Mortgage rates rose this week after the Federal Reserve announced it would accelerate its bond tapering and that three rate hikes would come in 2022. The 30-year fixed-rate mortgage rose to 3.12% this week, Freddie Mac reports.Rates are largely expected to continue to rise due to the Fed’s recent announcement. But National Association of REALTORS® Senior Economist Nadia Evangelou says home buyers shouldn’t panic. By historical standards
Many of the housing markets to watch in the new year are located in the South, says the National Association of REALTORS®, which released its top picks for the markets that likely will see some of the strongest price appreciation in 2022—the “hidden gems,” as the association says.NAR released its top 10 list during its third annual year-end Real Estate Forecast Summit on Wednesday, where economists weighed in on the trajectory for the 2022
Rising inflation is pressing on Americans across the economic spectrum with costs for groceries to gasoline increasing. In November, consumer prices increased by 6.8% compared to a year ago, the largest annual gain in the past 40 years.Some of the highest increases have occurred for energy, shelter, cars, and food—these comprise about 61% of consumer purchases and account for 81% of inflation over the past 12 months, MarketWatch reports.Renters
Homeowners continue to build wealth. Home price growth is reaching the highest level in more than four decades, pushing equity gains to a record high.The average home equity gained between the third quarter of 2020 and the third quarter of 2021 is about $57,000, CoreLogic reports.“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue bu
For the last four consecutive weeks, mortgage rates have generally held stable. But that could soon change, with inflation, action from the Federal Reserve possibly quickening its pace to taper its bond purchases, and other financial activity triggered by the ongoing pandemic all playing a role, economists say.“Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range,” says Sam Khater, Freddie Mac’s
Expect the nation’s hottest markets next year to be centered largely in tech hubs in the Midwest and Mountain states, which offer affordable alternatives to pricier coastal regions. Realtor.com® recently released its forecast of the top-performing markets for 2022. “Our top housing markets are attracting remote-minded workers, possibly interested in snagging a big-city salary while still enjoying the quality of life that these generally smal
Pandemic-related mortgage forbearance programs are expiring, but hundreds of thousands of homeowners continue to struggle with payments. When loan modifications still don’t help, owners may find themselves at risk of foreclosure. But selling the home, which is likely to have accumulated a lot of equity over the past year, may be a much better option.However, it’s an option that may be getting overlooked. After all, nearly a third of borrowers
If consumer surveys hold true that Americans are indeed more willing to move to find affordable places to live, certain locales within the U.S. may hold the most promise and be poised for growth.Move.org, a moving resource company, analyzed the 74 most populous cities and ranked them based on how high their monthly living costs are and calculated the city’s median income. The average median individual income across the 74 cities is $33,749
Supply chain woes have been hitting the housing market, affecting appliances, windows, paint, and other items needed to build, repair, or improve home. That has driven prices higher.New-home buyers have felt the pinch: The median sales price for a new home in October was $407,700, up 17.5% compared to the same time a year ago, according to realtor.com® data. Builders point to higher material costs, as well as labor and lot shortages.The blame fo
The booming real estate market is on a pace to shatter records this year. The real estate data firm CoreLogic reports that the total value of residential real estate transactions in 2021’s second quarter topped $600 billion for the third time in the past year. That puts the market on track for a record-breaking year, CoreLogic says.“The value of transactions has skyrocketed despite sales volumes continuing a relatively normal growth trend,”
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