Mark Niquette | Bloomberg News (TNS)Record-low U.S. housing affordability is squeezing homebuyers and renters while threatening to spill into presidential politics. Milwaukee, the largest city in key swing state Wisconsin, saw affordability deteriorate in its rental market more than almost any U.S. metro area in the year ended July, according to a measure by the
By Ruben Caginalp, Bankrate.comDoes your dream home have a $700,000 price tag? That’s well above the National Association of Realtors’ median price for a home, which in July 2023 was $406,700. Whether you can afford such a pricey purchase will depend on a variety of factors, including your salary and the interest rate of your mortgage.
Libby Wells | Bankrate.com (TNS)An appraisal is a critical part of the homebuying process. If your home appraisal comes in lower than expected, it can cost you money and delay — or even derail — the entire transaction. Here we delve into what an appraisal is, why it’s necessary and how it can impact your
David McMillin | (TNS) Bankrate.comWith limited inventory in the housing market, homebuyers in especially hot markets are still experiencing intense competition. To make themselves more attractive to sellers, some aren’t bothering to deal with borrowing any of the funds to make the purchase — instead, they’re making all-cash offers. Here’s everything you need to know
Cynthia Paez Bowman | Bankrate.com (TNS)Landscaping can have a big impact on the impression a home makes. The front lawn leading to your door is usually what a visitor notices first; the view out the back can enhance the ambiance of interior rooms. The question is, how vital is it to invest in curb appeal
Libby Wells | Bankrate.com (TNS)When you buy a home, there are usually a few repairs to pay for. Buyers who want to take on a real fixer-upper might be facing the prospect of many projects. If this is the case for you, you may be considering an FHA 203(k) loan, also known as a mortgage
By Augusta Saraiva, Bloomberg NewsU.S. new-home sales declined in June for the first time in four months, suggesting high borrowing costs and prices are restraining momentum in the market. Purchases of new single-family homes fell 2.5% to an annualized 697,000 pace after a downward revision to the prior month, government data showed Wednesday. The median
By Jeff Ostrowski, Bankrate.comThe Federal Reserve has resumed its war on inflation. After raising rates 10 times in 10 meetings in 2022 and 2023, the central bank took a break in June. But at its July 26 meeting, it was back to fighting form: Fed chairman Jerome Powell announced a quarter-point increase in interest rates.
Jeff Ostrowski | (TNS) BankrateAfter a record-breaking run that saw mortgage rates plunge to all-time lows and home prices soar to new highs, the U.S. housing market finally started slowing in late 2022. Mortgage companies engaged in mass layoffs, real estate economists lamented a “housing recession” and home prices seemed poised for a correction. But a strange