The Federal Reserve approved its second consecutive interest rate cut Thursday, moving at a less aggressive pace than before but continuing its efforts to right-size monetary policy.In a follow-up to September’s big half percentage point reduction, the Federal Open Market Committee lowered its benchmark overnight borrowing rate by a quarter percentage point, or 25 basis points, to a target range of 4.50%-4.75%. The rate sets what banks charge e
The average homeowner has accumulated nearly $150,000 in housing wealth over the last five years. See which markets are seeing the biggest gains in NAR’s latest quarterly housing report.Homeowners continued to see their equity grow in the third quarter, with nearly 90% of major U.S. metro areas posting increases, the National Association of REALTORS® reported Thursday. Markets in the Midwest posted some of the largest gains last quarter, with
NOTE: Consumer guides do not constitute any change in NAR policy. Real estate professionals must ensure they market properties consistent with relevant MLS rules and educate sellers on the choices available.So, you’re ready to find your first home. But where do you begin? And what resources are available to help you? Here’s what you need to know as you embark on your homeownership journey:Who is considered a first-time homebuyer? The definiti
Mortgage rates rose for the fifth consecutive week, but it may be temporary.Mortgage rates have risen to their highest level since the beginning of August, and home buyers may find fluctuating rates, especially over this next week.“With several potential inflection points happening over the next week, including the jobs report, the 2024 election and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile,”
If you’re ready to sell your home, you should feel empowered to find and work with the agent who is the best fit for your needs. Here are ten questions you should consider when selecting an agent:1. Are you a REALTOR®? When you work with an agent who is a REALTOR®, you are working with a professional guided by ethical duties under the REALTOR® Code of Ethics, including the pledge to protect and promote the interests of their clients.2. W
Will signs of increased home sales last? NAR Chief Economist Lawrence Yun weighs in with his housing predictions for the rest of the year and into 2025.More home buyers signed contracts for a home purchase in September, a sign that the housing market may be on the mend after a sluggish summer.The National Association of REALTORS®’ Pending Home Sales Index—a forward-looking indicator of home sales based on contract signings—jumped by 7.4%
It’s been more than six years since Irvine, California, banned short-term rentals — and the city’s mayor hasn’t looked back.“It’s been great,” said Farrah Khan, mayor of Irvine, which is a city of about 300,000 in California’s Orange County. “In speaking to our residents, I think they appreciated that ban.”Irvine is not alone. Over the past few years, Airbnb and Vrbo, two of the most well-known short-term home rental platfor
The U.S. economy likely maintained a solid pace of growth in the third quarter as subsiding inflation and strong wage gains powered consumer spending ahead of a contentious presidential election set to turn on pocketbook issues.The Commerce Department's advance estimate of third-quarter gross domestic product on Wednesday will be published less than a week before Americans head to the polls on Nov. 5 to choose between Vice President Kamala Harris
The 30-year fixed-rate mortgage rose for the third consecutive week.Mortgage rates are inching higher, but prospective home buyers needn’t be too spooked: Rates are still more than one percentage point lower than a year ago.The 30-year fixed-rate mortgage averaged 6.44% this week, Freddie Mac reports. It marks the third consecutive week that rates have risen. Meanwhile, mortgage applications for home purchases dropped 7% in the last week as mor
US housing starts eased in September as a drop in multifamily projects outweighed a pickup in construction of single-family dwellings.Housing starts decreased 0.5% last month to a 1.35 million annualized rate, according to government data released Friday, after a big rebound in August. The September figure was in line with the median projection in a Bloomberg survey of economists.Starts of single-family homes climbed 2.7% to an annual
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