Cost of living, mortgage rates and the nation’s most expensive residential listing…
Two US Census Bureau researchers have determined that the biggest determinants of household wealth are owning a home and having a retirement account. While that may not be surprising, the degrees of magnitude are.
In June, consumer buying power increased by 12.2% from the previous year
“The first half of the movie wasn’t that scary,” a Wells Fargo economist explains
Are mortgage borrowers sensitive to small movements in interest rates? Recent data shows that refinances are on the rise thanks to the low interest rates of the last few weeks, but what happens if mortgage rates start to move back up? Will that demand dry up just as quickly as it appeared, even if rates only pick up by a few basis points?
Portland is the 17th most expensive place to live in the US.
Total Cost of Living: $2326.67
Top 10 most expensive include San Francisco, New York City, San Jose, LA and Seattle…
Appraisals may soon not be required on certain home sales of $400,000 and under. FDIC and OCC have already approved rule change, awaiting sign-off from Fed.
Increasing home prices are at the heart of a decision by the major federal regulatory agencies to raise the threshold for requiring a residential real estate appraisal for mortgages originated by their regulated institutions. When the rule become effective, mortgages on 1 to 4 family homes sold for $400,000 or less may be exempt from an appraisal; the current level is $250,000.
Phoenix reported the highest year-over-year gain among all the 20 cities
The economy today is thriving with economic expansion entering its 11th year and becoming the longest on record, said Federal Reserve Chair Jerome Powell as he explained that this is despite significant risks.
Powell explained that the global growth outlook has been deteriorating since the middle of last year, and there are three factors weighing against the current economic expansion in the U.S.: slowing global growth, trade policy uncertainty and muted inflation.
“…the U.S. economy has continued to perform well overall, driven by consumer spending. Job creation has slowed from last year’s pace but is still above overall labor force growth. Inflation seems to be moving up closer to 2%. Based on our assessment of the implications of these developments, we will act as appropriate to sustain the expansion, with a strong labor market and inflation near its symmetric 2% objective.”
Over half chalked it up to lack of savings or low income
The study also looked into Millennials’ knowledge of mortgages. This portion of the survey started with a fundamental question: “Do you believe that a lack of knowledge when it comes to homeownership and mortgages has prevented you from already owning a home or taking longer than expected to become a homeowner?”
To this, over half of the surveyed Millennials who are not homeowners replied “yes.” This response was further confirmed when the same group was asked what they thought a minimum down payment amounted to. The average answer was 37%.
The lowest mortgage rates in almost three years are driving more Americans to refinance home loans. The average U.S. rate for a 30-year fixed mortgage fell to 3.6% in the first two weeks of August, the lowest level since November 2016, according to Freddie Mac.
FOMC divided over state of economy
With solar panel sales lagging, Tesla tries its hand at renting again
Launching in six states—Arizona, California, Connecticut, Massachusetts, New Jersey, and New Mexico—Tesla’s rental program will offer three solar panel packages, with no installation costs and no time commitment.
Based on estimated annual energy generation, Tesla says the small (3.8 kW for $50 a month), medium (7.6 kW for $100 a month), and large (11.4 kW for $150 a month) solar panels are priced such that homeowners will net anywhere from $80 to $650 in annual savings.
Mortgage Bankers group predicts mortgage originations will gain 15% from last year
Mortgage Bankers Association issued a new forecast that predicts the U.S. rate for a 30-year fixed mortgage will average 3.7% in the third and fourth quarters of 2019, down from the 3.9% the group predicted for the same periods a month ago.
Lower mortgage rates will boost loan originations 15% compared to last year, according to the forecast issued on Friday. Mortgage originations probably will total $1.86 trillion in 2019, MBA said. Last month, it called for $1.79 trillion. In 2018, mortgage volume was $1.64 trillion.
Says it’s a first for the industry
Realtor.com announced Monday it will be launching a monthly payment filter to help homebuyers search within their budget. Prospective buyers can now filter out home listings on realtor.com by a monthly payment amount.
The percentage of “never-marrieds” is growing
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