The average long-term rate fell to 6.09% from 6.20% last week and 7.19% a year ago, Freddie Mac said. Borrowing costs on 15-year fixed-rate mortgages fell to 5.15%. WASHINGTON – The average rate on a 30-year mortgage in the U.S. edged closer to 6% this week to its lowest level since early February 2023. The … Read more
NEW YORK – The Federal Reserve has cut its benchmark interest rate from its 23-year high, with consequences for debt, savings, auto loans, mortgages and other forms of borrowing by consumers and businesses. On Wednesday, the Fed announced that it reduced its key rate by an unusually large half-percentage point, to between 4.75 and 5%, … Read more
UM research: 21% of all new housing built in Fla. over past 20 years are in floodplains, which raises flooding concerns. But that figure is actually less than expected. MIAMI – A nationwide analysis of community-level floodplain development found that over two-million acres of floodplain were developed over the past two decades across the United … Read more
WASHINGTON – Bipartisan efforts to ban TikTok nationwide will be scrutinized Monday by a federal appeals court tasked with weighing whether axing the social media giant’s U.S. presence runs afoul of the First Amendment. The social media platform and a group of content creators have sued over a new law that could ban the app, … Read more
Mortgage-rate locks for second homes have dropped 13% since last summer – more than twice as much as rate locks for primary homes, Redfin reported. SEATTLE – Mortgage-rate locks for second homes fell 13.1% year over year in August to the lowest level since March 2016 on a seasonally adjusted basis, according to a new … Read more
Consumer sentiment edged higher for the second month and is at its highest level since May, according to the University of Michigan. WASHINGTON – Americans’ outlook on the economy improved for the second straight month in September, bolstered by lower prices for long-lasting goods such as cars and furniture. The University of Michigan’s consumer sentiment … Read more
Florida Realtors will be hosting webinars this week regarding practice changes, and NAR released a new Consumer Guide about compensation offers. ORLANDO, Fla. – This week, Florida Realtors will host two webinars to help Realtors® navigate the recent industry changes and gain key insights to strengthen buyer trust. In addition, the National Association of Realtors® … Read more
The average rate on 30-year mortgages fell to 6.20% from 6.35% last week. A year ago, it was 7.18%. Rates on 15-year mortgages fell to 5.27% from 5.47%. WASHINGTON – The average rate on a 30-year mortgage in the U.S. fell this week to its lowest level in 19 months, reflecting a pullback in Treasury … Read more
Only 19% of baby boomers think they could have afforded a home in a market like today’s, yet 71% believe younger generations could if they didn’t spend frivolously. ST. LOUIS – Just 15% of current baby boomer homeowners expect to sell their homes in the next five years, while more than half (54%) never plan … Read more
Consumers expect rates and home prices to decline in the coming year but they remain cautious about the market and affordability. WASHINGTON – Consumers reported significantly greater optimism about the future direction of mortgage rates despite showing little change in overall homebuying sentiment, according to Fannie Mae Home’s Purchase Sentiment Index, which increased 0.6 points … Read more
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