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The Fed sets the stage for a rate hike. Here’s what that means for you

The Federal Reserve set the stage for Wednesday’s interest-rate hikes. The central bank announced that it would aggressively end its bond-buying last year after several inflation reports were reached at the close of the two-day meeting. their highest levels in decades. While interest rates are expected to remain near zero, Fed officials have set the scene […]

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CFPB signals crackdown on hidden fees for banks, credit cards

Rohit Chopra (Director of the Consumer Financial Protection Bureau). Alex Edelman/Bloomberg via Getty Images On Wednesday, the Consumer Financial Protection Bureau announced a wide crackdown against hidden or excessive fees charged banks and mortgage lenders by other financial institutions. In response to the 2008 financial crisis the federal agency is asking consumers for their input […]

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Mortgage refinance demand plunges 13% as interest rates climb

A home for sale in Susanville, CA. Gary Coronado | Los Angeles Times | Getty Images Mortgage lenders who rely on refinance are most affected by rising interest rates face major headaches. There is no shortage of demand. For loans with a 20% downpayment, the average 30-year fixed-rate interest rate on mortgages has increased from […]

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Home prices surged in November, but at a slower rate, S&P Case-Shiller says

An “For Sale” sign can be seen at a New York home. Shannon Stapleton | Reuters Even though November was traditionally a slower month for the housing market, there were still significant gains in home prices compared with a year ago. Prices rose 18.8% year over year on the S&P CoreLogic Case-Shiller National Home Price […]

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why it’s so hard to buy a home right now

It’s possible that the past year was a challenging one. wild ride for potential homebuyersHowever, reports suggest that 2022 may be more competitive in terms of housing markets. Current listings for new properties are at an all-time low. Redfin Zillow. Zillow reports that at 2021 there were actually 19.5% less homes on the market than […]

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Millions of borrowers just missed their chance to save

jayk7 | Moment | Getty Images Fast-rising interest rate have caused a dramatic drop in the number of homeowners who can benefit from mortgage refinances. Black Knight, an information and mortgage technology provider, reports that the average interest rate for a 30-year fixed loan increased by more than 50 basis point since this year. Accordingly […]

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December home sales drop 4.6%, as supply hits record low

Following a snowfall, a “Sold” sign is displayed outside of a house in Geneseo. Bloomberg | Bloomberg | Getty Images According to the National Association of Realtors, December closed sales of homes that were previously owned fell to 4.6%, an annualized, seasonally adjusted rate of 6.18 Million units. Year-over year sales fell 7.1% However, December […]

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Homebuyers are rushing to get mortgages before rates move even higher

As potential buyers visit a Columbus property to buy, a sign stating “Open House” is posted. Ty Wright | Bloomberg | Getty Images Last week saw a significant divergence in mortgage interest due to higher mortgage rates. The market is seeing homebuyers rush into it, even though refinance continues to be scarce. The Mortgage Bankers […]

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Mortgage rates jump again, causing headaches for homebuyers

A sign stating “Open House” is posted in front of property being sold in Columbus, Ohio. Getty Images| Bloomberg | Getty Images Mortgage News Daily reported Tuesday that the average 30-year fixed-rate mortgage rate was at 3.7%. This is the highest rate since April 2020, and 83 basis points more than one year ago. The […]

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Homebuilder confidence drops for the first time in four months

A roofing crew installed roofs on an apartment block under construction in Lehi Utah on Friday January 7, 2022. Getty Images| Bloomberg | Getty Images Single-family property builders are experiencing increasing expenses. This is leading to an increase in optimism for the new year. According to the National Association of Home Builders/Wells Fargo Housing Market […]