US mortgage rates hit 6% for first time since 2008 housing crisis | Housing News

The 30-year mortgage rate rose to 6.02 percent from 5.89 percent last week, mortgage buyer Freddie Mac reports. Average long-term United States mortgage rates climbed above 6 percent this week for the first time since the housing crash of 2008, threatening to sideline even more homebuyers from a rapidly cooling housing market. Mortgage buyer Freddie […]

Pakistan floods make foreign minister ask for IMF, international help

Pakistani families wade floodwaters in the southern part of the country on Sunday. The death toll from flooding there has surpassed 1,000. Anadolu Agency | Anadolu Agency | Getty Images Pakistan needs financial help to deal with “overwhelming” floods, its foreign minister said on Sunday, adding that he hoped financial institutions such as the International […]

Black borrowers’ mortgage denial rate twice that of overall population

Mark Hunt | Disabilityimages | Getty Images Owning a home is one of the key ways to build wealth. But for aspiring Black homeowners, that can be a difficult milestone to reach, according to a new report from LendingTree. Research from the online loan market company finds the mortgage denial rate for Black homebuyers is […]

Least affordable housing markets in the U.S.

There seems to be some cooling off in the housing market. But that doesn’t mean homes are becoming more affordable everywhere. According to RealtyHop’s housing affordability index, many cities in the U.S. are still difficult to afford. Out of the 100 cities in the index, the average American would have to dedicate at least 40% of […]

Homebuilders fear what 6 months about was unthinkable: Oversupply

The Pandemic Housing Boom saw builders get a little greedy. Eager to turn a higher profit, homebuilders ramped up production of unsold homes. Their thinking? Builders could easily find buyers before the so-called spec homes—short for speculative house—are finished. When the housing market was hot, it went as planned. But the ongoing housing correction has […]

The housing market correction takes an unexpected turn

The Federal Reserve has a simple inflation-fighting playbook. It goes like this: Keep applying upward pressure on interest rates until business and consumer spending across the economy weakens and inflation recedes. Historically speaking, the Fed’s inflation-fighting playbook always delivers a particularly hard hit to the U.S. housing market. When it comes to housing transactions, monthly […]

Redfin: These housing markets are the most at risk of falling home prices

Homebuyers had enough. Spiked mortgage rates on top of record home price appreciation—up 42% since the onset of the pandemic—pushed monthly mortgage payments to a level that is simply unattainable for tens of millions of would-be buyers. As more buyers take a rain check, the housing market correction only gets more intense. This week, we […]

Homeowners in Singapore could soon feel pinch from rising mortgages

Banks in Singapore raised housing loan rates in June, following the U.S. Federal Reserve’s decision to increase interest rates by 75 basis points in the same month to cool inflation — its most aggressive hike since 1994. Nurphoto | Nurphoto | Getty Images Homeowners in Singapore are starting to tighten their belts as they will […]

Ivy Zelman says hold off buying battered housing stocks, more pain ahead

The plunge in homebuilder sentiment is a signal of a housing slowdown that’s just beginning, according to star housing expert Ivy Zelman. Builder sentiment dropped 12 points to 55 in July, according to a Monday report from the National Association of Home Builders. The slump brought the index to its lowest point since the beginning […]

How China’s Shein became more valuable than H&M and Zara combined

Shein is a Chinese fashion e-commerce company that’s outperforming many of its competitors. Its reported valuation in April 2022 was $100 billion – more than H&M and Zara combined. Chinese e-commerce company Shein took the top spot as the most downloaded app in the United States in May, according to a report from intelligence firm Marketplace […]

As Australia votes, cost of living a key concern | Business and Economy

Hobart, Australia – Penny-pinching is a way of life for Australian David Jobling. The Adelaide man lives in public housing, suffers from chronic pain and survives on a disability pension of 450 Australian dollars ($316) per week. But with the cost of living rising, he is starting to feel the panic set in. Even though […]

Strategist discusses getting a mortgage when rates are rising

Historic row houses in Colombia Heights neighborhood of Washington DC, USA amedved | iStock | Getty Images One strategist has told CNBC why she thinks it’s still a “relatively good environment” to borrow money, including mortgages, despite rising interest rates. Kristina Hooper, chief global market strategist at Invesco, told CNBC’s “Squawk Box Europe” on Friday […]

Homebuilder sentiment falls to 2-year low on declining demand, rising costs

Contractors work on concrete slabs in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Builder sentiment in the market for single-family homes fell sharply in May, as mortgage rates shot higher and building material costs showed no […]

Feds propose first major revamp to fair housing rules since 1995

Lumber at the site of a house under construction in the Cielo at Sand Creek by Century Communities housing development in Antioch, California, U.S., on Thursday, March 31, 2022. David Paul Morris | Bloomberg | Getty Images Bank regulators on Thursday proposed the first sweeping changes in more than 25 years to a controversial law […]

Home Privacy Policy Terms Of Use Medical Disclaimer Anti Spam Policy Contact Us Affiliate Disclosure DMCA