Existing-home sales drop in September

Existing-home sales dropped in September amid reduced home affordability, as prices continued to rise on an annual basis, the National Association of Realtors (NAR) reported. “Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” said Lawrence Yun, chief economist at NAR. “Expected rising mortgage interest rates will further lower …

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Six must-haves for mortgage approval

Interest rates are hovering around historical lows, and low interest rates increase affordability, making it easier for buyers to qualify. Yet stories of buyers waiting months to gain loan approval and home purchase transactions not closing on time due to lender’s strict underwriting are all too common. Some buyers are turned down for illogical reasons. …

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Rates on 30-year mortgages hit record low

15-year fixed-rate mortgages also ties lowest rate on record CHICAGO (MarketWatch) — Interest rates charged on 30-year fixed-rate mortgages hit a record low this week, averaging 3.91%, according to Freddie Mac’s weekly survey of conforming mortgage rates. “Rates on 30-year fixed mortgages have been at or below 4% for the last eight weeks and now …

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Stronger Lure for Prospective Home Buyers

Owning Continues to Become More Affordable Relative to Renting, but Several Obstacles Prevent Many From Biting Home prices and mortgage rates have fallen so far that the monthly cost of owning a home is more affordable than at any point in the past 15 years and is less expensive than renting in a growing number …

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