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A mortgage represents a loan or lien on a property/house that has to be paid over a specified period of time. Think of it as your personal guarantee that you'll repay the money you've borrowed to buy your home.
Mortgages come in many different shapes and sizes, each with its own advantages and disadvantages. Make sure you select the mortgage that is right for you, your future plans, and your financial picture.
Construction spending held firm in June, inching down fractionally from the May level and increasing a bit compared to June 2019. The U.S. Census Bureau said total spending during the month was at a seasonally adjusted annual rate of $1.355 trillion, down 0.7 percent from the $1.365 trillion spending rate in May. On an annual basis the rate was up 0.1 percent. On an unadjusted basis there was $123.377 billion spent compared to $117.226 billion the prior month. Spending for the first six months of the year was up 5.0 percent from the same period in 2019 at $667.920 billion....(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
In the second quarter of 2020, 11 percent of American adults were planning on purchasing a home over the next 12 months, and of those, almost half were actively engaged in doing so. Rose Quint, writing in the National Association of Home Builders' (NAHB's) Eye on Housing blog says that the 49 percent who were actively shopping was significantly higher than a year ago when 41 percent were in the game but was identical to the share in Q1. Quint says this suggests that the COVID-19 crisis and its accompanying record-low mortgage rates have converted some prospective buyers into active buyers. The share of buyers who were actively looking versus thinking about it differs significantly by age group. Of Millennials planning a home purchase in the next year, 57 percent are already actively looking but among Boomers, that share is only 37 percent. Among Gen Z and Gen X buyers the share who were active was 40 percent and 47 percent, respectively. Regionally those in the Northeast are the most likely to be actively engaged in the purchase process (57 percent), compared to 44 percent in the Midwest, 45 percent in the West, and 50 percent in the South. ...(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.
The last report from Freddie Mac put its 30-year fixed rate mortgage (FRM) at 2.99 percent, up 1 basis point from the all-time low. Black Knight, in its new Mortgage Monitor, says that has made home affordability the best in four years. As of mid-July, it required only 19.8 percent of the nation's median monthly income to make the mortgage payment on an average priced home using that 30-year FRM and a 20 percent down payment. That is more than 5 percent below the average over the 1995-2003 period. The required monthly payment, $1,071, is 6 percent less than last July despite an average $12,000 increase in home prices over that same period. After 97 consecutive months, these record-low mortgage rate have made homeownership the most affordable it has been since 2016, and, while many areas, especially those along the coasts, remain out of reach for many low and middle-income earners, each of the 25 markets are seeing their strongest affordability in more than 2 years. Black Knight says, within the 100 largest markets several, including Virginia Beach, Hartford, and Scranton, have the strongest affordability levels in a decade and a half and six states, Louisiana, Arkansas, Iowa, West Virginia, Kentucky and Maryland, payment-to-income ratios are the lowest in more than 25 years....(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.