While the Fed doesn’t set mortgage rates, it influences them. Even with higher rates, it could be a good time to buy, one economist said. NEW YORK — Mortgage rates, credit card rates, auto loan rates, and business loans with variable rates will all likely maintain their highs, with consequences for consumer spending, after the … Read more
Responses to the nationwide survey said Americans remain concerned about high prices, particularly for food and gas. WASHINGTON — U.S. consumer confidence deteriorated for the third straight month as Americans continue to fret about their short-term financial futures with prices and interest rates still elevated. The Conference Board, a business research group, said Tuesday that … Read more
The average rate on a 30-year mortgage rose to 7.1%, the highest level since late November. The average rate for 15-year fixed-rate mortgages rose to 6.39%. LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level … Read more
The average Florida home value doubled in six years. Tampa and Miami tied for having the third-fastest price doubling among large U.S. cities. MIAMI – The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the … Read more
One economist said consumers appear to be adjusting their expectations for the housing market to better accommodate higher mortgage rates and home pricing. WASHINGTON – While a growing number of consumers think mortgage rates will increase in the coming year, their optimism about the home buying and selling market ticked up, according to Fannie Mae’s … Read more
Consumer optimism among Florida residents dipped in February on views about personal finances and expectations over the national economy, UF economists said. GAINESVILLE, Fla. – Following five consecutive monthly increases, consumer sentiment among Floridians dipped 2.1 points in March to 72, down from a revised figure of 74.1 in February. This decline contrasts with the … Read more
A down payment of 20% or more can help lock in better interest rates and lower monthly payments. Buying a home under your budget can help with costs overall. NEW YORK — Conventional wisdom says it’s best to make a 20% down payment when you buy your home. While this can help you in several … Read more
Since bank wires remain the preferred method of closing escrow on a real estate transaction, the best protection is to be overly cautious. MIAMI – Question: I am buying a house and have been warned about the various scams, especially those involving wires. I spoke with the closing agent, and they will not accept a … Read more
Freddie Mac research found that homes with high energy-efficiency ratings sold for 2.7% more on average than unrated homes. Making home updates don’t have to be time-consuming or costly. NEW YORK – Whether you own or rent the place you call home, ensuring that it’s energy efficient can help you save money, increase your comfort … Read more
Retirees should consider factors that include living closer to family and safety issues when determining if now is the right time to downsize. NEW YORK – Your home is your sanctuary, but it’s also one of your biggest budget items. And after you retire, it may feel like more house than you need. But in … Read more
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