Author: Lending Agent
Barry Winiker/Getty Images Despite being one of the 13 original colonies, historic Massachusetts has all-too-contemporary real estate prices. As of February 2025, homes were selling for a median price of $614,000, according to Redfin — making it one of the most expensive states to buy property in. Luckily, first-time homebuyers in Massachusetts have access to quite a few low-interest loans and other programs that can help make homeownership more affordable. There are options available through MassHousing, a quasi-public agency charged with providing affordable housing financing, as well as another nonprofit, the Massachusetts Housing Partnership (MHP). Massachusetts homebuying statistics Median home…
Mortgage rates have moved up over the past 2 days, ultimately hitting the highest levels since February 24th today. While that sounds somewhat unpleasant or unfortunate, context paints a softer picture. Specifically, since February 25th, the average top tier 30yr fixed rate has been in a fairly narrow 0.12% range centered on 6.75%. That makes the past 2 weeks the best 2 weeks we’ve seen since early October. Today’s contribution ended up being surprisingly uneventful. Why surprising? Markets were eagerly anticipating the Consumer Price Index (CPI) release this morning. As is always the case these days, CPI stands a good chance…
Key takeaways Home equity is the appraised value of your property minus the amount of your outstanding mortgage balance — the portion of your home that’s ‘paid for’. It can be accessed in the form of a home equity loan, home equity line of credit or cash-out refinance. Tapping these funds can give you access to cash, often at lower rates than personal loans or credit cards. There are risks associated with taking equity out of your home: increasing your debt load, and your home being seized if you default. If you’re looking to borrow money, tapping your home equity…
Lifestylevisuals | E+ | Getty ImagesSelling a house involves much more than just putting up a “for sale” sign.In addition to some key things to consider — like knowing market conditions, preparing your home for showings and deciding whether to work with a real estate agent — it’s important to get the right asking price, according to Joel Berner, a senior economist at Realtor.com. Otherwise, your home is going to sit on the market for a long time, and eventually you will have to cut the price anyway, he said. “Getting the price right to start is really important,” Berner said. More from…
Just outside Austin, in Georgetown, Texas, brand new planned communities sprawl out as far as the eye can see, which is pretty far in this part of the country. But one small subdivision instantly draws focus. Just completed, it is now the world’s largest 3D-printed community.Two years ago, Lennar, the nation’s second-largest homebuilder, partnered with Icon, a 3D technology company, to print 100 homes in the Wolf Ranch development. The companies say about 75% of them have already sold.All the walls have rounded edges, as that’s how the printers navigate with the concrete. The layering process makes it feel like…
Mortgage rates dropped to the lowest rate since October of last year, and that pushed demand even higher last week, after a substantial jump the previous week.Total mortgage applications rose 11.2% week to week, according to the Mortgage Bankers Association’s seasonally adjusted index.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances, $806,500 or less, decreased last week to 6.67% from 6.73%, with points increasing to 0.63 from 0.60, including the origination fee, for loans with a 20% down payment. The rate was 17 basis points lower than it was the same week one year ago.“Mortgage rates…
Flashpop/Getty Images: Illustration by Issiah Davis/Bankrate Key takeaways You can get a loan for a vacation home from a private lender. There are no government-backed loans for vacation homes. Qualifying for a vacation home loan is typically harder than qualifying to buy a primary residence, with stricter debt-to-income ratio, credit score and down payment requirements. You’ll face different costs for your vacation home — both related to your mortgage and your ongoing ownership — if you use the home primarily as a rental. How to get a mortgage for a vacation home As with any home purchase, financing a vacation…
Inflation was tamer than expected in February, with the consumer price index (CPI), a leading measure of prices in the U.S., rising a seasonally adjusted 0.2% for the month. The annual inflation rate for the past 12 months was 2.8%, according to the U.S. Bureau of Labor Statistics. Excluding food and energy, the core CPI increased 0.2% month over month, down from January’s core CPI reading of 0.4%, and 3.1% year over year. The consensus estimates for February inflation had been 0.3% and 3.2% for the past year. The news was a pleasant surprise after January’s hot overall inflation reading,…
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Typical U.S. homeowners stay in their houses for 11.8 years, but California homeowners stay in their homes for nearly 20 years, according to a new report from Redfin. The median U.S. homeownership tenure increased from 6.5 years in 2005 to the peak time of 13.4 years in 2020, before dropping to 11.8 years in 2024. Redfin states that homeownership tenures increased between 2005 and 2020 in part because of the nation’s aging population. Tenure declined between 2020 and 2023 mainly because of the considerable amount of moving going on during the COVID-19 pandemic. Tenure stayed the same from 2023 to…