The realm of mortgage rates has been a rollercoaster ride, with the average rate on the popular 30-year fixed mortgage reaching 7.04%, a threshold unseen since December. This recent escalation comes hot on the heels of a substantial surge prompted by the unexpected boost in the January employment report. The plot thickened as a monthly
Real Estate
A group of renters in the U.S. has come forward, claiming that their landlords are utilizing software to impose inflated rent hikes. According to tenants at Portside Towers in New Jersey, which was purchased by Equity Residential in 2019, the management started significantly increasing prices after providing concessions during the COVID-19 pandemic. Allegedly, the software
Rent prices in certain areas have seen a slight decrease, but the relief is not coming fast enough for tenants who are grappling to make their monthly rent payments. According to a recent report by the Joint Center for Housing Studies of Harvard University, half of all renters in the U.S. spent more than 30%
The rental market is experiencing a shift as rent costs start to come down from record-high asking prices. This change reflects a cooling trend rather than a drastic decline. According to Whitney Airgood-Obrycki, a senior research associate at the Joint Center for Housing Studies of Harvard University, rental markets are growing at a slower pace,
The recent surge in mortgage demand has come to a halt as potential buyers face fierce competition for a limited supply of homes. This drop in demand, as indicated by the Mortgage Bankers Association’s data, exposes the challenges that buyers currently face in the housing market. Last week, the total volume of mortgage applications experienced
Paying rent is one of the major expenses that individuals face, prompting many to explore alternative payment methods. One such method is using a credit card. While this may seem advantageous in terms of earning rewards and building credit, experts warn against this practice due to several reasons. This article delves into the potential drawbacks
The Federal Reserve is poised to maintain interest rates unchanged at the conclusion of its two-day meeting this week. This decision comes as recent reports reveal that the economy has experienced stronger-than-expected growth while inflation has eased. According to Brett House, an economics professor at Columbia Business School, the Fed has skillfully achieved a “soft
China’s financial institutions have been urged to provide strong support to the country’s struggling real estate sector, rather than withdrawing financing from projects facing difficulties. This call to action comes from a senior Chinese financial regulatory official, in response to Beijing’s recent measures aimed at easing the cash crunch for Chinese developers. The real estate
Severe winter weather is having a significant impact on the housing market in the United States, according to a recent report by real estate company Redfin. While the median home-sale price has been steadily increasing in the first four weeks of January, along with asking prices, winter weather conditions have been hindering sales. This article
Despite a slight increase in mortgage rates, homebuyers have remained undeterred and are actively pursuing homeownership. According to the Mortgage Bankers Association’s seasonally adjusted index, mortgage applications for home purchases rose by 8% last week compared to the previous week. However, it is important to note that this demand is still significantly lower, 18% to