Despite a solid gain in mortgage rates last week, home buyers and refinancers were not deterred. Mortgage application volume, which reflects demand for home purchases and refinancings, increased 4 percent last week over the previous week and on a seasonally adjusted basis, the Mortgage Bankers Association reported Wednesday.Last week, mortgage applications for home purchases increased 6 percent compared to the previous week. Purchase applications
Homes across the country are selling faster than they were a year ago. Nationwide, properties stayed on the market for an average of 52 days in December, down from a 58-day average a year ago, the National Association of REALTORS® reported in its latest housing report Tuesday. Thirty-seven percent of homes sold in December were on the market for less than a month.The following five metro areas had listings that stayed on the market the shortest
Ben Carson, a retired neurosurgeon, will step in as the new secretary of the Department of Housing and Urban Development. A Senate committee unanimously approved President Donald Trump’s choice of Carson for the top HUD spot on Tuesday. Carson will replace Julián Castro, who has served in the position since July 2014.Carson “has a brilliant mind and is passionate about strengthening communities and families within those communities,” Presi
Lending giant Wells Fargo is settling charges that it overcharged borrowers for broker’s price opinions. Borrowers who had a mortgage serviced by Wells Fargo between May 6, 2005, and July 1, 2010, may be eligible to receive portions of a $50 million settlement.Wells Fargo was accused of charging certain borrowers between $95 to $125 for BPOs. The typical cost is $50 or less. Borrowers who paid the elevated price for the BPO may be eligible to r
Many first-time buyers are starting to feel like they just can’t catch a break. The continued limited inventories of homes for sale in the entry-level market and a number of other factors are pressing harder on first-timers who are trying to break in to home ownership.“Constrained inventory in many areas and climbing rents, home prices, and mortgage rates means it’s not getting any easier to be a first-time buyer,” says Lawrence Yun, the
Granite is falling out of favor with homeowners. The engineered stone of quartz instead is displacing the long-reigning granite as the top-choice for kitchen countertops.“About 75 percent of our clients are opting for quartz over granite,” Bill Millholland, executive vice president of the design-build firm Case, told The Washington Post. “More people want a contemporary aesthetic in the kitchen, and the clean look of quartz goes with that.
Anyone buying a property wants to get the best price. A smart offer can not only help successfully close the deal, but it can also earn you the gratitude and loyalty of your clients by saving them thousands of dollars, both upfront and over the life of a mortgage.Here are five tips to put your home buyer in a better negotiating position:1. Explain how to read the market.2017 is likely to remain a seller’s market for the most part, though buyers
A rate lock helps protect your buyers from fluctuating mortgage rates as they’re getting ready to buy a home. It locks in the interest rate for a loan for a certain period of time until the buyer makes it to closing. Your buyers will know what to expect and won’t then fall mercy to a week of rising rates, for example. However, if rates dip, they could get stuck paying a higher rate too. So it can be a catch-22.Here is when your buyers likely
For home buyers hoping to snag a deal, they may want to make a move now. Home prices in January usually decrease compared to the spring and summer buying season.There’s plenty of research to back that up too. NerdWallet recently crunched two years of realtor.com® data that reflected the 50 largest U.S. metros. Researchers found that January and February were the top months for those looking to get a bargain. In those months, home sales prices
Some architects worldwide are building a select few homes that can rotate, allowing for a change of interior views from a room throughout the day or programming a home to follow the direction of the sun to help maintain inside temperatures.In New South Wales, Australia, the Everingham Rotating House is an 5,812-square-foot, octagonally shaped home that can rotate 360 degrees. It sits on a diameter steel platform that allows for it to turn in both
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