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Homeowners rush as 30-year fixed mortgage rate drops Mortgage rates trended down this week, with the 30-year fixed-rate mortgage (FRM) dipping to its lowest level in two years, according to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS). The 30-year FRM averaged 6.08% as of September 26, 2024, down just a fraction from last week’s 6.09%.…

The U.S. Department of Housing & Urban Development (HUD) has announced its most extensive update to the Manufactured Home Construction and Safety Standards in more than three decades, including 90 new or updated standards to increase innovation and production of homes with features that are sought-after by consumers, such as open floor plans and accessibility enhancements, open…

Hurricanes are among nature’s most powerful and destructive phenomena. On average, 12 tropical storms, 6 of which become hurricanes form over the Atlantic Ocean, Caribbean Sea, or Gulf of Mexico during the hurricane season which runs from June 1 to November 30 each year. In the Central Pacific Ocean, an average of 3 tropical storms,…

First-time homebuyers still have to compete for a small pool of houses. Like your upstairs neighbor’s leaky bathtub, the Federal Reserve’s interest rate cuts are beginning to trickle down: Mortgage rates are gradually declining, and to take advantage, homeowners and prospective buyers submitted a wave of refinancing and loan applications last week, new data revealed yesterday.…

Significant Rate Cut The Federal Reserve cut the federal funds rate by 50 basis points, surprising economists. Lower Mortgage Rates Ahead This cut may lead to more affordable mortgage rates, benefiting first-time homebuyers.

Mortgage rates determine the cost of borrowing money to buy a property, varying by financial factors. Factors like credit score, income, and inflation influence mortgage rates, impacting loan costs long-term.

Existing-home sales rose slightly in mid-summer but remain lower than last year. A 0.35 percentage point decline in mortgage rates increased house-buying power by $13K.

The average American has thousands of dollars of credit card debt. As a whole, Americans hold a record $1.14 trillion in credit card debt as of the second quarter of this year, according to the Federal Reserve Bank of New York’s August report. Individually, they carry an average balance of around $6,330, per TransUnion data. That’s up from $5,947 at…