A house hunter looking for a $500,000 home saw their potential total mortgage payment fall by $64,000 from July to August, and then jump by $118,000 from August to September. Seesawing mortgage rates, which have swung from nearly 6% to below 5% to above 6% in the last three months, are causing headaches for homebuyers.
Some Americans are hesitant to sell their homes as mortgage rates soar because they have a low interest rate locked in. That’s contributing to a nearly-20% slump in new listings. Roughly six of every seven (85%) U.S. homeowners with mortgages have a mortgage interest rate far below today’s level of 6%. With rates now at
55% of homes being built today face fire risk, compared with 14% of homes built from 1900 to 1959, as suburbanization and a shift to the Sun Belt have driven builders into more vulnerable areas. Recently-built homes are also more likely than older homes to face drought, heat and flood risk, but the gap is
Phoenix, Atlanta, Tampa and Miami, all Sun Belt metros popular with relocating homebuyers, have the highest inflation rates in the country. Housing prices make up a big portion of the rising costs in those places. The most popular destinations for relocating homebuyers have the highest inflation rates in the U.S., partly because they’re attracting so
That’s $260 per month for the typical homebuyer—the largest savings since at least 2015. As mortgage rates surge, demand for adjustable-rate mortgages is on the rise because they typically have lower interest rates than 30-year fixed loans. The typical homebuyer could save an estimated $15,582 over five years, or roughly $260 per month, by taking
An influx of people moving into Phoenix, Tampa and Atlanta has led to rapidly rising home prices, one contributor to outsized inflation in those areas. Those Sun Belt metros are still relatively affordable, but scores of new residents and high inflation means the financial benefit of living there is diminishing. Some of the hottest migration
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