According to mortgage software and analytics firm Black Knight, the collective home mortgage equity available in the U.S. increased by a record $1.2 trillion during the first quarter of 2022. The figure accounted for a 20 percent equity cushion that homeowners could retain in their homes.  The total tappable equity...
On Tuesday, 30-year mortgage rates reached 4.72 percent, or 26 basis points higher than Friday. Mortgage rates are rising higher than anticipated, leading some economists to lower their forecasts for the number of home sales expected to occur in 2022. Economists had only expected mild increases. Lawrence Yun of the...
Giant search engine and technology company Google plans to purchase the New York City office building it currently leases for $2.1 billion. According to Real Capital Analytics and The Wall Street Journal, the purchase would be the most expensive commercial buy since the pandemic’s beginning. The building is known...
The housing boom may just be over as sales of new homes have fallen to their lowest since the pandemic arrived in 2020. According to the U.S. Census Bureau, new, single-family home sales are at an annualized rate of 676,000. The figure is 6.6 percent lower than May’s count of...
The Consumer Financial Protection Bureau (CFPB), a consumer protection advocacy group, has suggested that a rule be put in place to prevent mortgage foreclosures against borrowers until at least December 31, 2021. CFPB wants the rule to apply to both private and federal mortgages.
As per the National Association of Realtors (NAR), pending home sales were down by 10.6 percent in February over the previous month. Pending home sales are typically existing home purchase contracts that have been signed and agreed upon. In a year-to-year comparison, existing home...
Lumber prices per 1,000 board feet have doubled over the past three months, making it more expensive to build the single-family housing that’s desperately needed. March’s Random Length Lumber Futures showed prices at $1,004.90 per 1,000 board feet on Thursday. It was the first...
On Thursday, the Dow Jones Industrial Average plunged more than 1,800 points, its largest one-day loss in three months. The decline was attributed to growing concerns over rising coronavirus cases in many states since reopening from lockdowns. The Dow fell by 1,861.82 points to 25,128.17, a 6.9...
It’s been tough to find any good news with an awareness of the coronavirus being more heightened. But homeowners and would-be-homeowners might feel differently. Refinancing rates for 30-year mortgages recently fell to 3.57 percent, while mortgage rates for new loans stood at 3.11 percent...
Mortgage rates have declined further recently, but home loan applications have actually fallen. In the past two weeks, the Market Composite Index fell by 1.5 percent for the week of Jan. 3, 2020, according to the Mortgage Bankers Association (MBA). The MBA acknowledges that the results for...