As mortgage rates for traditional 30-year fixed-rate loans reached a near three-year high last week, buyers are increasingly turning to adjustable-rate mortgage (ARM) applications to reduce their monthly costs. Economists have watched the ARM share of overall applications climb to one-year high of 10.5% in recent weeks, driven by introductory rates that sit almost a…
Despite the Federal Reserve’s attempts to combat inflation, the latest data from the U.S. Bureau of Labor Statistics (BLS) reveals that such progress may be minor, or nonexistent. The September CPI report saw a 0.6% monthly increase, with annual inflation gaining traction once again at 3.7%. The latest data is up from August’s report, which…
With less than three weeks until the midterms, recent data released on a constitutional amendment in Florida known as Amendment 3, a housing affordability relief measure that would raise the property tax exemption for residents of the Sunshine State, is not showing a solid case for either passing or failing. Amendment 3, championed by the…
If there’s one thing buyers don’t want after closing, it’s finding out that the costs to own and maintain their new home are not what they’d expected. They’re higher, and sometimes much higher. That’s why it’s imperative for you as their trusted agent to help determine future finances and share the information with them before…
Existing-home sales increased by 1.5% month-over-month and decreased by 2.2% year-over-year, according to the National Association of Realtors®’ (NAR) Existing-Home Sales report. The report provides the real estate ecosystem, including agents, homebuyers and sellers, with data on the level of home sales, price and inventory. Month-over-month sales increased in the South and West, held steady…
Compass and multiple top executives are facing a class-action lawsuit from an Anywhere stockholder focused on the merger between the two companies, with the plaintiff claiming that back-channel efforts to get the deal approved created risk for the company and misled investors. Filed late last week in federal court in New York City, the lawsuit…
Editor’s note: The COURT REPORT is RISMedia’s weekly look at current and upcoming lawsuits, investigations and other legal developments around real estate. Zillow pleas fall on deaf ears On Oct. 5, the U.S. Supreme Court officially declined Zillow’s appeal to hear a class-action shareholder lawsuit, formally known as Jaeger v. Zillow Group Inc. In the…
Editor’s Note: The Mortgage Mix is RISMedia’s highlight reel of need-to-know mortgage-industry happenings. Watch for it every other Friday afternoon. The numbers: Mortgage rates continue to reach new highs each week, quickly climbing in the 7% range and hitting a “nearly three year high,” as noted by Mortgage Bankers Association (MBA) President and CEO Bob…
Above, Sara Bronin Global tensions and economic pressures pushed builder sentiment lower this past September, but a new platform may offer respite for developers, researchers and property owners. Land Use Labs—a zoning data and services company—launched early last week with six data products aimed at providing accurate zoning information. Founder Sara Bronin, a George Washington…
Borrowers looking to purchase or refinance their homes continue to sit on the sidelines, hesitant to make a move as mortgage rates sailed past the seven-percent mark and arrived at their highest level in almost three years–at one point hitting 7.49% last week. The latest Market Composite Index from the Mortgage Bankers Association (MBA)—its measure…
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