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USA Today
03-07-2025
- Business
- USA Today
Refinance applications surge as mortgage interest rates tick down
Americans are seizing any opportunity to refinance their mortgages. In the week ending June 27, applications to refinance rose 7%, the Mortgage Bankers Association, an industry group, announced on July 2. Rates for home loans fell to the lowest since April that week, with the popular 30-year fixed-rate mortgage averaging 6.79% nationwide. Refinance applications were a whopping 40% higher than a year earlier. In contrast, applications for purchase mortgages were unchanged. The big jump in refinance application volumes is somewhat surprising given the small move in rates. 'Despite the small decline, mortgage rates continue to hover in the same 6%-7% range seen over the past year,' pointed out Kara Ng, a senior economist at Zillow, in a statement following the release. 'Rates remain stuck in this range, reflecting competing economic signals: signs of a gradually cooling economy argue for lower rates, while persistent inflation supports upward pressure." "Homeowners are looking for any chance to save money on their housing costs, and even small savings can make a difference right now given the total cost of housing," said Dan Richards, President of Flyhomes Mortgage, in an email exchange with USA TODAY. "That's part of what's driving the recent uptick in refinancing," Richards continued. "A lot of people who bought in the last few years have been waiting for mortgage rates to fall below that 'magic' 6% mark to refi, but another year has passed and it's becoming clear that rates in the 6-7% range are the new normal." Many economists, including Zillow's Ng, expect rates to make little moves from here, and traders in mortgage futures now expect the 30-year fixed-rate mortgage to average about 6.7% in November, according to the ICE Mortgage and Housing Market Research team.
Yahoo
03-07-2025
- Business
- Yahoo
Refinance applications surge as mortgage interest rates tick down
Americans are seizing any opportunity to refinance their mortgages. In the week ending June 27, applications to refinance rose 7%, the Mortgage Bankers Association, an industry group, announced on July 2. Rates for home loans fell to the lowest since April that week, with the popular 30-year fixed-rate mortgage averaging 6.79% nationwide. Refinance applications were a whopping 40% higher than a year earlier. In contrast, applications for purchase mortgages were unchanged. The big jump in refinance application volumes is somewhat surprising given the small move in rates. 'Despite the small decline, mortgage rates continue to hover in the same 6%-7% range seen over the past year,' pointed out Kara Ng, a senior economist at Zillow, in a statement following the release. 'Rates remain stuck in this range, reflecting competing economic signals: signs of a gradually cooling economy argue for lower rates, while persistent inflation supports upward pressure." "Homeowners are looking for any chance to save money on their housing costs, and even small savings can make a difference right now given the total cost of housing," said Dan Richards, President of Flyhomes Mortgage, in an email exchange with USA TODAY. "That's part of what's driving the recent uptick in refinancing," Richards continued. "A lot of people who bought in the last few years have been waiting for mortgage rates to fall below that 'magic' 6% mark to refi, but another year has passed and it's becoming clear that rates in the 6-7% range are the new normal." Many economists, including Zillow's Ng, expect rates to make little moves from here, and traders in mortgage futures now expect the 30-year fixed-rate mortgage to average about 6.7% in November, according to the ICE Mortgage and Housing Market Research team. This article originally appeared on USA TODAY: Refinance applications jump on lower mortgage rates Sign in to access your portfolio
Axios
10-06-2025
- Climate
- Axios
Minority homeowners face higher climate risks
Minority homeowners are particularly vulnerable to certain major climate risks, a Zillow analysis finds. Why it matters: The findings reflect history and a legacy of redlining and economic disparities that still shape where people live — and how they're affected by climate change. By the numbers: Nationally, 81% of Black homeowners, 77% of Hispanic homeowners and 65% of Asian homeowners are at risk of extreme heat, compared to 52% of white homeowners, Zillow found. Meanwhile, 60% of Black homeowners, 43% of Hispanic homeowners and 33% of Asian homeowners are vulnerable to extreme wind, compared to 32% of white homeowners. Some 32% of Asian homeowners and 21% of Hispanic homeowners are vulnerable to poor air quality, compared to 11% of white homeowners and 9% of Black homeowners. How it works: Zillow's analysis is based in part on climate risk data for homes listed for sale on the platform, using risk modeling techniques from First Street. It doesn't include renters, who also face various climate risks. See the full methodology here. Between the lines: Some of the nationwide figures are a result of history and geography, says Zillow senior economist Kara Ng. For example: Black homeownership rates are higher in the South, she points out, where extreme heat is more common compared to other regions. Zoom in: Some cities have especially stark differences between groups for certain climate risks. In New Orleans, for example, about 95% of Asian homeowners, 92% of Black homeowners and 86% of Hispanic homeowners are vulnerable to flooding, compared to 76% of white homeowners. The bottom line: Climate risk is making homeownership more expensive due to rising insurance, energy and repair costs, Ng notes in her analysis — adding that vulnerable homes often take longer to sell and go for less money.
Yahoo
08-06-2025
- Business
- Yahoo
Are there any silver linings for the Thurston County home buyer? Yes, new data show
The Thurston County housing data released for May looks pretty familiar: sales and median price rose, and inventory inched a bit higher as well, according to Northwest Multiple Listing Service. However, 'Seattle-area homebuyers had 'more negotiation power in May than any May on record going back to 2018,' Zillow senior economist Kara Ng told The Seattle Times. So, did negotiation power for buyers in Thurston County also improve? There's some indication of that, said Mitch Dietz, the owner of Coldwell Banker Evergreen Olympic Realty of Olympia. His real estate business tracks its own data. They haven't crunched the May numbers just yet, but he said their April data might be encouraging for buyers. Eighty-three homes went under contract at his office in April, Dietz said. Of those total pending sales: ▪ A majority of them — 81% — either received a full price offer or an offer below list price. Only 19% of the offers were above the list price. ▪ The seller paid the closing costs in 23% of those deals. ▪ Cash offers represented about 18% of the pending transactions. That number has been right around 20% in recent months, he said. The other glimmer of hope for buyers is that inventory in Thurston County rose above two months in May, the Northwest MLS data show. But Dietz said don't get too excited by that number because it is still a sellers' market. A balanced market that doesn't favor either buyers or sellers has four months of inventory, while at six months it shifts to a buyers' market, he said. For the county to return to a market that favors the buyer, it would require about three times the current inventory, or about 1,800 active listings. Thurston County has been in a sellers' market since October 2014, he said. There also has been national real estate news suggesting there are more sellers than buyers. That is not the case here, Dietz said. The county housing market rarely reflects national trends — the exception would be the financial crisis of 2008 — because the county has a stable economy (state workers, Joint Base Lewis-McChord) and an influx of people who want to live here, Dietz said. As a result, that steady demand, combined with low inventory, means median price continues to go up. It rose more than 7% to $547,000 in May, compared to May 2024, Northwest MLS data show. Combine that with mortgage interest rates of about 7% and it's still an expensive place to buy a home, he said. 'Buy now and refinance later if you can afford it,' said Dietz, because if rates fall, the market heats up and pushes prices higher. ▪ Single-family home sales rose 5.37% to 314 units last month from 298 units in May 2024. ▪ Single-family home median price rose 7.25% to $547,000 from $510,000 over the same period. ▪ Single-family home pending sales rose 1.67% to 426 units from 416 units over the same period. ▪ Condo sales rose to 16 units from 15 units over the same period. ▪ Condo median price was unchanged at $315,000 over the same period. ▪ Condo pending sales rose to 24 units from 17 units over the same period. Source: Northwest MLS.
Yahoo
24-05-2025
- Business
- Yahoo
Las Vegas Real Estate Market Sees Inventory Increase A Massive 44.5% As Buyers Won't Gamble On High Prices And High Interest Rates
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Gambling on the Las Vegas real estate market is a risk that buyers are increasingly unwilling to take. According to Zillow (NASDAQ:Z), inventory increased by a massive 44.5% in March compared to the same time last year. A deluge of new construction has flooded the market, specifically in Sunbelt states, to make up for the pandemic shortfall, but high interest rates have caused homes to sit on the market. "What's happening nationally is playing out similarly but more prominently in Las Vegas," Kara Ng, a senior economist with Zillow, told the Las Vegas Review-Journal. "Sellers are listing their homes at far greater rates than last year, but buyers are not absorbing those homes at the same rate. This has left more homes lingering on the market. However, while Las Vegas inventory is up almost 45% over the year, it's still about 20% lower than pre-pandemic norms." Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Zillow reported the average Las Vegas home value was $437,324 as of April, up 3.6% over the past year. The relatively modest increase is a change from previous years, when interest rates were lower in 2021-2022. However, prices are still high, which has impeded that listings showing price cuts had skyrocketed, up by 13.6 percentage points year over year, reaching 27.3% in February. "Affordability is a hurdle, especially for first-time buyers who are relying on savings alone, and turbulence in the stock market could push down payments out of reach," Ng told the Review-Journal. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Part of the reason for Las Vegas home prices escalating so quickly, particularly during the work-from-home boom during the pandemic, was the influx of Californians to the city. According to the Census Bureau, some 158,000 Californians since 2020 have moved to Nevada, accounting to 43% of new residents in the last four years. However, the number of Californians moving to Las Vegas has dropped precipitously from the peak post-pandemic years, according to KVVU-TV, which has further contributed to the inventory buildup. A big part of the drop-off is tied to interest rates."A lot of people have a low-interest mortgage interest rate loan. So their monthly payment is pretty low. They couldn't match that in the current market," Stephen Miller, economics professor and director of research for the Lee Business School's Center for Business and Economic Research at the University of Las Vegas, told KVVU-TV. "As soon as the lockdown hit, people started bailing out of California left and right," Jeff Stelter, manager of business development at Muscle Movers, told KVVU-TV. "We saw a huge boom during the lockdown for about two years, and people couldn't get out of there fast enough," Stelter continued. "We saw a big drop recently. This last winter was worse than the crash of 2006, 2007." Read Next: , which provides access to a pool of short-term loans backed by residential real estate with just a $100 minimum. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock Send To MSN: 0 This article Las Vegas Real Estate Market Sees Inventory Increase A Massive 44.5% As Buyers Won't Gamble On High Prices And High Interest Rates originally appeared on Sign in to access your portfolio
