Last week’s economic reporting included readings on home sales, Fed Chair Jerome Powell’s testimony on monetary policy to the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly reports on mortgage rates and jobless claims were also released. New Home Sales Pace Rises as Pre-Owned Homes Sales Pace Slows The Commerce Department reported a seasonally-adjusted annual pace of 696,000 new homes sold in May; analysts predicted a year-over-year pace of 587,000 new homes sold as compared to April’s year-over-year pace of 629,000 new homes sold. While the year-over-year pace of new home sales increased by 10.70 … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 23, 2022
Last week’s economic reporting included readings on sales of previously-owned homes, building permits issued, housing starts, and weekly readings on mortgage rates and jobless claims. Sales of Previously-Owned Homes Fall in April The National Association of Realtors® reported 5.61 million sales of previously-owned homes in April; analysts expected 5.64 million sales as compared to the March reading of 5.75 million sales calculated on a seasonally adjusted annual basis. Home sales generally increase in prime spring and summer home-buying seasons, but high gas prices, rising inflation, and economic uncertainty likely sidelined some prospective home buyers. Affordability … [Read more...]
What’s Ahead For Mortgage Rates This Week – May 23, 2022
Last week’s economic reporting included readings on sales of previously-owned homes, building permits issued, housing starts, and weekly readings on mortgage rates and jobless claims. Sales of Previously-Owned Homes Fall in April The National Association of Realtors® reported 5.61 million sales of previously-owned homes in April; analysts expected 5.64 million sales as compared to the March reading of 5.75 million sales calculated on a seasonally adjusted annual basis. Home sales generally increase in prime spring and summer home-buying seasons, but high gas prices, rising inflation, and economic uncertainty likely sidelined some prospective home buyers. … [Read more...]
Many Millennials Need More Space
There are many Millennials who are looking for a home, and many of them are getting ready to trade up for more space. If you think you need more space, you may have more buying power than you realize. The coronavirus pandemic has led to a lot of changes, and you might be able to use the equity in your home to purchase a bigger house with more features. Why Millennials Are Looking For Bigger Homes There are a few reasons why many Millennials are looking for bigger homes. First, the coronavirus pandemic forced many people to work from home. This meant that a lot of people, including Millennials, needed a home office. In some cases, this means looking for a home with an extra room. In … [Read more...]
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