Recent data has shown that mortgage interest rates have dropped to the lowest level since May 2023, resulting in a surge in mortgage demand from both homebuyers and current homeowners. The Mortgage Bankers Association reported a 6.9% increase in total mortgage application volume last week compared to the previous week. This spike in volume marks
Real Estate
The recent decision by the Bank of England to lower its Bank Rate to 5% from 5.25% has prompted major high street lenders in Britain to slash their mortgage rates. This move signifies a potential easing of financial pressure on households as lenders such as HSBC, Santander, and Nationwide have begun reducing borrowing costs for
During a recent political event in Atlanta, Vice President Kamala Harris declared that building up the middle class would be a significant focus during her presidency. She emphasized the essential role of a strong middle class in ensuring the overall strength of the nation. Harris highlighted the importance of providing relief to families facing the
Recent data indicates a slight improvement in home affordability for buyers over the summer months. The median new mortgage payment has decreased by 2.4% in June compared to May, which is a positive sign for potential homebuyers. This improvement is attributed to declining mortgage rates and a slight decrease in the median loan amount on
Consumers renewing their homeowners insurance policies in recent years have likely noticed a significant increase in premiums. According to Policygenius, home insurance prices surged by an average of 21% between May 2022 and May 2023. This sharp rise can be attributed to a spike in catastrophic severe weather events, leading to higher costs for insurers.
Living in a major city in Asia can be quite expensive, especially when it comes to monthly rent. According to data from Numbeo, the cost of renting an apartment in Shanghai’s city-center can reach approximately $2,700. This high cost of housing is just one aspect of the overall expensive lifestyle in major Asian cities. Hong
As Vice President Kamala Harris emerges as a frontrunner for the Democratic presidential nomination, her dedication to affordable housing policies is increasingly under the spotlight. Throughout her career, Harris has been a vocal advocate for ensuring that every American has access to affordable housing options. From her time as attorney general for California to her
As of last week, mortgage interest rates saw a slight decrease, with the average contract rate for 30-year fixed-rate mortgages dropping to 6.82%. Despite this decrease, potential homebuyers are still hesitant to make a move, as purchase applications dropped by 4% compared to the previous week. The Mortgage Bankers Association reported that purchase demand is
The National Association of Realtors reported a 5.4% drop in sales of previously owned homes in June compared to May, with 3.89 million units sold on a seasonally adjusted, annualized basis. This represents a 5.4% decrease from the same period last year, marking the slowest sales pace since December. These closed sales are reflective of
Are you considering buying a home in the near future? It’s important to assess your financial readiness before taking the leap. According to recent analysis by Zillow, millions of renter households in 2022 would have been able to buy a home that year. However, many renters may not even realize that they are in a