More home buyers are reaching for the ARMs. Adjustable-rate mortgages generally offer a lower introductory mortgage rate that is locked in for five, seven, or 10 years before then adjusting.As mortgage rates rapidly rise, some buyers may be getting priced out, unless they lock in an ARM, which may have an introductory rate closer to the level of fixed-rate mortgages when they started their house hunt.The average contract interest rate for a 30-ye
Lumber prices are falling, reaching their lowest level so far this year. Lumber fell below $800 per thousand board feet on Monday, and prices are down 30% to date this year.Builders have blamed rising material costs, including lumber, for skyrocketing prices and project delays in new-home construction. But buyers may not want to celebrate yet, as lumber prices are still up significantly from historical levels. According to National Home Builders
Members of Generation Z are emerging in the housing market. Gen Z’s members were born between 1997 and 2012, and the young adults born in that time frame are not only already showing an interest in homeownership but also targeting specific metros to settle into.LendingTree researchers recently analyzed mortgage offers given to adult Gen Zers across the nation’s 50 largest metros last year. Their analysis shows that adult Gen Zers now comprise
As home prices and mortgage rates are increasing, so are closing costs. The average payment for mortgage closing costs for a single-family property was $6,905 in 2021 (including transfer taxes), a 13.4% annual increase, according to CoreLogic’s ClosingCorp, a real estate closing cost data and technology resource.The average price of a home in the U.S. rose by more than $50,000 last year, while the average purchase closing cost climbed by $818,
A growing number of consumers are exploring unconventional pathways to homeownership, including buying a home with a friend, family member, or partner, according to the National Association of REALTORS®’ 2021 Home Buyers and Sellers Generational Trends Report.With rising costs, home buyers may find pooling their money together can put homeownership more within reach.“This strategy can help ease the financial burden of purchasing a home
Pets have been playing an increasingly important role in shopping for a home. More Americans have become pet owners during the pandemic, and they’re prioritizing their pets’ needs when looking for a home or rental. Forty-three percent of pet owners say they’d be willing to move to accommodate their pet, according to a 2021 study from the National Association of REALTORS®. What’s more, 68% of pet owners surveyed by realtor.
The 30-year fixed rate mortgage averaged 2.96% just a year ago; this week, it averages 5.27%, Freddie Mac reports.“Mortgage rates resumed their climb this week as the 30-year fixed reached its highest point since 2009,” said Sam Khater, Freddie Mac’s chief economist. “While housing affordability and inflationary pressures pose challenges for potential buyers, house price growth will continue but is expected to decelerate in the coming mon
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Home shoppers’ interest in relocating to a different state is on the rise, finds a new survey from realtor.com®. During the first quarter, 40.5% of prospective buyers searching for homes for sale on realtor.com® were looking for homes outside of their current state.“After two years of pandemic remote work, offices have started to reopen, but instead of seeing a slowdown in the number of people interested in homes out of state, we’re seein
The beginning of the pandemic spawned a “baby bust,” with birth rates falling to 100-year lows. But economists say that is quickly reversing. Could a baby boom be next? Not necessarily, economists say, but the latest data still shows an increase.Historically, birth rates tend to go down during recessions and uncertainty in hard times, like pandemics. Birth rates followed that trend early in the pandemic when the states with the largest COVID-
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