The monthly mortgage payment on a $400,000 loan is about $2,470 compared to $1,660 a year ago, according to NAR.After the Federal Reserve raised its key short-term benchmark rate by another three-quarters of a percentage point on Wednesday, the average for the 30-year fixed-rate mortgage climbed to its highest level in 14 years, remaining above 6% and hitting more home buyers’ pocketbooks. It’s the fifth time this year the Fed has taken aggre
As interest rates shoot up, some buyers are turning to a different — and slightly more risky type — of mortgage.Adjustable-rate mortgages, known as ARMs, have seen an uptick in popularity recently as home shoppers, eager to avoid soaring interest rates amid a torrid housing market, are turning to these loans in order to nab a cheaper rate.“People are looking at ways to bring down their housing costs and their mortgage payments and with
Fear of next interest rate hike helped to boost demand for mortgages, refinancingPeople interested in buying a house and getting a mortgage played a version of beat the clock ahead of the anticipated interest rate increase coming from the Federal Reserve on Wednesday afternoon.The Fed is expected to sharply raise its key short-term rate – a third straight three-quarter-point hike is likely to be announced – as its previous rate hikes are bein
The Federal Reserve raised the target federal funds rate by 0.75 percentage points for the third time in a row, in an effort to cool down unrelenting inflation.Fed officials have raised the benchmark short-term borrowing rate a total of five times this year, including 75 basis point increases in June and July, marking an unprecedented pace.“The Fed has been delivering a ‘tough love’ message that interest rates will
Still, homeowners are faring well, with property prices surging despite a pullback in buyer demand, says NAR’s chief economist.Existing-home sales slipped further in August as economists blame the “housing recession” mostly on higher mortgage rates, though home prices continue rising, according to newly released data from the National Association of REALTORS®. But while existing-home sales, which reflect transactions for single-family home
Despite an unexpected jump in new construction in September, demand for new homes is falling due to high prices and mortgage rates. Builders are lowering their asks to boost buyer traffic.Even as demand for new homes fizzles—about a quarter of homebuilders are reducing their prices to attract more buyers as foot traffic falls—single-family construction jumped 3.4% in August, the Commerce Department reported Tuesday. Economists are callin
Find out which style is the favorite in your home state.Modern interior design reigns as the most popular home style in 32 states, according to a new study from Confused.com, a home comparison site. Modern interior design is characterized by a monochromatic color palette, clean lines, minimalism and natural finishes.“Modern never goes out of style,” Jacqueline Hamilton, an expert at Seaforde Interiors(link is external), told Co
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Monthly mortgage payments are 60% higher than a year ago, according to NAR. Buyers can save by shopping around for different types of loans.The interest rate for the 30-year fixed-rate mortgage crossed a major threshold this week, hitting 6.02%—the first time it has broken 6% since 2008, Freddie Mac reported Thursday. Volatile mortgage rates are sending shockwaves through the housing market and unnerving home buyers who are concerned about shri
