Tag: buying
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‘Just 1% of the nation’s homes have changed hands this year,’ Redfin says
[ad_1] Amid mortgage rates near 7%, few homeowners in the U.S. are selling their homes. Out of every 1,000 homes in the U.S., only 14 changed hands over the first six months of this year, or 1.4%, according to data released Tuesday from real-estate brokerage Redfin RDFN, -3.83%. Before the pandemic in 2019, roughly 19…
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Only a tenth of mortgages have an interest rate above 6% — that’s a big problem for the U.S. housing market
[ad_1] Mortgage rates are inches away from 7% — but less than a tenth of U.S. homeowners have a home loan at that rate. In fact, only 9% of all existing mortgages in the U.S. were taken out with a rate of above 6%, according to data from the Federal Housing Finance Agency, and analyzed…
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Face it, the 3% mortgage rate is not coming back
[ad_1] The era of low mortgage rates is over. Embracing this reality will hasten your owning a house that meets your needs. Some forecasters predict that rates will decline over the next 12 months. But they don’t foresee rates dropping below 5% anytime soon. If you want to buy a home, it’s tempting to be…
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Bad news for aspiring home buyers: One type of mortgage is increasingly rare
[ad_1] Buying a cheap house, or one that’s $150,000 or less, may seem like an attractive idea for many renters who are seeing home prices spiral out of control. But finding financing to pay for that home can be a tall task. Mortgages to purchase homes under $150,000 have become “increasingly rare,” according to a…
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You need to earn almost $20,000 more to buy a median-priced house now
[ad_1] Rising home prices and soaring mortgage rates have pushed more than 2 million would-be home buyers out of the housing market over the past year, according to a new report. The annual study by the Joint Center for Housing Studies at Harvard University, released Wednesday, found that elevated home prices priced 2.4 million aspiring…
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Restarting student-loan payments will make it tougher to buy a home
[ad_1] As student-loan payments are set to resume, Houston-based house hunter Meshawn Cisero is looking over his budget with a fine-toothed comb and cutting expenses as he gears up to pay over $400 a month for his student debt. The 33-year-old, who works as a program manager at a startup, has cut back on traveling,…
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A family earning $75,000 can afford fewer than 25% of homes for sale
[ad_1] American households earning the median wage are seeing the pool of homes they can afford shrink, according to a new report by the National Association of Realtors and Realtor.com, published on Wednesday. A family earning an annual income of $75,000 per year or less — about 51% of households — can afford to buy a…
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My high mortgage rate is killing me—should I pay it off with retirement savings?
[ad_1] I’m 55 and will retire with a healthy pension ($5,000 a month) this year. My boyfriend and I just purchased a home and put down $150,000 on the $390,000 purchase price. He will have a healthy pension in retirement also. I have about $300,000 in a 403(b). I am considering taking money out to…
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Home buyers will now be able to put down 1% on their home, Rocket Mortgage says
[ad_1] Home buyers will be able to put as little as 1% down as payment for a home under a new program launched by Rocket Mortgage RKT, +1.59%. A new product by one of the biggest non-bank mortgage lenders in the U.S., called ONE+, will allow low and moderate-income aspiring homeowners to buy homes in…
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I’m 54 and have $100K in savings. Do I need to leave California to buy a house?
[ad_1] I’m 54, single, and I have saved $100,000. The good news: I also have no debt. I work as a server at a steakhouse, and make between $55,000 and $60,000 a year. I live and rent a condo for $1,500 a month in Southern California. I’m not sure if I should buy something in…