The 30-year fixed-rate mortgage averaged 6.61% as of Nov. 17 The 30-year fixed-rate mortgage averaged 6.61% as of Nov. 17, according to data released by Freddie Mac FMCC, 1.38% Thursday, lower than the 7.08% rate seen last week. It was the biggest weekly decline since 1981.Still, the 30-year was averaging at 3.10% at this point last year. “Mortgage rates tumbled this week due to incoming data that suggests inflatio
Ballot measures in the U.S. to build more affordable housing and protect tenants from soaring rent increases were plentiful and fared well in last week’s midterm elections, a sign of growing angst over record high rents exacerbated by inflation and a dearth of homes.Voters approved capping rent increases at below inflation in three U.S. cities: Portland, Maine, and Richmond and Santa Monica in California. Another measure was leading in the vote
Mortgage application volume rose 2.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Veteran’s Day holiday.The small increase followed a government report last week showing that inflation may be starting to ease. That, in turn, sent bond yields plunging and mortgage rates with them. Thursday saw the sharpest one-day drop in the ave
You can’t misrepresent a property, but there are ethical ways to use images generated by artificial intelligence to improve your clients’ experiences and better serve their needs. Artificial intelligence now makes it possible for you to send a listing photo, along with commands for whatever image enhancements you want, to an algorithm—and receive the enhanced photo in seconds. This new frontier for real estate technology may open endless po
Rent remained 10.2% above September 2021 levels and 22.6% compared to 2 years earlier, according to the single-family rent index from property data information company CoreLogic New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.The price of rent
October’s lower inflation rate is a welcome sign for a housing market that’s seen steady declines in 2022. A recent report showing that the rate of inflation declined in October is good news for the real estate industry, and possibly a bellwether of declining mortgage rates in coming months, Lawrence Yun, chief economist for the National Association of REALTORS®, told thousands of attendees Friday at NAR NXT, The REALTOR® Experience(li
An annual report from the Counselors of Real Estate identifies the most pressing topics that could have long-term consequences for housing. Both the residential and commercial real estate markets face an “extraordinary era of unpredictability,” William McCarthy, 2023 global chair of The Counselors of Real Estate, said Friday at a session during NAR NXT, The REALTOR® Experience in Orlando, Fla. Whether it’s inflation, rising interest rates,
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Follow live updates and election results here.Gas prices got a lot of attention from candidates these midterm elections, but rents and home prices that skyrocketed during the pandemic are a far bigger chunk of people's budgets — and those increases are fueled by a historic housing shortage. Voters in dozens of cities were asked to approve more spending for affordable housing, and in some places they did so overwhelmingly.Kansas City&n
Builders have become more eager to offer prospective home buyers incentives— including more affordable rate buy-downs, reduced closing costs and free amenities—as mortgage rates soared to a 22-year high last quarter and more homes emerged on the market.KEY FACTS Ryan Marshall, president and CEO of home construction company PulteGroup Inc., said during a second-quarter earnings call that a majority of incentives offered are longer-
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