Following a temporary decline in May, mortgage rates began to climb again last week. This increase had an immediate effect on the previously growing mortgage demand. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances rose to 7.05% from 7.01%, with points increasing to 0.63 from 0.60 (including the origination fee)
Real Estate
Grant Cardone, a multimillionaire known for his real estate investments and social media presence, approaches art collecting with a sense of spontaneity. Despite his lack of formal expertise in the art world, Cardone’s collection is carefully curated based on his personal preferences rather than the artist’s reputation. He describes his buying process as simple –
Aspiring homeowners often find themselves struggling to come up with the down payment required to secure a home loan. According to a survey by Clever.com, 77% of future homebuyers have started saving for a down payment, with 57% planning to put down less than 20%. While many believe that a 20% down payment is necessary
The sales of newly built homes have seen a significant drop of 4.7% in April compared to March, with a larger decline of 7.7% from the prior year. One of the key factors contributing to this decline is the increase in mortgage rates. The average rate on a 30-year fixed mortgage rose from the high
The recent decrease in mortgage interest rates has led to a surge in demand for refinances. Homeowners are taking advantage of the opportunity to lower their monthly payments by refinancing their existing home loans. This trend is reflected in the 7% increase in applications to refinance a home loan over the past week. Despite the
China’s recent moves to increase support for the real estate sector have been met with cautious optimism by analysts. Despite the government’s efforts to stabilize the property market, S&P remains cautious about the immediate impact of these policies. The Chinese property market has been facing challenges for the past three years, and it will take
The housing market has seen a significant increase in the availability of newly constructed homes, with about 33.4% of single-family homes for sale in the first quarter being new builds. This surge in new construction represents almost double the pre-pandemic levels. It’s important to note that this uptick in new builds does not necessarily mean
In the world of home renovation, the focus is shifting towards exterior improvements that promise a high return on investment. According to the 2024 Cost vs. Value report from Zonda Media, projects like garage door replacements and steel front door upgrades are offering record-breaking returns averaging nearly 200%. This marks a significant shift from the
Chinese authorities have recently announced new measures to support state-owned enterprises (SOEs) in buying unsold apartments, marking Beijing’s latest efforts to address issues in the massive real estate sector. This move is aimed at helping developers secure more funding to complete construction on pre-sold properties. People’s Bank of China Deputy Governor Tao Ling revealed that
The recent decrease in mortgage rates, which dropped to the lowest level since April, might give some hope to potential homebuyers looking to enter the housing market. However, the reality is that many buyers are still struggling to afford homes in today’s market. Despite the slight decrease in rates, mortgage demand has remained relatively flat,