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Home Value Forecast Predicts Slowdown in Growth

Appraisal Buzz

Rapidly rising mortgage rates are worsening affordability challenges that have been brought on by record home value growth. According to the March Zillow Real Estate Market Report, monthly mortgage payments on the typical U.S. home are 19.5% higher than they were three months ago, and 38% higher than a year ago.

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Gap between Black and white renters who were mortgage ready narrowed during the pandemic

Housing Wire

The gap between Black and white renter families that could afford a mortgage narrowed significantly during the COVID-19 pandemic, according to a Zillow report released Friday. of Black renter families earned enough income in 2022 to afford a mortgage with a 3% down payment, compared to 12.5% About 7.8% percentage points. About 13.3%

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Mortgage applications slump as rates return above 7%

Housing Wire

Mortgage demand continued its downward trajectory last week as interest rates moved back above 7%. Mortgage applications decreased by 10.6% 16, according to the Mortgage Bankers Association ’s (MBA) weekly mortgage applications survey. The 30-year fixed-rate mortgage averaged 6.77% as of Feb. And the U.S.

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The month in reverse mortgage rates: April 2024

Housing Wire

In the March rate update , we discussed why Federal Housing Administration (FHA)-sponsored Home Equity Conversion Mortgages (HECMs) utilize two interest rates. The “ expected rate ” is unique to reverse mortgages and is calculated by adding the lender’s margin to the weekly average 10-year constant maturity treasury (CMT).

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Home value hits all-time high in June as owners cling to low rates

Inman

The typical home value breached $350,000 for the first time in June, a new peak in typical values according to a report by Zillow. Redfin shows nearly 92 percent of homeowners have a mortgage rate below 6 percent.

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The month in reverse mortgage rates: March 2024

Housing Wire

The federally insured reverse mortgage known as a Home Equity Conversion Mortgage (HECM) is unique, as are the rates that impact the HECM product. Keep in mind that almost all HECMs are adjustable-rate mortgages (ARMs), and so each rate update will concentrate on ARMs.

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Home Values Increase $9 Trillion Over the Past Year for U.S. Homeowners

Appraisal Buzz

The value of U.S. homes surged 31.4% Home prices have skyrocketed during the pandemic as record-low mortgage. The post Home Values Increase $9 Trillion Over the Past Year for U.S. year over year to a total of $38.3 trillion last month, far outpacing the 9.7% ($2.6