The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans.The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The rate is now higher than it was a year ago, when it averaged 6.67%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinanc
The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, mostly because of still-elevated inflation.The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their estimate in September of four rate cuts. Their new projections
The industry has long postponed recognition of falling property values. The bill is coming due. Plus: a Seussian glossary.In the dark days of 2022, when rising interest rates turned commercial real estate into a credit desert, the industry’s perpetual optimists found a rallying cry. Just survive until ’25, they told themselves. By then, inflation would be whipped, money would be cheaper, and demand would again tilt in their favor. But the wi
New safety guidelines for condominiums in Florida are causing significant disruptions in the real estate market.These changes, implemented in response to the 2021 Surfside condominium collapse that claimed 98 lives, have led to steep assessments for some communities and an increase in the number of condos listed for sale as owners seek to avoid costly maintenance fees.In 2022, Florida lawmakers unanimously passed legislation aimed at enhancing sa
A recent Nareit commentary examined occupancy rate momentum across the four traditional property types and found that property fundamentals have generally been soft or softening across these sectors. Rent growth rates also highlight property market fundamentals. A review of these metrics and their respective momentum measures reveals similar outcomes to the occupancy rate analysis: year-over-year rent growth rates have broadly been modest or mo
Buying a home is one of the largest personal and financial decisions you can make. For many buyers, the process includes finding a loan that will help you pay for your new home over time. An iPro agent can help you learn about your options. Here’s what else you need to know:What is a mortgage, and how do I get one? A mortgage is a loan offered by a bank or lender that lets you borrow money to purchase a home and repay over time with inte
Once you sign a purchase agreement on your new home, there are still several steps to complete before you can finalize—or “close”—the transaction. While the process differs in each state, here are the basics of what you can expect during the period between signing and closing:What happens after I sign a purchase agreement? Once you have signed a purchase agreement, you will enter “escrow,” an arrangement that protects both buyer
Employers added 227,000 workers to their payrolls in November, but with 7.1 million Americans out of work, the unemployment rate is back up to 4.2%, the Bureau of Labor Statistics reportsA rebound in job growth in November after disruption caused by October strikes and hurricanes was not enough to keep unemployment from rising, bolstering the case for a Dec. 18 Fed rate cut and more easing next year.Employers added 227,000 workers to their payrol
Economy added 227,000 positions last month, slightly more than forecast The S&P 500 and Nasdaq Composite rallied and were poised to set new records after data showed hiring rebounded in November.The latest nonfarm payrolls report suggested the labor market remains in decent health—but not strong enough to deter the Federal Reserve from cutting rates later this month.A total of 227,000 positions were created in November, topping expectations
Borrowing costs have fallen to their lowest level in more than a month.The average rate for the 30-year fixed-rate mortgage dialed back to 6.69% this week, falling from 6.81% the previous week, Freddie Mac reported Thursday. It marks the lowest average in more than a month, and the drop was enough to push up mortgage application activity, a gauge of homebuying activity.“The responsiveness of prospective home buyers to even small changes in rate
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
