Mortgage financing giant Freddie Mac will begin this fall to tighten restrictions on low down payment mortgages that allow borrowers to only contribute 1 percent of the home’s purchase price. Borrowers will now be required to come up with at least 3 percent in order to then receive any contribution from a lender.Read more: Freddie Mac: Housing Is Still AffordableFreddie Mac and Fannie Mae started the low down payment offerings in 2014 by rolli
Existing-home prices have jumped 6.5 percent from a year ago to a record high of $263,800 in June, according to the National Association of REALTORS®. It marks the 64th consecutive month for year-over-year price increases. The escalating prices are causing some to fear a price correction could be on the horizon.However, new research from JPMorgan finds that the risk of a dramatic decline in U.S. home prices is very low. JPMorgan culled historica
Despite tight inventory conditions, economists at mortgage giant Freddie Mac have high expectations for housing. Buyer demand remains strong amid low mortgage rates, even though home prices this year are expected to be about 6 percent higher than last year, the economists note. Mortgage rates are expected to remain around 4 percent for the remainder of the year.“A decade after the Great Recession, the housing market is rebounding,” says Sean
"The Dance" is a song written and composed by Tony Arata, and recorded by American country music singer Garth Brooks as the tenth and final track from his self-titled debut album, from which it was also released as the album's fourth and final single in April 1990. It is considered by many to be Brooks' signature song. In a 2015 interview with Patrick Kielty of BBC Radio 2, Brooks credits the back to back success of both "The Dance" and it
Though existing-home sales took a hit last month, June’s pending home sales—a forward-looking indicator based on contract signings—suggest a comeback is in line for most of the country. Every major region of the U.S. except the Midwest saw an uptick in contract signings last month, the National Association of REALTORS® reported Monday.NAR’s Pending Home Sales Index in June rose 1.5 percent from May to a reading of 110.2, marking the fi
Consumer perception of mortgage servicing brands is growing dimmer, with many saying banks are more focused on profit than their customers’ needs, according to the J.D. Power 2017 U.S. Primary Mortgage Servicer Satisfaction Study.“The past few years have not been easy for mortgage servicers, as they’ve struggled with regulatory and market pressures but still managed to deliver on customer satisfaction,” says Craig Martin, senior director
Home sellers in the second quarter of this year sold their properties for an average $51,000 more than they paid for them when they bought them. That’s the highest price gain for sellers since the second quarter of 2007, when it was $57,000, according to a new report by real estate data form ATTOM Data Solutions. This represents an average return on investment of 26 percent.The sellers had owned their homes an average of eight years, which is t
The United States is going through an energy revolution that within 20 years will reshape people’s homes and communities, experts said at the National Association of REALTORS®’ 2017 Sustainability Summit in Washington, D.C., this week. Most people aren’t aware of the revolution right now, but that will change as the cost of alternative sources of energy, such as solar panels, plummets and the use of smart technologies—particularly LED li
Real estate professionals in New York and Arizona say they have recently received an email from a real estate professional in Jacksonville, Fla., who was offering them a referral. The problem is that when they Googled the agent’s name, they discovered she had died a month ago.The email sender claims to be late real estate professional Mary Anne Rolnick, 76, who was murdered inside her home in June. Rolnick’s son, Scott Rolnick, has been charg
Mortgage rates posted another drop this week, offering more relief to home buyers.Freddie Mac reports the following national averages with mortgage rates for the week ending July 27: 30-year fixed-rate mortgages: averaged 3.92 percent, with an average 0.5 point, falling from last week’s 3.96 percent average. Last year at this time, 30-year rates averaged 3.48 percent. 15-year fixed-rate mortgages: averaged 3.20 percent, with an average 0.5 po
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