This week marks the fifth consecutive week for mortgage rate increases.Home buyers are facing higher borrowing costs in the new year, with the 30-year fixed-rate mortgage jumping to a 7.04% average this week, according to Freddie Mac. It’s the first time that rates have crossed the 7% mark since last May. The latest numbers on consumer prices, which were released this week, showed inflation rising in December. But housing economists note
If you are financing your home purchase, you will likely be required to get a home appraisal as one of the steps between signing and close. Here’s what you should know:What is an appraisal? An appraisal is an opinion on a home’s market value that helps a lender ensure the purchase price is in line with the property value. The process is led by a licensed or certified residential appraiser—an independent third party engaged by the lende
Between signing and close, a homebuyer may choose to have a new home inspected to make sure it is in good condition and safe for a new owner. Here’s what buyers and sellers should know:What is a home inspection? A home inspection is an assessment of a home’s condition in which an inspector identifies potential problems in a home’s structure, exterior, roof, plumbing, electrical systems, heating and air conditioning, interiors, ventila
Greystar is set to face a federal lawsuit as soon as this week over allegations the nationwide developer and manager of apartment buildings stuck renters with millions of dollars in hidden fees, according to people familiar with the probe.The US Federal Trade Commission has prepared a suit accusing the company — the largest third-party apartment manager in the US — of falsely advertising rental prices by failing to inform potential rente
Getting a home ready for potential buyers can feel a bit overwhelming, but it’s really about making the space look its best. Here are some tips to do just that.1. Declutter and create space: Before staging, go through each room and remove items that are no longer needed. This makes a space appear larger and helps with packing for a move. In smaller units, three key tricks can create the illusion of more space. First, opt for lighter shades
Another weekly jump in borrowing costs appears to be making prospective home buyers jittery.Home sales have been on the rise, but the recent uptick in mortgage rates could threaten that trend. The 30-year fixed-rate mortgage rose to a 6.93% average this week as mortgage applications—a gauge of future home buying—dropped to their slowest weekly pace in nearly a year.“In the first full week of the new year, the 30-year fixed-rate mortgag
Federal Reserve Bank of Kansas City President Jeff Schmid said he favors slowing the pace of interest-rate cuts, though only after a persistent change in incoming economic data.“I am in favor of adjusting policy gradually going forward and only in response to a sustained change in the tone of the data,” Schmid said Thursday in prepared remarks for an event in Kansas City. “The strength of the economy allows us to be patient.”Schmid also e
The deadly wildfires come amid an ongoing insurance crisis in the state. For some residents, rebuilding will be a challenge.Deadly wildfires continue to engulf the Los Angeles area—already called the city’s most destructive series of fires ever and likely the costliest. Neighborhoods have been turned to ash, with an estimated 2,000 homes and businesses reportedly destroyed since the fires first broke out on Tuesday. Officials warned on Thursd
AI-powered smart homes and new waves of technology-packed cars will be among the big draws for attendees at the CES tech show in Las Vegas.The annual convention, which is expected to draw more than 100,000 visitors over four days starting on Tuesday, will see thousands of firms showcasing their latest devices.The biggest themes will include new technology to make homes smarter, with hundreds of firms bringing out products and services to make res
