A sharp increase in mortgage rates is causing home buyers and refinancers to pause. Total mortgage application volume, which includes home purchases and refinancings, dropped 7% last week compared with the previous week, the Mortgage Bankers Association reported Wednesday.The MBA reports that the average contract interest rate for a 30-year fixed-rate mortgage rose to 3.14%, up from 3.10% the previous week. That marks the highest level since July
Salt Lake City is the best metro area in which to raise a family, according to a new study released from LendingTree. Researchers factored into their rankings median family incomes, monthly housing costs for homes with a mortgage, homeownership rates among families with at least one child, unemployment, education attainment, commute time, and more.Salt Lake City has the lowest unemployment rate, ranks second for its homeownership rate among famil
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Real estate professionals are rapidly adopting technology for closing transactions or for marketing. Most home buyers start their hunt online so agents are casting a wide net.Forty-one percent of more than 6,000 executives and senior management at real estate firms surveyed say one of their biggest challenges over the next two years is keeping up with technology, according to the 2021 Real Estate in a Digital Age report produced by the National A
Priced out of the single-family market, more buyers are now turning their attention toward often a more affordable alternative—condominiums and townhouses. Over the past year, sales have rapidly been on the rise, whether for a permanent residence or even as a second home.Twice as many condos sold in May than a year earlier, according to realtor.com® data. However, that is being measured against a 46% drop in condo sales in May 2020 compared to
More Americans are working from home in the pandemic, meaning their morning commute has become a few steps to their dining room or home office. But now more working Americans say they miss the day-to-day grind of a real morning commute.Slightly more than half of American workers recently surveyed said they enjoy their commute to work, according to a survey of about 1,000 people conducted by Compare.com, an auto insurance website. Only 21% of
Which cities have the friendliest people living next door? Look in Madison, Wis., for those who want a more neighborly feel to where they live. Madison topped Neighbor.com’s “2021 Most Neighborly Cities in America” list.Neighbor.com identified the most neighborly locales by analyzing data around charitable giving, volunteering, community well-being, gauges of happiness, and low crime rates.Their research revealed the following characteristi
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Foundation repairs can be costly, so it’s no wonder homeowners are concerned about the condition of the foundation their home sits on. Seventy-eight percent of 978 owners recently surveyed say they’re worried about foundation damage to their home, according to a new survey from Groundworks, a nationwide foundation services firm.7 Fixes to Avoid Major Foundation ProblemsMany homeowners say they’ve had to deal with some foundation damage to t
The 30-year fixed-rate mortgage averaged 3.01% this week, posting a sharp rise after spending nearly four months below 3%. Economists expect mortgage rates to continue to increase modestly over the next few months.“Mortgage rates rose across all loan types this week as the 10-year Treasury yield reached its highest point since June,” says Sam Khater, Freddie Mac’s chief economist. “Many factors led to this increase, including the Fed
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