Cash-Out Mortgage Refinancings Rise as Owners Tap Into Equity Bonanza
Homeowners are turning to cash-out refinances after a record-setting advance in home values.
December 2, 2021 3 MIN
Homeowners are turning to cash-out refinances after a record-setting advance in home values.
Mortgage rates fell from an 18-month high as the bond markets reacted to news about a new "variant of concern" in the Covid-19 pandemic.
The Conference Board’s measure of consumer conficence fell this month as rising Covid-19 infections soured the nation's outlook.
A federal regular on Tuesday increased the size of mortgages eligible for backing by Fannie Mae and Freddie Mac after a record-setting surge in home prices.
The volume of signed contracts to purchase homes jumped as Americans rushed to secure financing before mortgage rates rose higher.
New-home sales in October rose to the highest level since April, according to a Commerce Department report.
Existing home sales in October rose to the highest level since January, according to a Monday report from the National Association of Realtors.
Rates rose after a report showed inflation spiked to 6.2% in October as supply-chain bottlenecks caused by the pandemic fueled price increases.
Residential builders are still being challenged by a lack of materials and workers, said Mark Vitner, a Wells Fargo senior economist.
"Red-hot demand for workers" will send U.S. jobless rate tumbling, the economists said.
A homebuyer would need $48,435 of annual income to qualify for a mortgage on a $180,000 median-priced home in Detroit, making it the most affordable U.S. metro area.
Don't wait until you find your dream house to check your credit reports for errors.
Flood insurance is separate from your standard homeowner’s insurance, and if you are buying in a flood plain, most lenders
Shelling out more upfront means you'll get a lower rate and a smaller mortgage payment, but is it the right course for everyone?
