Mortgage Rates Highest Since 2008
We saw recently how mortgage applications have taken a nosedive in the face of rising interest rates, intense competition and rising prices. Today’s graphic from Statista illustrates how the average 30-year fixed mortgage rate has sharply risen to levels not seen since 200Read More
Building Materials Prices Up 14.3% Year-Over-Year
The NAHB’s Eye on Housing recently crunched the numbers from the most recent BLS Producer Price Index, where they found building materials prices have climbed 4.9% through the first eight months of 2022 and 14.3% year-over over. Prices for gypsum products, transformers, and concrRead More
Zillow Says Home Values Decline for 2nd Month
A new report from Zillow says home values slipped for the 2nd consecutive month as mortgage costs continue to sideline buyers. Zillow says affordability is driving market momentum with low-cost markets remaining competitive. Their data show the typical home value fell 0.3% fromRead More
Wells Fargo to Pay $94 Million to Settle Mortgage Forbearance Class-Action
HousingWire is reporting that Wells Fargo agreed to pay $ 94 million to settle a class-action lawsuit that placed more than 200k mortgage borrowers into forbearance during the pandemic, unlawfully and without their consent. According to the report, customers who inquired about Read More
Where Do People Pay the Most in Property Taxes in 2022?
The Tax Foundation says property taxes are the primary tool for financing local government as well as generating revenue in some states. In fact, they point out that, in FY 2020 alone, property taxes generated 32.2% of total state and local tax collections – more than any other Read More
MBA Says Mortgage Applications Continues Downward Trend
A mid-September “Chart of the Week” from the Mortgage Bankers Association illustrates how overall mortgage application activity continues to trend lower. They say refinances have dried up due to rising rates rising and recently hit the 6% mark for the first time sincRead More