mortgage

Economy

The Fed holds rates steady, sees only one rate cut in 2024 as inflation cools slowly

9:15pm June 12, 2024

by Scott Horsley

The Federal Reserve held interest rates steady while signaling it can cut rates only once this year. The decision came after data earlier showed inflation cooling slightly.

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Edmund Garcia, an Iraq war veteran, holds the American flag over his shoulder outside his home on Thursday in Rosharon, Texas.

Thousands of vets fell victim to a bait-and-switch...by the VA? Lawmakers want a fix

5:00am February 17, 2024

Lawmakers grilled the head of the VA home loan program this week about a self-inflicted error with the department's COVID forbearance program that left thousands of veterans in danger of foreclosure.

Former Marine Jason Miles stands in front of his home in Clinton, Miss. He lost a sales job during the pandemic and had to take a forbearance.

Lawmakers move to help veterans at risk of losing their homes

6:31pm February 01, 2024

Senators are introducing a new bill to help thousands of veterans who, through no fault of their own, were left facing foreclosure when a VA COVID-assistance program ended abruptly.

The median home price has risen to $413,800, the second highest price ever, according to data released Thursday by the National Association of Realtors.

Economy

Inflation may be cooling, but the housing market is still too hot for many buyers

11:49am July 20, 2023

by Erin Kenney

The median home price has risen to $413,800 – the second-highest price ever — thanks to a shortage of homes on the market and high mortgage rates. Experts say renting may be a better option.

Children ride scooters past a house for sale in Los Angeles. Home sales have slowed as mortgage rates have climbed.

2022 marked the end of cheap mortgages and now the housing market has turned icy cold

5:13am December 26, 2022

by Arezou Rezvani

The buying frenzy of a year ago is long gone. Home buyers have pulled away, sellers are holding back, and the whole housing market is locked in a deep freeze.

Mike Johansen stands by the door of the camping trailer where the couple is living while they wait for construction on their new home to be finished.

With mortgage rates near 7%, the housing party is over. Now it's hangover time

1:13pm October 12, 2022

by Chris Arnold

Higher rates are dashing the dreams of some would-be homebuyers while others stretch to buy but spend close to $1,000 a month more in monthly payments for a typical house.

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The appraisals done for home sales are increasingly done remotely rather than in person.

Economy

Even home appraisers are doing their jobs remotely

10:41am April 16, 2022

by Anthony Tellez

Remote appraisals shot up during the pandemic, replacing in-person inspections by appraisers. Even as restrictions ease up, they could be the standard for how homes are valued.

Mortgage rates on 30-year, fixed-rate loans rose above 5% this week. That's pushing the cost of buying a home higher and making homeownership unaffordable for more people.

Mortgage rates just hit 5%. Here's how much more expensive that makes home ownership

6:12pm April 08, 2022

by Chris Arnold

Higher mortgage rates and home prices have pushed the monthly payment to buy the median-priced home in the U.S. up more than 50% since the start of last year. Many first-time buyers can't afford it.

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A "for sale" sign is posted on a home last month in Philadelphia.

First-time homebuyers are getting squeezed out by investors

7:39pm February 18, 2022

With a historic shortage of homes for sale, investors making cash offers are pushing first-time homebuyers out of the market.

New homes under construction in Mebane, N.C., earlier this month. A historic shortage of homes for sale has been pushing prices sharply higher. So builders are trying to ramp up projects.

Home prices rose faster than ever in 2021. The typical home gained $50,000 in value

2:47pm January 20, 2022

by Chris Arnold

For first time homebuyers it was one of the hardest years ever to afford a house. But homeowners saw tremendous gains in housing wealth.