Latest news with #Realtors
Washington Post
12 minutes ago
- Business
- Washington Post
US home sales fall in June as prices soar to new heights
LOS ANGELES — Sales of previously occupied U.S. homes slid in June to the slowest pace since last September as mortgage rates remained elevated and national median sales prices hit unprecedented levels. Existing home sales fell 2.7% last month from May to a seasonally adjusted annual rate of 3.93 million units, the National Association of Realtors said Wednesday.
Yahoo
a day ago
- Business
- Yahoo
Mortgage and refinance interest rates today, July 22, 2025: Mortgage rates trend downward
Today, mortgage rates saw a noticeable drop from the previous week. According to Zillow, the 30-year fixed mortgage rate dropped by six basis points to 6.66% while the 15-year fixed rate fell 15 basis points to 5.82%. With stock market analysts gaining cautious optimism as equities begin to rise, traders are adding to bond positions, including the 10-Year Treasury, causing prices to rise and yields to drop. Treasury yields fell 1.35% yesterday, and if this trend continues, mortgage rates could closely follow. Dig deeper: What determines mortgage rates? Today's mortgage rates Here are the current mortgage rates, according to our latest Zillow data: 30-year fixed: 6.66% 20-year fixed: 6.36% 15-year fixed: 5.82% 5/1 ARM: 7.22% 7/1 ARM: 7.08% 30-year VA: 6.21% 15-year VA: 5.67% 5/1 VA: 6.15% Remember that these are the national averages and rounded to the nearest hundredth. Have questions about buying, owning, or selling a house? Submit your question to Yahoo's panel of Realtors using this Google form. Today's mortgage refinance rates These are the current mortgage refinance rates, according to the latest Zillow data: 30-year fixed: 6.78% 20-year fixed: 6.61% 15-year fixed: 5.94% 5/1 ARM: 7.58% 7/1 ARM: 7.80% 30-year VA: 6.32% 15-year VA: 6.17% 5/1 VA: 6.28% Again, the numbers provided are national averages rounded to the nearest hundredth. Refinance rates are usually higher than purchase rates. Refinance interest rates Up Next Up Next Yahoo Finance mortgage calculator A mortgage calculator can help you see how various mortgage term lengths and interest rates will affect your monthly payments. Use this mortgage calculator to play around with different outcomes. The Yahoo Finance mortgage calculator also considers factors like property taxes and homeowners insurance when calculating your estimated monthly mortgage payment. This gives you a better idea of your total monthly payment than if you just looked at mortgage principal and interest. 30-year vs. 15-year fixed mortgage rates As a general rule, 15-year mortgage rates are lower than 30-year mortgage rates. When comparing 15- versus 30-year mortgage rates, know that the shorter term will save you money on interest in the long run. However, your monthly payments will be higher because you're paying off the same loan amount in half the time. For example, with a $400,000 mortgage with a 30-year term and a 6.66% rate, you'll make a monthly payment of about $2,571 toward your mortgage principal and interest. As interest accumulates over decades, you'll end up paying $525,383 in interest. If you get a $400,000 15-year mortgage with a 5.82% rate, you'll pay about $3,337 monthly toward your principal and interest. However, you'll only pay $200,597 in interest over the years. If that 15-year mortgage monthly payment is too high, remember you can always make extra mortgage payments on your 30-year loan to pay off your mortgage faster and ultimately pay less interest. Fixed-rate vs. adjustable-rate mortgages With a fixed-rate mortgage, your rate is locked in from day one. However, you will get a new rate if you refinance your mortgage. An adjustable-rate mortgage keeps your rate the same for a set period of time. Then the rate will go up or down depending on several factors, such as the economy and the maximum amount your rate can change according to your contract. For example, with a 7/1 ARM, your rate would be locked in for the first seven years, then change every year for the remainder of your term. Adjustable rates sometimes start lower than fixed rates, but once the initial rate-lock period ends, you risk your interest rate going up. ARM rates have also been starting higher than fixed rates recently, so sometimes you don't get a rate break. Dig deeper: Adjustable-rate vs. fixed-rate mortgage — Which should you choose? When will mortgage rates finally drop? Economists don't expect drastic mortgage rate drops before the end of 2025. In 2024, mortgage rates trended downward from early August to the Sept. 18 Federal Reserve meeting, when the central bank announced a 50-basis-point slash to the federal funds rate. Since that announcement, mortgage rates have mostly increased or held steady. The Fed decreased its rate again at its November and December meetings (by 25 bps each time). The trajectory of future mortgage rates will largely depend on the Federal Reserve's decision on whether or not to cut the federal funds rate at its 2025 meetings. The Fed has not cut its rate at any of its 2025 meetings so far. According to the CME FedWatch tool, there's a 95% chance that the rate will remain unchanged at the Fed's next meeting on July 30. This means rates probably won't significantly drop in the next couple of months. A sudden financial setback could change that. Dig deeper: Understanding the Fed's rate decisions — Do we want high or low interest rates? Mortgage rates today: FAQs What is today's 30-year fixed rate? According to Zillow data, today's 30-year fixed rate is 6.66% for home purchases and 6.78% for refinances. These are the national averages, so keep in mind the average in your state or city could be different. Your rate will also vary depending on your personal finances. Are mortgage rates expected to drop? Mortgage rates may be slightly lower by the end of 2025, but they're unlikely to drop drastically anytime soon. Will mortgage rates go down in 2025? Mortgage rates may ease a bit lower before the end of 2025, though probably not as sharply as many expected a few months ago. Depending on the economy, inflation, and the Fed, any decreases may be relatively small.
Daily Mail
4 days ago
- General
- Daily Mail
Adorable reason Americans end up choosing the neighborhood where they'll buy a home
Man's best friend is no exaggeration. People love their animals so much that they top the checklist when it comes to where they decide to buy a home. Dogs and cats are the most common household pets, and we're spending more time and money on them than ever, reports the National Association of Realtors (NAR). About one in five recent homebuyers considered their pet when choosing a neighborhood, a number that increases among unmarried couples and single women buyers. Factors such as proximity to a veterinarian and outdoor space are both seriously important considerations for buyers. Pet lovers also purchased homes in areas with larger lots or acreage, and were more interested in convenience to parks and recreation areas, as well as walkability. 'Pet owners are often not willing to sacrifice for the needs of their beloved fur baby,' Dr. Jessica Lautz, Deputy Chief Economist and Vice President of Research at the National Association of Realtors, told 'An adopted puppy may start small, but as they grow into a 100-pound dog, enough room to house both the pet and humans takes a more important role.' She continued: 'Not only can having a pet spur purchasing a home, but when they move, they want a fenced yard and flooring suddenly becomes an important consideration. 'These home features can be as luxurious as an animal washing station, cat litter closets, and even outdoor features like a water feature or a catio.' Lautz added that many buyers often ask how far the nearest dog park is. 'For pet owners, home buying transcends not only the home features but expands to the neighborhood,' she said. 'Walkability, the perfect dog park, and proximity to the vet are important to pet owners.' And over the last 20 years, there has only been a rise in pet ownership. According to the American Pet Products Association, 71 percent of American households own a pet. This is up from 56 percent in 1988. Among all unmarried couples, 24 percent of home buyers considered their pet when deciding on a neighborhood in which to purchase, compared to 15 percent of married couples. Throughout the COVID-19 pandemic, Americans adopted pets for companionship and entertainment. This trend has since eased from its recent peak, but Americans are still investing more time and financial resources in their animals. According to data from the American Pet Products Association, total spending on the US pet industry grew from $53.3 billion in 2012 to $152 billion in 2024. Now, there are officially more households with pets than children in the US, according to the NAR. The share of families with children under the age of 18 living in their home has continued to decline, the US Census reveals. The share of families with children under the age of 18 in 2024 stood at 39 percent, down from 52 percent in 1950. This is likely due to two reasons. Birth rates, overall, have been declining, and a large share of baby boomer households have already seen their children leave the nest. This trend is also reflected among homebuyers. In 1985, 58 percent of home buyers had children under the age of 18 in their homes. In 2024, just 27 percent of home buyers had a child under the age of 18 in their home, an all-time record low. The number of pets has not only gone up, but the amount of time Americans spend with their animals has also increased significantly over the past 20 years. In 2003, 13.2 percent of Americans spent a significant amount of time with their pets daily, according to the BLS American Time Use Survey. In 2023, that share has grown to 20.4 percent, and 23.8 percent of women. Some 17 percent of single women considered factoring their pet into their neighborhood choice, compared to 12 percent of single men.
CTV News
6 days ago
- Business
- CTV News
‘Market that's finding its equilibrium,' data shows Simcoe County homes prices have moderated
Buyers and sellers across Simcoe County are beginning to see a slight increase in sales as home prices have moderated. The Barrie and District Association of Realtors (BDAR) has released its latest market data for June, revealing steady market activity and continued growth in housing inventory. 'June's data reflects a market that is finding its equilibrium,' says BDAR chair Robin Jones. 'With more listings and consistent sales, both buyers and sellers are able to make informed decisions. Realtors continue to offer valuable expertise to help clients navigate these changing dynamics.' Related: Home sales in Simcoe County see significant spike, market gains strength in spring This month, Simcoe County recorded 445 home sales, showing a modest decline from the 451 homes sold last June. Compared to last month, however, sales rose by 2.47 per cent, reflecting consistent buyer engagement at the start of summer. According to the Barrie association, the average sale price in the region reached $828,459, down 4.68 per cent year-over-year - suggesting that buyers continue to benefit from increased selection and negotiation power. Data shows that listings totaled 1,638 this month, that is a 15.50 per cent year-over-year increase. June's inventory climbed to 5.3, up from 4.0 last year, driving home a shift toward more balanced conditions.
CTV News
6 days ago
- Business
- CTV News
‘Market that's finding its equilibrium,' data shows Simcoe County home prices have moderated
Buyers and sellers across Simcoe County are beginning to see a slight increase in sales as home prices have moderated. The Barrie and District Association of Realtors (BDAR) has released its latest market data for June, revealing steady market activity and continued growth in housing inventory. 'June's data reflects a market that is finding its equilibrium,' says BDAR chair Robin Jones. 'With more listings and consistent sales, both buyers and sellers are able to make informed decisions. Realtors continue to offer valuable expertise to help clients navigate these changing dynamics.' Related: Home sales in Simcoe County see significant spike, market gains strength in spring This month, Simcoe County recorded 445 home sales, showing a modest decline from the 451 homes sold last June. Compared to last month, however, sales rose by 2.47 per cent, reflecting consistent buyer engagement at the start of summer. According to the Barrie association, the average sale price in the region reached $828,459, down 4.68 per cent year-over-year - suggesting that buyers continue to benefit from increased selection and negotiation power. Data shows that listings totaled 1,638 this month, that is a 15.50 per cent year-over-year increase. June's inventory climbed to 5.3, up from 4.0 last year, driving home a shift toward more balanced conditions.
