New Listings Rise as Buyer Activity Stays Tepid According to a recent Zillow report, home sellers are returning to the market, but affordability issues still constrain it. New listings increased 8% from April to May, surpassing last year’s historically low levels by 13%. Year over year, new listings rose 12.6% in May, contrasting sharply with…

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Freddie Mac: Mortgage Rates Decline, Applications Rise According to Freddie Mac, mortgage rates have dropped for the second consecutive week, with the average 30-year fixed-rate mortgage falling to 6.95%, down from 6.99% the previous week. This decline follows positive economic data indicating a slight softening in consumer prices, with annual price growth at 3.3% in…

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When purchasing a home, understanding the financial obligations beyond the purchase price is crucial. Two significant components in this process are the down payment and closing costs. Although both are essential, they serve different purposes and are required at different stages of the home-buying process. Here’s a breakdown of what they are and how they…

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CoreLogic’s April Price Index Up 5.3% Annually Home prices across the U.S. rose 5.3% year-over-year and 1.1% month-over-month in April, according to CoreLogic’s Home Price Index (HPI). This marks six consecutive months of annual gains above 5% and 147 months of continuous year-over-year growth. CoreLogic predicts that the pace of price growth will remain above…

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April Pending Home Sales Hit Pandemic Low Signed sales contracts on existing homes dropped 7.7% in April compared to March, marking the slowest pace since April 2020, according to the National Association of Realtors. Pending sales, which indicate future closed sales, were also 7.4% lower than in April last year, despite expectations of stable sales.…

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Weekly Mortgage Rates Drop, Existing Home Sales Sag Mortgage rates fell for the third consecutive week, right at the start of the homebuying season, with the average rate on a 30-year fixed-rate mortgage dropping to 6.87%. Despite this decline, rates are still high for many buyers, leading to a slump in home sales. In April,…

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For many potential homebuyers, the journey to owning a home starts with a critical question: “How much mortgage can I afford?” This is the first step in understanding the financial commitment involved and ensuring that homeownership remains a blessing rather than a burden. Understanding Affordability Affordability is influenced by several factors, including your income, monthly…

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Weekly Mortgage Rates Drop, Existing Home Sales Sag Mortgage rates fell for the third consecutive week, right at the start of the homebuying season, with the average rate on a 30-year fixed-rate mortgage dropping to 6.87%. Despite this decline, rates are still high for many buyers, leading to a slump in home sales. In April,…

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Home Sales Dip In April Despite Increased Supply In April, sales of previously owned homes declined unexpectedly by 1.9% compared to March, totaling 4.14 million units, contrary to forecasts for a slight increase. These figures also marked a 1.9% decrease from April 2023. The drop in sales can be attributed to the impact of rising…

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MBA: New Home Purchase Mortgage Applications Up 22.1% in April In April 2024, the Mortgage Bankers Association (MBA) reported a 22.1% year-over-year increase in mortgage applications for new home purchases, with a 2% rise from March 2024. Joel Kan, MBA’s Vice President and Deputy Chief Economist, highlighted that this growth follows a brief slowdown in…

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