Interest-Rate Surge Ripples Through Economy, From Homes to Car Loans

Just look at mortgage rates. At the beginning of 2022, the average interest rate on a 30-year mortgage hovered above 3%. Today it stands at 4.72%, according to Freddie Mac. That translates into sharply higher borrowing costs for Americans looking to buy a home — and it is only the beginning. For the better part … Read more

Buying a Home in California Just Got Easier with Two New Programs – Do You Qualify?

csfotoimages / Getty Images The state of California recently rolled out a pair of programs designed to help residents buy new homes or stay in their current ones, one of which provides forgivable loans to buyers for up to 10% of the purchase price. See: 10 Kitchen Renovations That Will Hurt Your Home’s ValueFind: Unplug … Read more

How Higher Fed Rates Stand to Affect Americans’ Finances | Business News

By CHRISTOPHER RUGABER, AP Economics Writer WASHINGTON (AP) – Record-low mortgages below 3%, reached last year, are long gone. Credit card rates will likely rise. So will the cost of an auto loan. Savers may finally receive a yield high enough to top inflation. The substantial half-point hike in its benchmark short-term rate that the … Read more

Bad News! Home loans to cost more as RBI hikes repo rate by 40 bps

In a surprise move, the Reserve Bank of India today hiked the repo rate by 40 bps to 4.4% for the first time in almost two years. This comes at a time when inflation has been rising to an 18-month high amidst a rebound in domestic economic activity. Commenting on the RBI move, industry experts … Read more

Homebuilder deals on the horizon to sustain sales activity

Real estate experts predict homebuilders will soon have to offer deals to buyers since the market is anticipated to slow. Above: Realtor and single-family home developer Jeff Rose, who lives in Surfside with his family, built and sold numerous homes in the neighborhood in 2021. Emily MIchot [email protected] Short-term interest rate buy-downs and free or … Read more

Green Loans Series, Part 3 – Green Loan Principles In Real Estate Finance – Real Estate

02 May 2022 Cadwalader, Wickersham & Taft LLP To print this article, all you need is to be registered or login on Mondaq.com. In our March edition of REF News and Views, we focused on the four core components to qualifying as a Green Loan Principles (“GLP”) – compliant green loan product. As … Read more

Alterations Provisions In Loan Documents – Real Estate

02 May 2022 Cadwalader, Wickersham & Taft LLP To print this article, all you need is to be registered or login on Mondaq.com. In real estate financing, most loan documents restrict a Borrower’s right to alter the collateralized real property. Alterations provisions in loan documents pertain to any alterations, improvements, or demolition of … Read more

Foreclosure filings are up 132% from a year prior. Here’s what that means

What does the recent uptick in foreclosures mean for the housing market now? Getty Images When we were reading through real estate data this month, three stats caught our eye. The first: That number of active foreclosures (this is when the foreclosure process has begun on a seriously delinquent loan, but it has yet to … Read more

How to know if the popular adjustable-rate mortgage is right for you

Lifestylevisuals | E + | Getty Images Adjustable-rate mortgages are making a comeback. With interest rates surging, more buyers are turning to ARMs, which offer lower initial rates than fixed-rate loans. However, after a certain period, the rate on the ARM adjusts to reflect current market conditions. “You have double the number of borrowers out … Read more

Is it time for retirees to take another look at reverse mortgages?

US home prices have surged during the pandemic with median existing home prices hitting $ 375,300 in March, a record with data back to 1999, according to the National Association of Realtors. Although mortgage rates have jumped sharply and sales weakened recently, odds are the market remains resilient with housing supply down to a 20-year … Read more