Fixed mortgage rates dropped this week to 4.28 percent for 30-year, fixed-rate while the 15-year-fixed rate averaged 3.32 percent, also a decline, Freddie Mac reported today. Mortgage rates reversed course on news of slower economic and job growth, according to Freddie Mac.
In other headlines:
CoreLogic: 4 million homeowners back above water in 2013 – HousingWire
House Passes Bill to Halt Flood Insurance Hikes – REALTOR® Magazine
Buying a home still beats renting in all 100 large U.S. metros, according to a new Rent vs. Buy Report from Trulia. In fact, in Chicago it is 47 percent cheaper to buy a home compared to renting while in St. Louis, it is 54 percent cheaper to buy.
In a blog post, Trulia Chief Economist Jed Kolko said that even though home prices have been rising around the country, low mortgage rates have kept homeownership affordable. Mortgage rates would have to rise substantially before renting would be cheaper in most markets, he said.
“Nationally, rates would have to rise to 10.6 percent for renting to be cheaper than buying – and rates haven’t been that high since 1989.” Kolko said.
Read the blog and find an interactive Rent vs. Buy map to learn more.
Mortgage rates rise slightly – Chicago Tribune
4 game changers for selling homes this tax season – HousingWire
U.S. sales of new homes up in January – Daily Herald
A new infographic from the Illinois Association of REALTORS® shows that while Illinois home sales took a seasonal dip in January, median prices continue to rise. The statewide median price was up 9.6 percent compared to last year at this time. #IARMarketStats
This latest video from the Illinois Association of REALTORS® shows that while severe winter weather and inventory levels impacted Illinois home sales activity in January, median prices continued to increase on an annual basis. Read the news release. #IARMarketStats
Wonder what today’s young Millennial buyers are looking for in a home? The Chicago Agent article, “4 Essential Features for Millennial Homebuyers,” highlights four must-haves including: turn-key kitchens and baths, a home office, the latest technology and an urban location. Read the full article for details.
In other headlines:
Freddie Mac Offers Up Cash Incentives to Agents – REALTOR® Magazine
US housing construction down 16 percent in January – WREX