Feb 28
79 2nd Ave, Broomall, PA. 19008 Listing courtesy of Richard Diprimio – Keller Williams Real Estate – West Chester $405,000 Est. Mortgage $2,803/mo*3 Beds2 Baths1250 Sq. Ft. Description about this home for sale at 79 2nd Ave, Broomall, PA. 19008 Welcome to 79 2nd Avenue in Broomall! This well maintained, 3 bed, 2 bath home …
Feb 27
The Federal Reserve is expected to raise its key benchmark rate this coming week. What impact could it have on mortgage rates? Mortgage rates rose slightly this week ahead of the Federal Reserve’s highly anticipated meeting next Tuesday, when it is expected to increase its benchmark rate by up to a full percentage point. What …
Feb 27
The next downturn may be different than the last. Look to commercial real estate for clues about the direction of the economy. The U.S. gross domestic product contracted in the first quarter by 1.5%. The stock market has been tumbling. Inflation is stubbornly high. The Federal Reserve plans to continue raising interest rates. Pending home …
Feb 26
Record-high home prices, declining consumer confidence and fears of recession are taking their toll on aspiring homeowners. With volatile mortgage rates driving home buyers from the market, economists are skeptical that a dip in borrowing costs this week will have a meaningful impact. The 30-year fixed-rate mortgage fell to an average of 5.3%—still nearly double …
Feb 23
The market has mostly priced in current and future Fed actions, so mortgage rates shouldn’t rise dramatically, says NAR Chief Economist Lawrence Yun. With skyrocketing inflation and mounting recession fears, the Federal Reserve made another aggressive move Wednesday, raising its benchmark rate by three-quarters of a percentage point for the second time this year to …
Feb 23
A housing slowdown precipitated by low inventory and rising mortgage rates will open opportunities for some buyers, NAR Chief Economist Lawrence Yun predicts. Even though national GDP contracted for the second quarter in a row and home sales have fallen for five straight months, property prices are likely to continue growing because of low inventory, …
Feb 22
A contracting economy typically means a recession, but other economic indicators are likely to mitigate the effects of the slowing economy, says NAR’s chief economist. The country isn’t officially in a recession yet, despite two consecutive quarters of national contraction of the gross domestic product, a commonly cited indicator of an economic downturn, says Lawrence …
Feb 22
The average monthly mortgage payment has fallen 12% reduction in just two months as high borrowing costs moderate, says NAR Chief Economist. After weeks of escalating borrowing costs, home buyers are getting a second chance to lock in lower rates. The 30-year fixed-rate mortgage fell to an average just below 5% for the week ending …
Feb 21
Though weekly changes in borrowing costs are volatile, housing activity is reaching more balanced levels—which is ultimately good for buyers, says Freddie Mac’s chief economist. Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again …
Feb 21
NAR’s chief economist shares what now needs to happen to bring down borrowing costs and increase affordability for home buyers. Inflation eased slightly in July, which could bode well for the housing market in the months ahead, says Lawrence Yun, chief economist for the National Association of REALTORS®. Overall, inflation slowed from 9.1% in June …
Feb 20
As inflation appears to have peaked, borrowing costs are starting to stabilize. Mortgage rates appear to be settling in the 5% range after recent dramatic climbs that shocked home buyers. The 30-year fixed-rate mortgage averaged 5.13% this week, down slightly from its 5.22% average a week ago, Freddie Mac reports. Mortgage rates peaked at 6% …
Feb 20
Housing affordability hit a 33-year low in June, according to NAR data. But an increase in inventory and stabilizing mortgage rates may stem the tide. The average monthly mortgage payment jumped 54% year over year in June while the median household income rose only 5.8%, according to the National Association of REALTORS®’ Housing Affordability Index. …
