Categories
Business

Home price increases slowed for the first time in months in April, says S&P Case-Shiller

People walk into a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images Home price increases slowed ever so slightly in April, but it is the first potential sign of a cooling in prices. Prices rose 20.4% nationally in April compared with the same month […]

Categories
Business

Pending home sales post surprise increase in May, likely due to brief pullback in mortgage rates

A house’s real estate for sale sign shows the home as being “Under Contract” in Washington, DC. Saul Loeb | AFP | Getty Images Pending home sales, a measure of signed contracts on existing homes, rose slightly in May, up 0.7% compared with April, according to the National Association of Realtors. That broke a six-month […]

Categories
Finance

Martin Lewis warns cheap mortgages disappearing as homeowners end fixed rate deals early

Furthermore, the financial expert is sounding the alarm regarding the dangers of mortgage holders leaving their fixed rate deals early as they could face expensive exit fees. Fixed rate mortgages have a set interest rate for the entire term of the loan and are chosen by homeowners who want to know how much they will […]

Categories
Business

Demand for adjustable-rate mortgages surges, as interest rates make biggest jump in 13 years

Mortgage applications to purchase a home rose 8% last week compared with the previous week, bolstered in part by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association’s seasonally adjusted index. Applications were, however, 10% lower than they were in the same week one year ago. A big jump in mortgage rates may have […]

Categories
Business

Sales of existing homes fell in May, and more declines are expected

Sales of existing homes in May dropped 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to the National Association of Realtors. Sales were 8.6% lower than in May 2021. April’s sales were revised slightly lower as well. This is the weakest reading since June 2020, which was during the early months […]

Categories
Business

Here’s why this housing downturn is nothing like the last one

As quickly as mortgage rates are rising, the once red-hot housing market is cooling off. Home prices are still historically high, but there is concern now that they will ease up as well. All of this has people asking: Is today’s housing market in the same predicament that it was over a decade ago, when […]

Categories
Finance

Anger as banks hike mortgages by more than interest rate rise

The Bank’s Monetary Policy Committee voted on Thursday to raise base rate from one to 1.25 percent. Several lenders confirmed that they would be passing it on. But HSBC went further, increasing its fixed-rate mortgages by between 0.45 and 0.5 percentage points just before the official announcement. A spokesman insisted the rises were “not in […]

Categories
Finance

Santander ups interest rates on mortgages and savings after Bank of England rate rise

Savings rates are beginning to creep up again after the Bank of England increased interest rates by 0.25 percentage points in May and June. Currently, Santander’s 123 Regular e-Saver offers an attractive rate of 2.5 percent interest but this is only for the first 12 months. At the end of the 12 month period, savers […]

Categories
Business

Mortgage demand is now roughly half of what it was a year ago, as interest rates move even higher

Total mortgage application volume was 52.7% lower last week than the same week one year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. Sharply rising interest rates are decimating refinance volume, and those rates, along with sky-high home prices and a shortage of houses for sale, are hitting demand from potential buyers. Last […]

Categories
Business

Here’s what the Federal Reserve’s 0.75 percentage point rate hike — the highest in 28 years — means for you

What the federal funds rate means to you The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate consumers pay, the Fed’s moves still affect the borrowing and saving rates consumers see every day. “We’re […]