Fewer home buyers and refinancers took advantage of the lowest rate of the year last week. Total mortgage applications—including for refinancings and home purchases—dropped by 1.8 percent week over week, the Mortgage Bankers Association reported Wednesday. Mortgage applications are now down 23.5 percent from the same week a year ago.Even low mortgage rates don’t seem to be enough incentive to spark greater activity among homeowners and woul
Homeownership-related tax deductions can prove advantageous in lowering your tax bill. HouseLogic lists some of the ways homeownership helps at tax time:Mortgage interest deduction: Itemizing homeowners can deduct the interest they pay on their mortgage up to $1 million—or $500,000 if married but filing separately. The deductions can be made for loans issued to buy, build, or improve your home, and can apply to a house, trailer, or boat as long
After the Federal Reserve raised its key interest rate about a month ago, mortgage rates were expected to increase as well. Instead, they've been dropping in recent weeks. The 30-year fixed-rate mortgage averaged 4.08 percent last week, its lowest point so far in 2017 and its fourth consecutive week for declines, Freddie Mac reported.When the Fed raises its federal funds rate, it becomes pricier for banks to borrow money, which generally leads to
The 30-year fixed-rate mortgage continues to drop this week, setting a new low for 2017, Freddie Mac reports in its weekly mortgage market survey. This marks the fourth consecutive week that 30-year rates have fallen."Following a weak March jobs report, the 10-year Treasury yield dropped about 5 basis points,” explains Sean Becketti, Freddie Mac’s chief economist. “The 30-year mortgage rate fell 2 basis points to 4.08 percent.”Freddie Mac
More buyers moved to lock in rates last week, as mortgage costs dipped to their lowest average of the year. Total mortgage application activity—which includes loans for homebuying and refinancing—increased 1.5 percent last week on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday. Purchase applications made up most of that increase, rising 5 percent week-over-week and now sitting 3 percent higher than the same
The average tax refund was $2,860 for the majority of Americans last year. According to a survey by GO Banking Rates, 41 percent of Americans plan to save their tax returns. That savings could help put them on the path to homeownership.Six percent of 18- to 34-year-olds say they plan to use their tax refund to purchase a car, home, etc., compared to 9 percent in the 35- to 44-year-old age group.“With higher incomes and a tax refund of approxima
Consumer confidence in the housing market receded from its record high in February, dropping 3.8 percentage points to a reading of 84.5 in March, according to Fannie Mae's Home Purchase Sentiment Index, a survey of about 1,000 Americans. Five of the six components measured in the index saw a decline, including the percentage of consumers who expressed a positive outlook on buying a home and their employment situation. However, the percentage of c
As the spring homebuying season begins to heat up, the real estate and title insurance industries are reminding home buyers about wire fraud scams increasingly targeting them to steal their down payment funds.The National Association of REALTORS® has issued warnings to its members that hackers are trying to gain access to insecure email accounts and search inboxes for messages related to real estate transactions. The hackers then draft fake ema
While nearly 40 percent of aspiring homeowners believe they need to put down 20 percent on a home purchase, the truth is the average down payment was just 11 percent in 2016, according to the National Association of REALTORS®. Mortgage industry blog MGIC Connects has created a Buy Now vs. Wait calculator that can show them whether they're better off waiting and continuing to save for a bigger down payment or buying now with less money upfront.Th
Forty-two percent of millennials say they are delaying buying a home because of the December 2016 Fed interest rate hike, according to a new TransUnion survey released this week of more than 1,200 consumers.The Federal Reserve announced a second rate increase in March, which might be prompting even more millennials to hold off with their homebuying plans, according to the survey. The federal interest rates usually serve as a benchmark for private
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