House prices in the UK stabilised in January following a series of monthly falls last year, according to new figures from the Halifax bank. Halifax said the typical property value remained largely unchanged in January 2023 at £281,684, compared with December 2022. The bank’s House Price Index (pdf) recorded 0.0 percent house price growth in…
UK House Prices Stabilised in January, Halifax Figures Show
February 7, 2023
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Construction Loans—What You Need to Know
Are you thinking about building a home? Unless you have the cash on hand, you will need financing. Building a home is different than purchasing a home. You take out a different type of loan. If you plan on building, it’s essential to know the difference between a new construction loan and a mortgage. Construction…
UK House Price Fall for Fifth Month in a Row Amid Grim Economic Outlook
Average house prices in the UK fell for the fifth month in a row in January, as mortgage rates remain at a high level and the cost of living continues to soar. According to the Nationwide building society, the average price of a home slid to £258,297 ($318,817) in January, a fall of 0.6 percent…
Fed Needs Mortgage-Backed Securities Exit Plan ‘Earlier Than Later,’ Kansas City Fed President Says
WASHINGTON—Kansas City Federal Reserve President Esther George has urged her colleagues to come to terms “earlier than later” on a plan for the U.S. central bank to exit the mortgage-backed securities (MBS) market and be more explicit on how bond purchases will figure into future monetary policy. “You can’t just wake up one day and…
US Home Sales Drop to 12-year Low; Price Growth Cools
WASHINGTON—U.S. existing home sales plunged to a 12-year low in December, but declining mortgage rates raised cautious hope that the embattled housing market could be close to finding a floor. The report from the National Association of Realtors on Friday also showed the median house price increasing at the slowest pace since early in the…
Save Money With a Mortgage Rate Buydown
January 13, 2023
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A mortgage is usually the most significant monthly expenditure that people have. The 28 percent rule is that a mortgage makes up about 28 percent of a monthly income. That makes keeping that monthly payment down a priority. There is a way to temporarily lower a monthly mortgage. A mortgage rate buydown can help. But…
Mortgage Buy-downs—A New Trend for 2023?
January 9, 2023
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Business & Marketsinterest ratesInvestmentmortgagepersonal financereal estateUSUS NewsUS Real Estate
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With interest rates currently hovering around 7 percent, many lenders across the country have seen a resurgence of the mortgage buy-down—a plan that allows potential homeowners to save money on monthly mortgage payments. The National Association of Mortgage Brokers (NAMB) describes a mortgage buy-down as a type of financing that provides lower interest rates for…
Australian Borrowers Should Prepare for More Mortgage Stress in 2023: Lending Experts
January 8, 2023
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AustraliaBusiness & Marketseconomic policieseconomyinflationmortgagepersonal financeReserve Bank of AustraliaWorld
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Lending and mortgage experts have warned Australian borrowers to prepare for steeper interest rate hikes, and more mortgage stress in 2023 as many homeowners have shown signs of struggling. Australian mortgagors had a tough year in 2022 as they witnessed the Reserve Bank of Australia (RBA) lifting the official cash rate from the historic low…
Money Mistakes Many People Make Before Refinancing Their Home
January 5, 2023
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Just as deciding when to take advantage of 4th and goal, refinancing a home has many opportunities and pitfalls. The reason you might consider a refinance is that you want to pay less interest. Or, if you need to put some money towards another expense, you can take some money out of your house. It’s…
Average Mortgage Rates Rise After 6 Weeks of Declines
WASHINGTON—The average long-term U.S. mortgage rate rose this week after falling for six straight weeks, adding to the challenges potential homebuyers face amid higher home prices and a limited supply of available houses. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate increased to 6.42 percent from 6.27 percent last…
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