Month: July 2017

For first-time homebuyers, where’s the best or worst place to buy a home?

Where to buy a home? It’s a common dilemma shared by prospective homebuyers as they weigh what they want versus what they need. Finance website WalletHub somewhat made it easier by listing down the best (and worst) places for first-time homebuyers. The results came from its analysis of 300 U.S. cities based on 23 key metrics assessing market attractiveness, affordability and quality of life. Where to find a mortgage lender? Click here.» BEST PLACES FOR FIRST-TIME HOMEBUYERS Shopping for homes in these markets seems to be ideal for first-time homebuyers as these cities achieved the highest overall scores on WalletHub’s list. Let’s...

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Wages Now Struggle to Keep Up with Home Prices

The latest US Home Affordability Index datafor the second quarter of the year reveals an unsettling fact about homeownership in the country: it’s getting more expensive to own a home since the crisis hit in 2008. In a recent report provided by California-based housing data and analytics company ATTOM Data Solutions, the average price of a home in the US is now at $253,000, deemed least affordable since the third quarter of 2008, and a nine-year low in affordability. CRUNCHING THE DATA In the second quarter of the year, the data reached an index of 100, lowest since Q3, 2008...

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Mortgage Applications Slide Down in Latest Weekly Survey

In the week ending July 7, the volume of mortgage applications had acutely gone down 7.4 percent for the previous week. This data** is reported by the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. SURVEY HIGHLIGHTS The overall Market Composite Index on the seasonally adjusted basis has decreased by 7.4 percent. On the unadjusted basis, the said index also showed a drastic decrease, 26 percent lower compared to a week earlier. The Market Composite Index measures the volume of mortgage loan applications. The refinance share of mortgage activity fell down to 42.1 from 44.9 in the previous week The...

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Fed Defers Rate Hike as CPI Remains Unchanged

The Federal Reserve (Fed) decided to keep the target range for the federal funds rate between 1 and 1.25 percent. This is in line with its economic data which shows inflation running below its targeted 2% threshold and as confirmed by the Consumer Price Index that remained unchanged on a seasonally adjusted basis last June. Let’s help you find a mortgage lender.» FED SAYS NO TO RATE HIKE FOR NOW The Federal Open Market Committee of the Fed revealed in an official statement its decision to defer raising the benchmark rate for short-term loans such as adjustable-rate mortgages and home equity lines...

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