The MBA reported new home purchase mortgage applications were up 6.2% in March year over year. More first-time buyers appear to be getting into the market. WASHINGTON – Mortgage applications for new home purchases increased 6.2% in March compared to a year ago and 1% compared to a month ago, according to the Mortgage Bankers Association’s Builder Application Survey (BAS). The change does not include any adjustment for typical seasonal patterns. The monthly increase underscores the impact higher home prices and mortgage rates continue to have on buyers, Joel Kan, MBA’s vice president and deputy chief economist, said. “March is
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This Miami home, called CM1, uses interior and exterior features to encourage healthful living. By Rebecca San Juan The world’s first IWBI-certified home, located in Miami, prioritizes health with a sustainable design. It has no insulation in living spaces or drywall. MIAMI – A new sugar cube house sits in a slice of Miami called Silver Bluff, a sleepy residential neighborhood between Coral Gables and Coconut Grove. Rising above land on stilts and a roof adorned with solar panels, it stands out in a neighborhood filled with houses surrounded by chain-link fences and pitched rooftops with shingles the shade of
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By Katrina Elsken Releases from Lake Okeechobee, which typically happen when the lake is high, were paused through late March. The lake is crucial to flood control. OKEECHOBEE, Fla. – Lake Okeechobee is on track to start the wet season above 14 feet in June. What does that mean for the coming hurricane season? Despite the approach of one of the worst hurricane seasons ever predicted, the U.S. Army Corps of Engineers has stopped the large-scale releases from Lake Okeechobee, an effort designed to lower the big lake before the storm season hits. Colorado State University tropical meteorology Project predicts
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By Alex Veiga The average rate on a 30-year mortgage rose to 7.1%, the highest level since late November. The average rate for 15-year fixed-rate mortgages rose to 6.39%. LOS ANGELES — Prospective homebuyers are facing higher costs to finance a home with the average long-term U.S. mortgage rate moving above 7% this week to its highest level in nearly five months. The average rate on a 30-year mortgage rose to 7.1% from 6.88% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.39%. When mortgage rates rise, they can add hundreds of dollars a
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By Marla Martin Single-family median sales prices are up 3.9% over March 2023 and new listings increased 7.7%. The condo-townhouse median prices increased 3.1%. ORLANDO – Florida’s housing market in March and the first quarter (1Q) of 2024 reported more new listings, higher median sales prices and increased for-sale inventory (active listings) compared to a year ago, according to Florida Realtors®’ latest housing data. “Persistently high mortgage interest rates hovering well above 6% continue to challenge buyers in Florida, especially first-time buyers,” said 2024 Florida Realtors® President Gia Arvin, broker-owner with Matchmaker Realty in Gainesville. “While we are seeing an
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By Alex Veiga Home sales fell in March with rising mortgage rates, analysts said. The supply of homes on the market remains below the historical average. LOS ANGELES — The spring homebuying season is off to a sluggish start as home shoppers contend with elevated mortgage rates and rising prices. Sales of previously occupied U.S. Homes fell 4.3% in March from the previous month to a seasonally adjusted annual rate of 4.19 million, the national association of realtors said Thursday. That’s the first monthly decline in sales since December and follows a nearly 10% monthly sales jump in February. Existing
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By Jennifer Torres The average Florida home value doubled in six years. Tampa and Miami tied for having the third-fastest price doubling among large U.S. cities. MIAMI – The national median home price is twice what it was ten years ago. Molded by a storm of inflation, tight supply and surging demand, the average home price in the U.S. went from around $200,000 to $400,000, according to a new study from Point2. However, in Florida, it took much less than a decade for home prices to achieve a twofold increase. Average home values across Florida have undergone a seismic transformation,
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By Christopher Rugaber One economist said gas prices likely contributed to the decline in consumers’ outlook. Most expect consumer spending to remain healthy on a strong job market WASHINGTON — Consumer sentiment about the U.S. economy has ticked down but remains near a recent high, with Americans’ outlook largely unchanged this year. The University of Michigan’s consumer sentiment index, released Friday in a preliminary version, slipped to 77.9 this month, down from March’s figure of 79.4. Sentiment is about halfway between its all-time low, reached in June 2022 when inflation peaked, and its pre-pandemic averages. The survey has been conducted
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By Christopher Rugaber If inflation continues, long-anticipated interest rate cuts may not happen this year, the Federal Reserve chair said. Interest rates influence mortgage rates. WASHINGTON — Federal Reserve Chair Jerome Powell cautioned Tuesday that persistently elevated inflation will likely delay any Fed interest rate cuts until later this year, opening the door to a period of higher-for-longer rates. “Recent data have clearly not given us greater confidence” that inflation is coming fully under control and “instead indicate that it’s likely to take longer than expected to achieve that confidence,” Powell said during a panel discussion at the Wilson Center.
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By Amy Connolly Fannie Mae and Freddie Mac issued guidance regarding allowable interested-party contributions in light of the proposed Sitzer-Burnett verdict settlement agreement.   WASHINGTON – Fannie Mae and Freddie Mac said Monday they will not count buyer agent commissions as part of allowable interested party contributions (IPCs). The government-sponsored agencies (GSEs) said their guidance was not an update to their selling guidelines but a clarification to the treatment of seller-paid real estate agent fees. “Buyer agent fees have historically been fees customarily paid by the property seller or property seller’s real estate agent, and, as such, they are currently
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