The 30-year fixed-rate mortgage continued to drop this week, heading back near the 3% range.The 30-year fixed-rate mortgage averaged 3.04% this week, Freddie mac reports. Mortgage rates are still below a year ago and remain at historical lows, which has proven a boon for the housing market, economists note.“Mortgage rates took another dip this week as the 30-year fixed-rate mortgage decreased by almost ten basis points, week over week,” says
Black millennials between the ages of 26 and 39 are increasingly becoming homeowners during the pandemic. They’re buying homes at higher rates than other Black Americans and previous generations. Their higher rates in real estate have led to an overall increase in the homeownership rate for African Americans, according to an article at BlackEnterprise.com. This is “the path to a middle-class lifestyle and wealth,” Lawrence Yun, chief econom
The U.S. housing market needs nearly 4 million single-family homes to meet the nation’s demand, according to a new analysis from Freddie Mac. The 3.8 million shortfall marks a 52% increase in the housing shortage since 2018.“This is what you get when you underbuild for 10 years,” says Sam Khater, Freddie Mac’s chief economist. “We should have almost four million more housing units if we had kept up with demand the last few years.”Lawr
It’s a jarring reality that the Black homeownership rate has hardly changed since 1968, the year the Fair Housing Act banned discrimination in real estate practices. Industry thought leaders kept coming back to that fact Thursday during a Facebook Live event, “The Past, Present, and Future of Fair Housing,” hosted by the National Association of REALTORS® and The Memorial Foundation, which benefits The Dr. Martin Luther King Jr. L
More home shoppers are on the hunt in New Hampshire this spring. Manchester, N.H., and neighboring Concord, N.H., topped realtor.com®’s monthly list as hottest housing markets in March. Both cities are about an hour outside of Boston. New Hampshire also offers beaches and ski areas that are within easy driving distance.Buyers are continuing to show trends of searching for housing affordability outside of major city hubs. Many of these outer ar
With home prices are surging, owners in some areas earned more via price appreciation over the last year than from their salary, according to a new study from Point2Homes, an online real estate marketplace.In 2020, the net increase in home prices outstripped owners’ salaries in 15 of the largest U.S. metros, with the differences ranging from a mere $38 to up to nearly $60,000, according to the analysis.The strongest home price gain for this was
The healthfulness and wellness of a space are becoming more of a priority when shopping for a home. During the pandemic, more Americans have shown a desire for stronger ties to the outdoors with their homes and through outdoor community offerings.After all, homes and communities can impact overall well-being, according to the Global Wellness Institute’s report “Resetting the World with Wellness: Healthy Built Environments for Healthy People.
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Small-town living has become increasingly appealing to more Americans. Even prior to the pandemic, rising home prices were prompting more consumers to move farther away from city centers in search of greater square footage and to make their housing dollars stretch more.In a 2020 survey from Gallup, nearly half of U.S. adults said they would prefer to live in a small town or rural area, a 9% increase compared to 2018.“We’ve seen home shoppers
Rents are on the rise once again. After eight months of slowdowns, rent growth in the largest metros saw an increase in March, rising 1.1% year over year, according to realtor.com®’s Monthly Rental report released on Tuesday.The median rent nationwide for the 50 largest metros averaged $1,463 in March. Over the last eight months, rent growth decreased from 2.2% in July 2020 to just 0.6% in February."Although we're still below the 3.2% growth w
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