Mortgages for new single-family homes fell sharply in June as lending activity cooled significantly after months of strong interest.Applications for new homes fell 16% from May, without seasonal adjustment, marking the first decline so far in 2024, according to the Mortgage Bankers Association's Home Builder Applications Survey. Compared to the same period a year ago, applications were broadly flat, but still increased 0.7%, marking the 17th consecutive month of increases. By comparison, a survey of homebuilders in May showed monthly applications were up 1% from the previous month and up 13.8% annually. The data is compiled from the mortgage lending…
Author: Private Lending Agent
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Dixie Summers It's no surprise that owning a home is a big investment, so proper maintenance is essential to keep it happy and safe. However, in the hustle and bustle of daily life, it's easy to underestimate the costs associated with maintaining a home. That's why we've created this guide to help you plan for future expenses and avoid surprises. With careful planning and budgeting, you can have the confidence that you can handle any maintenance, and enjoy a home that's comfortable for you. Ready to get started? Come on in! Why set money aside?First of all, why should you…
National Average of Best Lender Rates – Refinance Loan Type Refinance Rate Daily Change 30-Year Fixed 7.10% +0.24 FHA 30-Year Fixed 6.41% +0.01 VA 30-Year Fixed 6.02% +0.06 20-Year Fixed 6.61% -0.05 15-Year Fixed 5.88% -0.05 FHA 15-Year Fixed 6.11% No Change 10-Year Fixed 7.34% No Change 7/6 ARM 7.38% -0.07 5/6 ARM 7.50% -0.07 Jumbo 30-Year Fixed 7.17% -0.02 Jumbo 15-Year Fixed 6.90% +0.15 Jumbo 7/6 ARM 7.85% No Change Jumbo 5/6 ARM 7.80% +0.01 Provided via the Zillow Mortgage API *In some cases, some interest rate averages may show a much larger change than normal from one day…
Author: Joe Killinger This post originally appeared on Joe Killinger Blog and is republished with permission. Learn how to submit your blog on theBrokerList. The commercial real estate (CRE) industry is fast-paced, with complex transactions and demanding clients. This environment requires brokers to possess certain competencies and personality traits. Here are five key characteristics that distinguish successful CRE brokers.1. Market Masters: Deep local knowledge is kingCRE is highly localized. Understanding the nuances of a particular market is key: vacancy rates, sales comparisons, rental trends, upcoming projects, and more. A skilled CRE broker is a market expert who stays on top…
The decline was fueled by an increase in refinancings, which rose to their highest level since August 2022. Meanwhile, applications rose 3.9% week over week as the market began to gain momentum. After a prolonged cooling that continued through 2023, mortgage market activity has bounced back to healthy levels in the first few months of the year, according to Christine O'Neill (pictured above), senior loan officer at Richmond, Virginia-based Open Door Lending. She told Mortgage Professional America that the market outlook is looking better than it has in a long time, although in recent weeks the typical midsummer slowdown has…
On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) released its long-awaited mortgage servicing proposed rule to amend Regulation X. While mortgage servicing companies have operated under the current framework for over a decade and this approach was refined after the Great Recession, the CFPB has signaled its desire to modernize Regulation X's rules regarding default servicing in the wake of post-pandemic relief options. Servicers have worked extraordinary hard to successfully provide record amounts of homeowner relief through pandemic-era programs. As a result, foreclosures have fallen significantly to an estimated 0.26% of properties nationwide, compared to a peak of…
In 2023, the global economic crisis caused a significant downturn in the commercial real estate sector around the world, with investments down 66% year-on-year. Major markets such as the United States and Europe saw leasing activity fall by around 25%. The global commercial market is in crisis. Real Estate. (HT File Photo/Representative Image). (HT Photo) {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} In contrast, India's commercial real estate market has shown remarkable resilience and growth, attracting $5.4 billion in investments, its best performance since pre-pandemic 2020. India's office sector has been particularly buoyant, attracting over $3 billion in investments, up 53% year-on-year. The…
The NAHB/Westlake Royal Remodeling Market Index (RMI) for Q2 2024 was 65, down one point from the previous quarter. The RMI remains in positive territory, and the NAHB continues to forecast that remodeling activity will stabilize at healthy levels in 2024. While some remodelers are reporting a slowdown, most continue to see solid demand for remodeling projects. In some markets, rising interest rates have led some customers to purchase remodeling projects with cash rather than a loan, although this option is only available to wealthier homeowners. The RMI is based on a survey that asks remodelers to rate various aspects…
Finishing a basement can transform unused space into a functional living area, such as an extra bedroom, entertainment room, or home office. Because a finished basement increases a home's livable square footage, it also increases the home's monetary value, making it more attractive to today's buyers. But homeowners often wonder if the payoff is worth the investment. In this article, we'll discuss how you can maximize the value your basement adds to your home by following local market trends, quality finishes, and adhering to building codes. iBuyer.com simplifies the home selling process by making multiple cash offers in minutes. We…