9; a year ago, it averaged below 3%.Increased economic activity and incoming inflation data were behind the most recent rate increases this week, sa
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