Recent bank failures are creating economic panic, but there may be a silver lining for home buyers.Mortgage rates, which have risen more than half a percent over the last five weeks, fell this week amid fears about the sturdiness of the nation’s banking industry. Silicon Valley Bank and two others that primarily support the technology industry shuttered operations, sending shock waves through the U.S. economy.The 30-year fixed-rate mortgage dec
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iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.Click here for information on becoming a salesperson.
The real estate industry got 2 kernels of good news in the latest jobs numbers from the US Bureau of Labor StatisticsThe latest jobs data contains a couple kernels of good news for the real estate industry, pointing to less pressure on mortgage rates and an eventual boost in home demand.For one thing, payrolls in real estate continue to come in stronger than in the U.S. at large, with 16,300 new jobs added on a seasonally adju
After dropping to a 28-year low the previous week, mortgage demand recovered slightly, even though interest rates marched higher.Total mortgage application volume rose 7.4% last week, according to the Mortgage Bankers Association's seasonally adjusted index.This happened even as the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.79% from 6.71%, with points
Fannie Mae's National Housing Survey shows Americans were feeling less secure about keeping their jobs in February, and nearly 8 in 10 think it's a bad time to buy a homeAmericans are feeling less secure about keeping their jobs, and nearly eight in 10 think it’s a bad time to buy a home — sentiments that don’t bode well for the spring homebuying season, according to a monthly survey by Fannie Mae.After three consecutive months of improveme
AUSTIN, Texas — Real estate developer Douglas Gilliland believes the future of housing lies underground.Amid the unseasonal heat of late February — as neighborhoods across the state hummed with the sound of condenser units struggling to cool homes — the Whisper Valley community Gilliland is developing was all but silent.That’s because the houses he is building in the new master-planned community, which rises from the Texas prairie half an
Could slowly climbing borrowing costs hamper the upcoming spring homebuying season?Strong economic data and stubbornly high inflation pushed mortgage rates up for the fourth consecutive week, giving buyers whiplash after weeks of declines prior. The 30-year fixed-rate loan averaged 6.65% this week, according to Freddie Mac. “Higher mortgage rates have a direct impact on borrowing costs, hurting affordability,” says Nadia Evangelou, senior eco
A new report shows that the supply of for-sale homes shot up in February, thanks largely to properties languishing on the market longer as buyers contended with affordability challenges.The report, out Thursday from Realtor.com, notes that “the inventory of homes for sale continued to grow” last month and was ultimately up 67.8 percent compared to February 2022. Inventory also rose despite the fact that sellers put 15.9 percent fewer hom
