New homes built to rent are reaching a peak in popularity, driven by two factors: an increase in remote work and millennials reaching the prime home-buying age, despite facing real estate purchase challenges. But which sectors have contributed most to this growth? To answer this question and chart the future of this niche market, RentCafe.com analyzed Yardi Matrix data on rental single-family homes in professionally managed communities. A record 27,500 rental homes are set to open in 2023, up 75% from the previous year, with new peaks every year culminating last year due to changing lifestyles following the COVID-19 pandemic.…
Author: Private Lending Agent
Favorable economic trends have led to mortgage rates continuing the downward trend they have seen over the past few months. According to HousingWire’s Mortgage Rate Center, the average conforming rate on a 30-year loan was 7.06% on Tuesday, down from 7.11% a week ago. Conforming rates on 15-year loans saw an even bigger drop, dropping from 6.90% to 6.79% in one week. The data comes on the heels of a slowdown in inflation: The Consumer Price Index (CPI) released last week showed prices for goods and services fell 0.1% from May to June, after rising 3% on an annualized basis,…
Improved performance from temporary pandemic-era foreclosure prevention innovations has prompted new long-term servicing policies that could provide some benefits to the mortgage market, but experts at a recent Urban Institute event said more could be done to build on this.Further efficiencies to assist service providers were also proposed.David Seeler, president of Freedom's residential services division and vice president of correspondent lending, said mortgage lenders are still looking for more ways to avoid delays in processing distressed mortgages, which continue to impact costs. “It goes largely unnoticed by the public, but it's the servicer who actually pays when a customer defaults…
Key Takeaways Traders are pricing in a 100% chance of a rate cut when the Federal Reserve meets in September. Fed officials themselves have said the decision will be based on economic data and that no timeline for rate cuts has been set. Futures data also suggests traders expect the Fed to continue cutting rates once it starts. Federal Reserve officials have said they need to see more economic data before adjusting policy, but market participants are growing confident the central bank will begin cutting interest rates in September and will make additional cuts by the end of the year.…
Key Takeaways A two-day meeting of the Federal Reserve's policy committee, which ends on Wednesday, could help shed light on when interest rates will be cut.Federal Reserve officials have said they will cut the benchmark federal funds rate from its highest level in 22 years, but have not said when.The federal funds rate affects payments on mortgages, credit cards, and other loans. Interest rates will fall. The question is how quickly, but the answer may become clear when the Federal Reserve's policy committee meets this week.When the Federal Open Market Committee (FOMC) concludes its two-day meeting on Wednesday, officials are…
The percentage of refinances of overall volume has fallen dramatically from a few years ago, leaving purchases to be the basis of business out there. Lenders are asking themselves, “How’s our non-owner product?” Investor buyers accounted for 15 percent of home purchases in the first quarter of 2024, the highest share in the data’s history. The number of investor purchases fell slightly annually, clocking in at the lowest level since 2020, but still exceeded pre-pandemic highs, topping 2019-Q1 by over 10 percent. Though more non-investors are purchasing in all cash, investor cash-purchase activity fell annually in the first quarter as…
Thomas Truschell/Phototech/Getty Images High services prices and escalating trade tensions are pushing up inflation, the IMF said in its latest World Economic Outlook. CNN, London — The International Monetary Fund warned that persistent inflation could keep interest rates higher for longer than expected, increasing fiscal and financial risks around the world. High prices for services such as haircuts, hotels and restaurants, and escalating trade tensions are pushing up inflation and raising the prospect of interest rates remaining high for the foreseeable future, the IMF warned on Tuesday in its latest World Economic Outlook. The warning highlights that the global economy…
Known for its simplicity, functionality, and timeless elegance, Shaker style has been a cornerstone of design for centuries. Originating from the 18th century Shaker sect, this design aesthetic emphasizes practicality and minimalism, resonating strongly with modern design sensibilities. Today, Shaker style offers a blend of tradition and modernity that appeals to a wide range of tastes, evolving to fit seamlessly into modern homes. In this blog, we will explore the history of Shaker design, its key characteristics, and its continuing influence on modern interiors, particularly through the use of custom Shaker doors. Origins of the Shaker Style Formally known as…
Image credit: Getty ImagesArticle information Author, Faisal Islam & Daniel Thomas Role, Economics Editor and Business Reporter, BBC News20 minutes agoThe International Monetary Fund (IMF) has warned that interest rates may need to remain “high for further period” as inflation remains “somewhat persistent” in countries including the UK and the US. The agency also said elections around the world had increased “uncertainty” over economic growth due to concerns about “significant shifts” in policy from new governments.The IMF maintained its forecast that the global economy will grow by 3.2% in 2024, but now sees slightly higher growth of 3.3% in 2025.It…
Oper, a leading mortgage software innovator, has announced the release of a set of AI-powered product features designed to transform the underwriting and fulfillment process in the digital mortgage process.The new product aims to revolutionize the mortgage industry by streamlining the fulfillment and underwriting process.Oper’s AI-powered capabilities aim to increase accuracy and efficiency for lenders, significantly reducing manual errors and saving time.Newly introduced AI-powered capabilities provide document automation, data comparison and approval recommendations. By leveraging existing AI technology, these capabilities enable all required document validation to be completed in just minutes, instead of the average seven hours it would normally…