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Everything at the CFPB on HOLD

Nov 29, 2017 by

Everything at the CFPB is on hold says new Trump Director.

The post Everything at the CFPB on HOLD appeared first on National Real Estate Post.

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Millennials Put Home-Buying on Hold After Last Year’s Rate Hike

Apr 16, 2017 by

Will more interest rate hikes this year turn millennials off to buying a home?

A sizable share of millennials recently surveyed by TransUnion decided to put off buying a home after learning of the interest rate hike in 2016, with 42 percent reporting that the raise in rate influenced their plans.

The key interest rate, which was increased one-quarter percentage point in December and again in March, indirectly leads the movement of mortgage rates. Mortgage rates, though still at historic lows, soared at the end of 2016, giving first-time homebuyers—mostly millennials—pause about their spring home search, according to a January report by realtor.com®.

“Higher rates make qualifying for a mortgage and finding affordable inventory more challenging,” says Jonathan Smoke, chief economist of realtor.com, of the report.

Homebuyers’ apprehension subsided by February, however, when the majority of those surveyed by Zillow reported planning to move ahead with purchasing, even if their monthly mortgage payments grow as a result of rising rates.

“As rates rise this year, first-time buyers and those looking to buy in expensive markets where affordability is already an issue will feel the pinch of higher rates on their budget,” says Erin Lantz, vice president of Mortgages for Zillow Group, of the survey. “For most borrowers, there is quite a bit of head room for rates to rise before home-buying becomes unaffordable.”

Demand has only picked up now that the spring home-buying and -selling season is underway—and with first-time homebuyers facing severe competition due to few affordable homes, mortgage rates, for now, may be less of a concern. In fact, 69 percent of those in the TransUnion survey are more focused on how they will pay for home improvements, and 67 percent are more focused on how they will pay for home maintenance.

The Federal Reserve has indicated two or three more hikes could occur in 2017.

Source: TransUnion

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The post Millennials Put Home-Buying on Hold After Last Year’s Rate Hike appeared first on RISMedia.

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Accuracy, Control, Consolidation…What Does the Future Really Hold for Data?

Sep 24, 2015 by

Craig Cheatham’s unforgettable entrance as co-moderator of “The Fate of Data Control” panel during RISMedia’s Real Estate CEO Exchange last week captured how many brokers feel about the ongoing data struggle. Making his way through the Yale Club’s crowded Grand Ballroom, Cheatham gave the event’s nearly 200 attendees a chance to see the back of his slings-and-arrows-festooned […]
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Mortgage Rates Hold Unchanged This Week at 3.58%

Jan 27, 2015 by

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ZillowThe weekly mortgage rate chart illustrates the average 30-year fixed interest rate in six-hour intervals.

By Lauren Braun

Mortgage rates for 30-year fixed loans were unchanged this week, with the rate borrowers were quoted on Zillow Mortgages at 3.58 percent, the same as this time last week.

The 30-year fixed mortgage rate hovered between 3.58 percent and 3.83 percent before settling at the current rate.

“Rates were on a roller coaster last week but settled roughly where they started, holding near 20-month lows,” said Erin Lantz, vice president of mortgages at Zillow. “U.S. domestic data are expected to play a prominent role this week with Wednesday’s Federal Open Market Committee statement and Friday’s GDP [gross domestic product] report, but international news could still drive markets. Overall, we expect rates to remain flat over the next week.”

Additionally, the 15-year fixed mortgage rate Tuesday morning was 2.94 percent, and for 5/1 ARMs, the rate was 2.95 percent.

Check Zillow Mortgages for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to determine monthly payments at the current rates.

 

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