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August 4, 2021

Mortgages

Pending home sales drop in June — more evidence of a housing turnaround

CNBC Real Estate
A real estate for sale sign shows the home as being “Under Contract” in Washington, DC, November 19, 2020. Saul Loeb | AFP | Getty Images Pending sales of existing homes in June as measured by signed contracts fell 1.9% from May, according to the National Association of Realtors. Sales......

Here are your best moves while the Fed keeps rates near zero

CNBC Real Estate
Although the federal funds rate — which is what banks charge one another for short-term borrowing — is not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day. The Fed’s historically low borrowing rates make it easier to access cheaper loans, but......

Mortgage rates just dropped to a six-month low, and refinances shoot higher

CNBC Real Estate
A real estate agent stands in the doorway as Giovani and Nicole Quiroz of Brooklyn, New York visit an open house in West Hempstead, New York. Raychel Brightman | Newsday LLC | Newsday | Getty Images The popular 30-year fixed mortgage rate fell back to the lowest level since February......

Home prices broke records in May, according to S&P Case-Shiller

CNBC
CNBC – For more and to sign up click here A “For Sale” sign is seen in front of a home on May 30, 2019 in Miami, Florida. Joe Raedle | Getty Images Home prices continue to break records, as strong demand slams up against weak supply. Nationally, prices in......

International buyers dropped out of U.S. housing during pandemic, but China is rushing back

CNBC Real Estate
U.S. homebuyers went on a buying spree during much of the coronavirus pandemic‘s first year. International buyers did just the opposite, though. Even with virtual options in place for property tours, sales of U.S. homes to foreign buyers fell by 31% from April 2020 to March 2021, according to the......

Here’s how to tap your house for cash as home prices soar

CNBC Real Estate
Soaring home prices are making many homeowners wealthier and wealthier. Those with mortgages — about 62% of all properties — saw their equity jump by 20% in the first quarter from a year earlier, according to CoreLogic. That represents an average gain of $33,400 in just that one year period.......

Sales of existing homes rise slightly as more listings finally hit the market

CNBC Real Estate
After four straight months of declines, sales of previously owned homes rose 1.4% in June month-to-month to a seasonally adjust annualized rate of 5.86 million units, according to the National Association of Realtors. These sales represent closings, so they are based on contracts signed in April and May. Sales were......

Volatile interest rates cause mortgage demand to drop

CNBC Real Estate
Daniel Acker | Bloomberg | Getty Images Mortgage rates have been on a roller coaster lately, albeit a low-riding one. A mixed picture of rates last week, though, was enough to put the brakes on a recent rise in refinance demand. The average rate for 30-year fixed loans with conforming......

Builders pull back as more homebuyers are priced out of the market

CNBC Real Estate
Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, U.S. June 3, 2021. Mike Blake | Reuters There are several signs in the market for newly built homes that point to a potential slowdown for the nation’s homebuilders. Data released......

Homebuyers aren’t seeing savings from falling lumber prices – here’s why

CNBC Real Estate
A contractor works on the roof of a house under construction in the Stillpointe subdivision in Sumter, South Carolina, on Tuesday, July 6, 2021. Micah Green | Bloomberg | Getty Images The price of lumber on the future’s market has given up all of its gains for this year, falling......

Homebuilder confidence is still high, but it slipped this month as construction costs grew

CNBC Real Estate
The nation’s homebuilders continue to be thrilled with buyer demand, but higher construction costs are starting to eat away at their confidence. A monthly sentiment index from the National Association of Home Builders dropped 1 point to 80 in July. The index stood at 72 in July 2020. Anything above......

Mortgage refinance fee dropped by regulator, lowering costs for borrowers

CNBC Real Estate
Fannie Mae and Freddie Mac are dropping a fee on mortgage refinances that was instituted during the pandemic, lowering costs for borrowers, the Federal Housing Finance Agency said Friday. Fannie and Freddie were charging lenders a 50 basis-point fee for all loans that were delivered to the two mortgage giants.......

Here’s how three homeowners paid off their mortgages in under 10 years

CNBC
CNBC – For more and to sign up click here You have several different options when choosing a mortgage loan. The standard terms will usually let you pay the money back in 15 years or 30 years. If you want to pay your home off faster, you’ll need to do......

The hot Miami condo market is a lot more complicated after tragic Surfside collapse

CNBC Real Estate
MIAMI – The tragic collapse of a residential tower spooked South Florida homebuyers and real estate investors alike into reassessing the risk of buying in the Miami-area condo market. The market had been booming before Covid. Then it soared even higher as the work-from-anywhere culture took hold. But then in......

New initiatives could give more Americans access to credit cards, help refinancing mortgages

CBS News
CBS News – For more and to sign up click here New initiatives could give more Americans access to credit cards, help refinancing mortgages – CBS News Watch CBSN Live Two new programs aim to give consumers greater access to credit cards and mortgage refinancing. CBS News business analyst Jill......

Weekly mortgage refinances spike 20% after interest rates drop to February low

CNBC Real Estate
Real estate agents Rosa Arrigo, center, and Elisa Rosen, right, work an open house in West Hempstead, New York on April 18, 2021. Newsday LLC | Newsday | Getty Images Homeowners saw an opportunity last week and seized it. A sudden and unexpected drop in mortgage rates sent borrowers to......

Digital mortgage lender Better acquiring Goldman Sachs-backed fintech ahead of public listing

CNBC
CNBC – For more and to sign up click here Vishal Garg, Better.com Source: Better.com Digital mortgage lender Better announced Monday that the company is making its first expansion overseas with the acquisition of Trussle, a U.K.-based digital mortgage and insurance broker backed by Goldman Sachs and Finch Capital, among......

Homebuyers are finally catching a break as new listings rise and mortgage rates drop

CNBC Real Estate
For more than a year now, the housing market has been a perfect storm for sellers, but the winds may finally be shifting. Strong demand and record-low supply are starting to ease, and mortgage rates are coming down off their recent highs. While home prices are still surging, these new......

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