Young adults increasingly opt into living arrangements, like cohabitation and multigenerational households. They often live with family members or multiple roommates. WASHINGTON – The Pew Research Center reports that 57% of young adults still live at home. That may seem high but is only a modest increase from the 53% reported three decades ago. In … Read more
Average mortgage rates ebbed this week, but not enough to give home buyers much relief. National home prices may begin to cool. WASHINGTON – The average rate on the 30-year fixed-rate mortgage fell to 6.89% in the week ending June 6, according to rates provided to NerdWallet by Zillow. It was a decrease of 13 … Read more
Overpricing can scare off buyers, leading a home to be on the market longer. Pricing a home correctly will avoid any problems when it’s time for the appraisal. WASHINGTON – It is definitely best to price your home correctly as soon as the listing goes live. That’s when the most eyes are looking at it. … Read more
The 30-year mortgage rate averaged 6.99% this week, down from 7.03%. Cost on 15-year fixed-rate mortgages also eased to 6.29% from 6.36% last week. LOS ANGELES – The average rate on a 30-year mortgage dipped to just below 7% this week, little relief for prospective homebuyers already facing the challenges of rising housing prices and … Read more
The gap between Black and white homeownership rates closed over the pandemic, but disparities remain. SEATTLE – The homeownership rate for Black households has grown faster than average since 2019, but it’s still below the high-water mark reached in 2004, before the Great Recession. Insufficient credit is holding many Black households back from homeownership. Nearly … Read more
Rents across the state are trending down. South Florida rents are among the highest in the state. Researchers said the days of rapidly rising rents are probably over. BOCA RATON – Just a year ago, nearly all the measured Florida metros were at double-digit premiums, but now renters in Florida could see cheaper rents as … Read more
The monthly consumer price index (CPI) and the Fed’s monetary policy committee meeting on June 12 could fuel volatility in mortgage rates. NEW YORK – Mortgage rates probably won’t vary much in the first week and a half of June. But starting June 12, it’s anyone’s guess what rates will do. A bunch of factors … Read more
Florida Realtors said its updated forms reflecting practice changes from the NAR national settlement will be released in mid-June rather than May 31. ORLANDO, Fla. – Florida Realtors announced it postponed its release of updated forms designed to help Realtors in daily transactions. This comes after the National Association of Realtors® extended its deadline … Read more
A financial-rating agency said it was “cautiously optimistic” about the Florida market, in part due to 2022 legislative reforms and declining Citizens’ policies. TALLAHASSEE, Fla. — With a potentially volatile hurricane season ready to start, the AM Best financial-rating agency released a report Thursday that said Florida’s property insurance market is showing signs of improvement … Read more
The CFPB is seeking public input into mortgage closing cost “junk fees.” Mortgage industry trade groups said changes must go through the rule-making process. WASHINGTON – The Consumer Financial Protection Bureau (CFPB) launched a public inquiry into mortgage “junk fees” to “understand why closing costs are increasing, who is benefiting and how costs for borrowers … Read more
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