The Federal Reserve left its target federal funds rate unchanged Wednesday, but did not indicate an end to its aggressive rate hike campaign. This provides little relief for households facing sky-high borrowing costs. In total, Fed officials have raised rates 11 times in the past 18 months, bringing the key interest rate to a target …
A surge in mortgage rates has unexpectedly sparked a surge in demand for refinances in the housing market. Last week, the Mortgage Bankers Association reported a 13% increase in applications to refinance home loans, compared to the previous week. However, application volume remained 29% lower than the same period last year. Normally, refinancing demand moves …
First-time buyer A first-time buyer recently purchased their £250,000 home with a 10% deposit and a competitive 2.1% mortgage two-year rate in October 2021. However, with the rising base rates, the current average two-year fixed mortgage rate of 6.66% will significantly impact their monthly payments. In fact, their payments will increase by £640, amounting to …
Once you’ve completed the buying process for your new home, it’s time to prepare for the next steps. Whether you’re moving in or planning renovations, there are several tasks to accomplish. Let’s dive into this extensive to-do list. The first step is to inform your moving company of your completion date so you can schedule …
U.S. homebuilders are feeling pessimistic about their business for the first time in seven months, thanks to persistently high mortgage rates. Builder confidence in the single-family housing market dropped by 5 points in September to 45 on the National Association of Home Builders/Wells Fargo Housing Market Index. This decrease follows a 6-point decline in August. …
Artistgndphotography | E+ | Getty Images The Federal Reserve is expected to forgo an increase in interest rates during its upcoming meeting, according to industry experts. However, this may not bring any relief to consumers. Since last year, the central bank has raised interest rates 11 times, marking the most rapid pace of tightening since …
Some homeowners are choosing to use loans to provide financial support for their children instead of themselves, as they struggle with unaffordable mortgage payments. In one case, a 78-year-old mother used a lifetime mortgage to release £60,000 from her three-bedroom home in Essex in order to assist her two sons. One of her sons was …
According to data from analyst Moneyfacts, the average two-year fixed rate deal has dropped slightly to 6.79pc compared to last week. Meanwhile, borrowers taking out a five-year fixed rate will now pay an average rate of 6.28pc. Chris Sykes, broker at Private Finance, explained that lenders are finally passing on discounts that were long overdue …
In the world of real estate, pricing a home correctly from the start can make all the difference. According to Tim Bannister, an expert from Rightmove, homes that are priced appropriately initially are not only more likely to sell, but they are also more likely to sell quickly. This backs up claims from local agents …
A “For Sale” sign hangs in front of a home in San Mateo County, California, Aug. 22, 2023. Liu Guanguan | China News Service | Getty Images Higher mortgage rates are continuing to impact mortgage demand, particularly for refinancing. The Mortgage Bankers Association’s seasonally adjusted index reveals that total mortgage application volume decreased by 0.8% …