By Alex Veiga The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week. Costs on 15-year fixed-rate mortgages rose this week to 6.44% from 6.39%. LOS ANGELES — The average long-term U.S. mortgage rate climbed this week to its highest level since late November, another setback for home shoppers in what’s traditionally the housing market’s busiest time of the year. The average rate on a 30-year mortgage rose to 7.17% from 7.1% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.43%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners
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By Jim Turner The My Safe Florida Home home-hardening grant program will be expanded to include condos. It was a Florida Realtors’ priority for the 2024 legislative session. TALLAHASSEE, Fla. — Gov. Ron DeSantis on Wednesday approved $200 million to continue a popular home-hardening grant program that could help about 20,000 mostly low- and moderate-income residents cut property insurance costs. DeSantis signed two bills related to the My Safe Florida Home grant program and said he also intends to support an additional $30 million in the state budget aimed at expanding the program to include condominiums. “There’s more help on
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By Nia Duggins The FTC’s rule will be effective beginning in mid-August. NAR is currently reviewing the rule and its impact and will provide updates. WASHINGTON – This week, the Federal Trade Commission (FTC) issued a final rule banning all non-compete agreements. Last year, the FTC issued a proposed rule regarding the banning of non-compete agreements, and the FTC received several thousand comments. In issuing the final rule, the commission is banning non-compete agreements for all workers and has explained that non-compete agreements are “an unfair method of competition and therefore in violation of Section 5 of the Federal Trade
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MLSs and brokerages seeking to be released under the settlement agreement must act by June 18, NAR said. WASHINGTON – On Tuesday, the U.S. District Court for the Western District of Missouri granted preliminary approval of the National Association of Realtors®’ proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. Plaintiffs filed a motion last Friday for preliminary approval of the settlement agreement in the Western District of Missouri. The court acted quickly to preliminarily approve the motion, calling the agreement “fair, reasonable and adequate.” The plaintiffs’ filing initiated the
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The measure provides funding to curb algae blooms, which have far-reaching economic implications across the state. Red tide also causes respiratory problems and fish kills. NAPLES, Fla. – Gov. Ron DeSantis on Tuesday signed into law a measure that continues efforts to tackle red tide outbreaks in Florida waters. The measure (HB 1565) extends the Florida Red Tide Mitigation and Technology Development Initiative, which was created in 2019 and was set to expire next year. It also calls for the state Department of Environmental Protection to expedite regulatory reviews of lab efforts and field trials undertaken to control and mitigate
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A new study shows sellers would rather leave money on the table and accept an all-cash sale than risk losing the sale completely because the mortgage falls through. NEW YORK – Owning a home has long been considered a crucial way to build wealth, but making such a purchase has become increasingly difficult for many residents. In addition to steep housing prices and high interest rates, there have been a growing number of all-cash buyers who can close a deal quickly, beating out competing offers from buyers who need to finance their home with a mortgage. The convenience and certainty
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The budget items include funding for water quality improvements and Everglades restoration and was a Florida Realtors’ priority for the 2024 session. WEST PALM BEACH, Fla. – Gov. Ron DeSantis said Monday he will approve $1.5 billion directed towards Everglades cleanup that was included in the budget for the fiscal year that begins July 1, which he has not yet received. “I am going through all the things in the budget right now. And there’s a lot of different line items. … Some are going to make it. Some are not going to make it,” DeSantis said during an appearance
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Although some homebuyers are being priced out of the larger metro areas in Florida, there are plenty of great options, including Ocala and Bartow. MIAMI – Florida has long been known as a popular retirement destination, offering warm weather, beautiful beaches and relatively affordable housing. Home prices have risen substantially in recent years, especially in popular coastal cities like Miami, when compared to the national average. As of January 2024, the median home value across the United States is $342,685, according to Zillow. In comparison, popular Florida metro areas command substantially higher valuations. Miami has the highest median home value
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By Laurel Wamsley Empty-nest baby boomers own many of the nation’s largest homes and have little financial incentive to sell. Experts are looking at ways to incentivize moving. NEW YORK – Among the many hard truths for those trying to enter America’s brutal housing market, here’s one: Baby boomers continue to own many of the country’s large houses, even after their households have shrunk to one or two people. Baby boomer empty nesters own twice as many of the country’s three-bedroom-or-larger homes, compared with millennials with kids, according to a recent analysis from Redfin. That means those larger homes aren’t
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By Kyle Baltuch The Florida Chamber Foundation said reports that the state’s housing market is in trouble because of decreased housing sales and active listings “lacks accuracy.” TALLAHASSEE, Fla. – Over the past month or so, a number of inflammatory headlines have sparked a conversation throughout Florida. Is Florida’s housing market in trouble? Here’s the problem with these headlines. They lack context, rely on seemingly short-sighted analysis, and ultimately jump to a conclusion that may not be correct. These articles paint a picture of a weakening housing market, relying primarily on a couple of distinct points: 1. The number of
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