Many sellers are hesitant to lower their prices, but buyers have more options now that houses are sitting on the market longer. After a meteoric rise in home prices emboldened sellers over the past couple of years, there are now signs that the U.S. housing market may be cooling off. In hot markets like San… [Read More]
How to Make Sense of a Confusing Housing Market
After a two-year boom in the U.S. housing market, this spring season has been seen as a dud due to a dramatic spike in mortgage rates. This stalling has stunned some industry experts and there has been an unsettling effect on the market. While some buyers have had to handle much larger mortgage payments, some… [Read More]
Mortgage Rates See Largest Drop Since 2008
For the week ending July 7, the 30-year fixed-rate mortgage averaged 5.3% according to data released by Freddie Mac. That is down from 5.7% the week before. Even with the 40 basis points drop, it’s still significantly higher than the 2.9% rate from this time last year. At the start of the new year, rates… [Read More]
U.S. Home Prices Above $400,000 for First Time
Existing home sales in the U.S. dropped to a two-year low in May as prices climbed to a record high – topping $400,000 mark for the first time – and mortgage rates further increased. Entry-level home buyers are continuing to get pushed out from the market. Even with a monthly drop in sales four months… [Read More]
Homeownership by Age 30 Dwindling by Generation
While generational differences are evolving and having a big impact on homeownership and insurance usage in the U.S., millennials and the youngest of Gen X are experiencing noteworthy delays in owning a home due to the Great Recession, according to a new study by TransUnion’s annual insurance summit. In addition to the delays in homeownership,… [Read More]
Could Baby Boomer Mortality Rates Change The Housing Market?
Before the pandemic, Baby Boomers – those typically classified as people born between 1946 and 1964 – represented 41% of U.S. homeowners. This is according to a special report conducted by the Mortgage Bankers Association’s Research Institute for Housing America. As older Americans age out of their homes to move to assisted living facilities or… [Read More]