Borrowing costs fell ahead of the Federal Reserve’s anticipated rate cut next week. But economists say home buyers may not want to wait to see if rates go lower.The 30-year fixed-rate mortgage fell to 6.2% this week, down significantly compared to a year ago when they surged above 7%. But some prospective home buyers are holding out for even lower rates in anticipation of the Federal Reserve’s meeting next week, where it’s expected to cut s
The median cost of housing for both U.S. renters and homeowners rose last year and while the share of income renters put toward housing was unchanged overall the degree to which households were cost-burdened varied by race, the Census Bureau said on Thursday.More than 21 million renter households spent more than 30% of their income on housing costs in 2023, representing 49.7% of the renter households for whom rent burden is calculated.Despite the
The Real Estate Roundtable’s Q3 2024 Sentiment Index, which measures commercial real estate executives’ confidence and expectations about the industry environment, reported an overall score of 64, up three points from the second quarter. Both the Current Index and Future Index were up four points from Q2, with scores of 59 and 70, respectively. The rise in sentiment marks an 18-point increase in the overall score since last year. All
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Contract signings dropped to the lowest level on record last month, but pent-up buyer demand could be waiting for opportunities to open up.Contract signings fell last month to the lowest level on record, as the housing market continued trudging through a sluggish summer. The National Association of REALTORS®’ newly released Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—dropped 5.5% in July an
Five tips from celebrity home stagers and designers that can make all the difference in making your listings look like a million bucks—or even more!Home staging can make all the difference in envisioning empty interiors into cozy spaces and turning lived-in places into a buyer’s dream home. Some staging projects only require a few key accessories, fluffing and repositioning to make all the difference, while other projects require more heavy-l
US consumer sentiment improved in August for the first time in five months as slower inflation and prospects for Federal Reserve interest-rate cuts helped lift expectations about personal finances.The final August sentiment index rose to 67.9, from 66.4 in July, according to the University of Michigan. The preliminary reading was 67.8.Consumers expect prices will climb at an annual rate of 2.8% over the next year, down from the 2.9% exp
The U.S. economy grew faster than initially thought in the second quarter amid strong consumer spending, while corporate profits rebounded, which should help to sustain the expansion.Gross domestic product increased at a 3.0% annualized rate last quarter, the Commerce Department's Bureau of Economic Analysis said in its second estimate of second-quarter GDP on Thursday. That was an upward revision from the 2.8% rate reported last month.The econom
The Federal Reserve signaled late last week that it will likely cut its benchmark interest rate in September, which has already helped push mortgage rates lower, Freddie Mac says.The 30-year fixed-rate mortgage averaged 6.35% this week, and some economists believe rates will continue to fall further over the upcoming weeks. Late last week, Federal Reserve Chair Jerome Powell said the “time has come for policy to adjust” and said an interest r
The Mortgage Bankers Association’s refinancing index jumped 34.5% to a more than two-year high of 889.3. Mortgage applications to purchase a home climbed 2.8% in the week ended Aug. 9, the largest advance since the first week of June.The contract rate on a 30-year fixed mortgage eased 1 basis point to 6.54%, the MBA data showed Wednesday. The rate on a 15-year fixed mortgage dropped 7 basis points to 5.96%, the lowest since May of last year.The
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