As of the end of the first quarter of 2024, homeowners in the United States are sitting on a combined $17 trillion in equity, according to data from CoreLogic. On average, homeowners have gained $28,000 in equity compared to the previous year. This presents an opportunity for homeowners to leverage this equity for various financial
Real Estate
Despite the consistent strength of the U.S. economy, a significant portion of Americans hold a misguided belief that the country is currently in a recession. According to a survey conducted by Affirm, 59% of adults think that a recession began around 15 months ago and could last until 2025. This perception is fueled by rising
As the major party tickets for the upcoming election have been confirmed, voters are turning their attention to the personal finance policies championed by the candidates, which could have a direct impact on their wallets. Vice President Kamala Harris has revealed her running mate as Minnesota Gov. Tim Walz, while former President Donald Trump has
Recent data indicates that mortgage interest rates have decreased to the lowest level in several years, prompting a significant increase in mortgage demand from both prospective homebuyers and existing homeowners. This decline in interest rates has resulted in a notable surge in total mortgage application volume, with the Mortgage Bankers Association’s seasonally adjusted index showing
In recent years, record inflation has caused many individuals to question the once widely-held belief that homeownership is a good investment. The escalating prices of homes have outpaced the growth of incomes, leading to concerns among homeowners. According to a 2023 analysis of U.S. Census data by the Chamber of Commerce, more than 1 in
Recent data indicates a significant drop in mortgage rates, with the 30-year fixed rate falling to 6.4%, the lowest since April 2023. The 15-year fixed rate also saw a decrease to 5.89%, the lowest level since early May 2023. This decline followed a weaker-than-expected monthly employment report, causing bond yields to plummet. Mortgage rates typically
The recent decision by the Bank of England to cut interest rates has had a significant impact on the mortgage market in the UK. Major high street lenders such as HSBC, Santander, and Nationwide have wasted no time in slashing their mortgage rates in response to the BOE’s decision. This move signals a potential easing
Vice President Kamala Harris has emphasized that one of the primary objectives of her presidency would be to build up the middle class. She firmly believes that a strong middle class is crucial for the overall strength of America. Harris envisions providing relief to families from the high cost of living, enabling them not just
The real estate market is constantly changing and evolving, affecting the affordability of homes for buyers. A recent report indicates a slight improvement in home affordability for buyers this summer, with median new mortgage payments decreasing by 2.4% in June compared to May. This shift is attributed to various factors, such as declining mortgage rates,
The Federal Reserve is considering an interest rate cut this fall, which could have a significant impact on mortgage rates. Homebuyers eagerly await this move as it could result in lower payments for homeowners. While the first rate cut is not expected to happen in the upcoming meeting, the likelihood of reductions in September, November,