The average long-term U.S. mortgage fell for the second straight week, which combined with moderating home prices, could give the housing market a boost as the spring buying season begins. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.42% from 6.6% last week. The average rate a year ago was 4.42%. Even though financial markets remain jittery over recent bank collapses and the Fed raised its benchmark lending rate by another 25 basis points Wednesday, some economists think there may be light at the end of the tunnel for the slumping housing market.
The average long-term U.S. mortgage fell for the second straight week, which combined with moderating home prices, could give the housing market a boost as the spring buying season begins. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to 6.42% from 6.6% last week. The average rate a year ago was 4.42%. Even though financial markets remain jittery over recent bank collapses and the Fed raised its benchmark lending rate by another 25 basis points Wednesday, some economists think there may be light at the end of the tunnel for the slumping housing market. Read moreAverage long-term US mortgage rate falls to 6.42% this week
Americans eager to buy a home this spring, beware: It’s slim pickings out there. The number of U.S. homes on the market is at near-historic lows, which could dim would-be buyers’ prospects for finding a house or condo and fuel competition for the most affordable properties, economists say. Some 980,000 homes were on the market nationally at the end of February, according to the National Association of Realtors. That’s up 15.3% from an all-time low set last February. While homebuyers will have more properties to choose from than last spring, the low supply and sharply higher mortgage rates set the stage for a higher overall price tag for homeownership. Read moreSlim pickings for buyers amid near-record low homes for sale
The average long-term U.S. mortgage inched back down this week after five straight weeks of increases, good news for homebuyers as the housing market’s all-important spring buying season gets underway. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate slid back to 6.60% from 6.73% last week. The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation. Read moreAverage long-term US mortgage rates come back down to 6.6%
The average long-term U.S. mortgage rate rose for the fifth straight week to its highest level since breaching 7% in November, just as the spring buying season gets ready to kick off. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate climbed to 6.73% from 6.65% last week. The average long-term rate hit 7.08% in the fall — a two-decade high — as the Federal Reserve continued to raise its key lending rate in a bid to cool the economy and quash persistent, four-decade high inflation. The big rise in mortgage rates has pushed sales of existing homes down for 12 straight months. Read moreAverage US mortgage rate up for fifth straight week to 6.73%
The Pennsylvania Infrastructure Investment Authority (PENNVEST) and the Pennsylvania Housing Finance Agency remind homeowners that they offer an affordable loan for the repair or replacement of on-lot septic systems and sewer laterals, or first-time sewer connection from an existing home. Read moreAffordable loans available to help with sewer repair or hook-up
The average long-term U.S. mortgage rate hit a three-month high this week, reflecting higher Treasury yields and expectations that the Federal Reserve will continue to raise its benchmark rate and keep it there until inflation recedes. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.65% from 6.5% last week. The average long-term rate reached a two-decade high of 7.08% in the fall as the Fed continued to raise its key lending rate in a bid to tamp down inflation. The recent rise in mortgage couldn’t come at worse time for the slumping housing market, on the verge of its spring buying season. Read moreAverage long-term US mortgage rate hits 3-month high
The cost of renting an apartment is easing after skyrocketing in recent years, though it remains painfully high for many Americans. The U.S. median rent rose 2.4% in January from a year earlier to $1,942, the lowest annual increase since June 2021, according to data from Rent, which tracks listings for apartment and rental houses. The median rent, which peaked in August at $2,053, fell 2% from December, its fourth decline in five months. Still, other data show the national average rent-to-income ratio reached 30% in the fourth quarter, just above the threshold of what the government considers affordable housing. Read moreUS rent growth easing, but remains a burden for many tenants
Down Payment Resource (DPR), the housing industry’s leading technology for connecting home buyers with homebuyer assistance programs, has announced that it has partnered with HomeScout LLC to help mortgage lenders generate and convert more leads by meeting heightened consumer demand for information about affordable pathways to homeownership. Read moreHomeScout partners with Down Payment Resource to capture consumer demand for homebuyer assistance program information
There will be no Westmoreland County real estate transfers this week. We apologize for any inconvenience. RealSTATs, the company that provides this data to the Bulletin, informed us that due to staffing issues they cannot provide us with data. They are working to rectify the issue as quickly as possible. We hope to publish real estate transfers in the next Bulletin Weekend. Thank you for your patience. Read moreNo county real estate transfers this week
The average long-term U.S. mortgage rate jumped this week to its highest level since November, more bad news for a housing market that’s been in decline for a year. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate rose to 6.5% from 6.32% last week. The average rate a year ago was 3.89%. The big rise in mortgage rates during the past year has battered the housing market, with sales of existing homes falling for 12 straight months to the slowest pace in more than a dozen years. Read moreAverage long-term US mortgage rate jumps to 6.5% this week
There will be no Westmoreland County real estate transfers this week. We apologize for any inconvenience. RealSTATs, the company that provides this data to the Bulletin, informed us that due to staffing issues they cannot provide us with data. They are working to rectify the issue as quickly as possible. We hope to publish real estate transfers in the next Bulletin Weekend. Thank you for your patience. Read moreNo county real estate transfers this week
There will be no Westmoreland County real estate transfers this week. We apologize for any inconvenience. RealSTATs, the company that provides this data to the Bulletin, informed us that due to staffing issues they cannot provide us with data. They are working to rectify the issue as quickly as possible. We hope to publish real estate transfers in the next Bulletin Weekend. Thank you for your patience. Read moreNo county real estate transfers this week
There will be no Westmoreland County real estate transfers this week. We apologize for any inconvenience. RealSTATs, the company that provides this data to the Bulletin, informed us that “Due to ongoing labor challenges, this week’s file contains Allegheny and Washington County transactions only. We are working to overcome the issues and appreciate your patience.” We hope to publish real estate transfers in the next Bulletin Weekend. Read moreNo county real estate transfers this week
Federal law prohibits builders and other home sellers from dictating where a buyer gets a mortgage. Read moreABOUT REAL ESTATE: Builder can't dictate where buyer obtains financing
The onset of memory-robbing Alzheimer’s disease or other serious medical problems can be compounded if the victim lacks the capacity to sell or refinance the family’s home. Read moreABOUT REAL ESTATE: Spouse's health problems can complicate home sale or refinance
Whether you believe in the supernatural or not, it’s always fun to ponder the possibilities as Halloween arrives. Read moreABOUT REAL ESTATE: A spooky cemetary, haunted hotel and a bigfoot hoax that goes badly awry
Home sellers hoping to get the best price need to give their property maximum public exposure, and a “pocket listing” usually won’t provide it. Read moreABOUT REAL ESTATE: 'Pocket listing' not a good idea for most sellers
Many parents believe that adding underage offspring to the title of their house will make it easier to settle their estate after they die. Nice thought; lousy idea. Read moreABOUT REAL ESTATE: Despite good intentions, never put a minor child's name on a title to a home
Savvy buyers always make their purchase offers contingent on obtaining a satisfactory report from a professional home inspector, but it doesn’t force a seller to pay for unexpected repairs. Read moreABOUT REAL ESTATE: Buyers have options when an inspection report uncovers problems
Owning a house, vacation home or rental property with someone else can be a complex task. It may become even more difficult when one owner later wants to sell but the other doesn’t. Read moreABOUT REAL ESTATE: 'Partition' lawsuit may be only option when co-owners can't agree on a sale
DEAR DAVE: We bought a window air conditioner earlier this year. Do we have to remove it now that the weather is getting cooler, and we won’t need to use it until next year? Read moreABOUT REAL ESTATE: How to ready your home for cooler, wet months ahead
DEAR DAVE: My wife passed away a month ago after a long illness, but I would like to stay in our home because it has so many great memories and I can easily make the monthly payments from my Social Security benefits and pension. We bought our house 11 years ago, with a loan that was in both of our names. If the bank finds out that my wife has passed, could it demand that the house be sold or the loan balance be immediately paid in a lump sum? Read moreABOUT REAL ESTATE: Homeowners have loan protection after death or divorce of spouse
A poll of nearly 500 recent home sellers found that 94% admit that they didn’t disclose at least one flaw in their home to their buyers. Read moreABOUT REAL ESTATE: New survey highlights importance of getting a home inspection
Sales and new construction are down, but prices are not-yet. Read moreABOUT REAL ESTATE: Nation's housing market shows mixed signs amid higher rates, choppy economy
Home trends come and go. Today’s must-have items tend to become tomorrow’s outdated features in the blink of an eye. Read moreAffordable ways to make homes more appealing to modern buyers
The Bulletin regrets to inform its readers there are no Westmoreland County Real Estate Transfers this week due to personnel issues from the provider. We apologize for any inconvenience and expect we will be able to publish transfers in next week’s edition of Bulletin Weekend. Read moreNo county real estate transfers this week
Many insurers will no longer renew a homeowners policy or issue a new one if the customer has recently filed for bankruptcy. Read moreABOUT REAL ESTATE: Bankruptcy filing can rob ability to get homeowners insurance
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