Interest rates on a U.S. home loan dropped across the board in the week ending May 8, but the 30-year fixed rate outpaced them all. As reported by Freddie Mac's latest Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage dropped to 4.21 percent from 4.29 percent the week prior.
The U.S. housing market may have slightly slowed its progress during the frozen winter months, but industry experts are anticipating that things will soon pick up and prices will be on the rise for the next 12 months.
Topics: Economy
Since the housing bust in 2008, a large number of homeowners have found themselves drowning in their mortgages. Negative equity was abundant, and when a homeowner owes more on his or her mortgage than the property is worth, that's considered being underwater.
Topics: Economy
The housing market's gradual recovery continues to face one major obstacle in many local markets: Limited inventory.
Despite a slight dip in existing home sales in June of this year, prices continue to go up and overall sales remain near a three-and-a-half-year high, according to the National Association of Realtors. While purchases of existing homes fell 1.2 percent to a 5.08 million annualized rate, a lot of that drop appears tied to smaller inventory and...
Topics: Economy
A new housing and retail development on Detroit's riverbank could encourage future homebuyers to get off the sidelines and into the homeownership game, as the units are geared toward young professionals. The $60 million project, which the developer hopes will be finished by early 2016, will include three- and four-story town houses, apartment...
Topics: Economy Development