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What Americans will Sacrifice to Buy a Home

Most Americans want to own a home at some point in their life, and they say they’re willing to make sacrifices to achieve it. For some, that means forgoing alcohol or vacations for a year to save. But others say they’re willing to give up having kids in order to have their dream home. About 60% of recent survey respondents say they’d prefer their dream home over 40% who said they’d prefer kids first, according to a new survey from Cinch H

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Mortgage Rates Averaged 2.88% this Week

Mortgage rates barely budged this week, but that likely soon will change after the Federal Reserve’s bond tapering announcement this week.The 30-year fixed-rate mortgage averaged 2.88% for the week ending Sept. 23, Freddie Mac reports.Rates are largely predicted to rise on the heels of the Fed’s decision to reduce its bond purchases before the end of the year. The National Association of REALTORS® is forecasting that 30-year fixed-rate

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Home Sales Slip as Buyers Reevaluate their Home Search

Some home buyers have decided to put their search on hold as asking prices continue to increase. Existing-home sales—which reflects completed transactions for single-family homes, townhomes, condos, and co-ops—dropped 2% on a seasonally adjusted annual rate from July to August. Sales are down 1.5% compared to a year ago, the National Association of REALTORS® reported Wednesday. All four major regions of the U.S. posted declines in existing-h

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Appraisal Valuation Gap Uncovered in Minority Areas

A new analysis from Freddie Mac alleges appraisal values are more likely to fall below the contracted sales price in Black and Latino neighborhoods than in predominantly White areas. The research is based on an evaluation of 12 million appraisals for purchase transactions on single-family homes that were submitted to Freddie Mac from 2015 to 2020.Nearly 13% of properties in Black census tracts received appraisal values lower than the contract pri

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30-Year Mortgage Rate Inches Down to 2.86% This Week

Mortgage rates followed the trend of the 10-year Treasury yield this week and inched lower. But these historically low rates—averaging 2.86% this week for the 30-year fixed-rate mortgage—are expected to rise over the course of the next few months.The National Association of REALTORS® predicts that mortgage rates will rise to 3.5% by mid-2022 as the Fed will likely start reducing its bond purchases before the end of the year. Expect interest

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Rising Demand Pushes Rents to Double-Digit Growth

Rents are rapidly rising across the country. The U.S. median rental price jumped 11.5% year over year in August to $1,607 per month. That is the first time in two years that the rental market has reached double-digit growth, according to realtor.com®’s Monthly Rental Report.More than half of the 50 largest metros posted double-digit annual gains. The highest increases were in Tampa, Fla. (up 30.6% compared to a year ago), Riverside, Calif. (up

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Mortgage Demand Climbs to Highest Level Since April

Just when the housing market was starting to fall into a seasonal pattern, mortgage demand takes off. Mortgage applications to purchase a home—a gauge of the housing market—rose 7% last week compared to the previous week, the Mortgage Bankers Association reported Wednesday. That marks the highest level since April of this year.Housing inventories have increased slightly, which may be opening up more possibilities to home buyers who had felt s

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New Owners Fazed by ‘Hidden’ Costs of Homeownership

The price of entry to homeownership involves more than just the down payment. About 44% of homeowners say they were unaware of the other costs associated with buying a home, like home inspection, document fees, property taxes, home insurance, and title fees, according to a realtor.com® survey of nearly 3,000 adults. About 11% of respondents also failed to factor in moving expenses.“Unlike most big-ticket consumer purchases, for which most peop

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How Much it Costs to Raise a Small Child in Each State

Raising children isn’t cheap: The basic costs for raising a child in the U.S. is $20,152 annually, according to research from LendingTree. But that total can run much higher in some states.For example, parents will pay the most in the country to raise a child in the District of Columbia, with basic annual expenses (including day care) about $28,785. Hawaii and Maryland follow at $25,828 and $25,156, respectively. Meanwhile, raising a child may

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Mortgage Rates in Holding Pattern

For the ninth consecutive week, mortgage rates stayed below 2.9%. But even with historically low mortgage rates, home buying may be following a more typical seasonal pattern of cooling off, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the association’s Economists’ Outlook blog.“Buyers and sellers typically do not want to move their family in the middle of the school year

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