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With the Fed aggressively trying to manage record-high year-on-year inflation rates with a series of interest rate hikes, rising mortgage rates are impacting home affordability for many American homebuyers. Housing market activity arguably got way overheated amid the pandemic, especially in 2021, and should experience a natural slowdown. Many housing markets are showing signs of a cooling off in activity. However, in other cities, houses are
The interest rate on the 30-year fixed mortgage fell this week, offering relief to home buyers who are reeling from escalating costs.The quick rise in mortgage rates over the last few weeks is taking a pause. The 30-year fixed-rate mortgage averaged 5.7% this week, dropping from last week’s 5.81%, according to Freddie Mac. Still, rates remain well above where they were a year ago, when they averaged below 3%. Higher rates have been sending shoc
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Tucked behind closed doors or primed for maximum prominence, punchy color can make a big impact in the kitchenFinding the right kitchen color that you will love for years to come has never been more important, with the kitchen now a multi-purpose room designed as much for living as it is for cooking. Neutral kitchens are rife with kitchen color opportunities, from appliances and flooring, to window treatments and cabinets. Start by
They’ve jumped 42% over the last three years, data shows. What are builders doing to bring some relief to the market?Inflation is pushing up homebuilding costs at an unprecedented rate, according to Bank of America’s Who Builds the House? report. Supply-chain disruptions and labor shortages are adding pressure to rising prices.The average cost for materials to build a single-family home jumped 42% from 2018 to 2021, adding thousands of dollar
These four quick DIY tasks—and the addition of a few accessories—can have dramatic results.If you want the most bang for your remodeling buck, focus on the kitchen and bathrooms. While it can cost a small fortune to update both of these spaces, you can find less expensive ways to refresh them.Remodeling a lackluster bathroom may be easier than you think with a few simple DIY tasks and the addition of some new accessories, designers say. Jessi
Surging mortgage rates have finally cooled off the housing market. The cooldown, though, is coming unevenly, accentuating differences between the existing home market and new construction.The supply of existing homes, while still below normal, is surging as sales decline. Homebuilder stocks have slumped. Investors were braced for the worst when two major homebuilders last week reported quarterly earnings — along with their market outlook.Instea
From vehicles to lawn tools, electric features are here to stay and growing in popularity, which means homes need to be equipped to handle the demand.Key takeaways:As the demand for electric vehicles, solar battery backups, and electric tools increase, so too will the need for charging options at home.Retrofitting existing homes might mean upgrading electrical panels or coming up with creative solutions in the garage.Electric is here to stay, and
