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
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
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
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
The best way to start a home search is by keeping a top 10 list of essentials and deal breakers. Also, consider your lifestyle, pets, location needs and necessary features, among other things. NEW YORK – Looking for a house to buy can be a daunting task. Buying a home is typically the most significant … Read more
New home sales in the United States dropped slightly in February but are up 5.9% from a year ago. The slight uptick in mortgage rates held back new home sales, but builder confidence remains high. WASHINGTON – Sales of newly built single-family homes in February dipped slightly for the first time in three months after … Read more
Anyone who is self-employed and receiving payments from peer-to-peer apps (PayPay, Venmo, etc.) have new tax reporting changes for the 2024 tax year. NEW YORK — Workers across different industries are increasingly receiving some or all of their income via apps. They include tutors, graphic designers, hair stylists and all kinds of independent and self-employed … Read more
Selling a home before moving into an assisted living facility presents challenges not seen in other moves. Family members can help navigate the process to make it run smoothly. NEW YORK – Families must make a number of important decisions when an aging relative decides the time is right to move into an assisted living … Read more
MIAMI — South Florida saw the highest number of condominiums selling out to developers since the pandemic. More buyouts are in the pipeline, raising questions about the future of South Florida’s skyline. Miami-Dade and Broward saw 18 condo buyouts last year, the highest number since 2019 when both counties had a total of 23 buyouts, … Read more
President Joe Biden called for a $10,000 tax credit for first-time homebuyers and the construction of two million homes during his State of the Union address Thursday. WASHINGTON – President Joe Biden called for legislation that will lower homeownership costs, build millions of new homes nationwide and reduce rental costs. Biden, in his State of … Read more
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