Before the Iran war, Alonzo Abron Jr., managing broker and owner of Oak Forest-based A. Progeny Global, had positive expectations for the housing market. However, uncertainty now prevails due to rising costs of living and interest rates since the war began. Abron, an experienced agent in the south suburbs, notes how increased gas prices and...
Surge in Mortgage Rates Mortgage rates have reached their highest level since last August, as reported by Freddie Mac. The average rate on 30-year fixed home loans soared to 6.51 percent for the week ending May 21, up from 6.36 percent the previous week. By May 25, Bankrate indicated the national average had climbed to...
Property guardianship involves living in vacant structures, an arrangement previously seen as unconventional. However, as the rental market becomes more competitive, this option is attracting more Londoners. The Kings Arms Hotel in London, formerly a boutique hotel, now serves as a guardianship property. Affordable Living with Trade-offs For Erika Allen, residing in a decommissioned police...
Idaho is implementing a significant change with a new law designed to tackle high home prices and conserve farmland. Known for its wide-open spaces, Idaho has enacted legislation setting the smallest minimum lot size for houses in the United States. Cities in Idaho must now approve housing developments on lots as small as 1,500 square...
Recent changes in mortgage rates have caught the attention of many borrowers. These adjustments come at a time when several global and national factors are influencing the financial markets. Factors Affecting Mortgage Interest Rates Mortgage interest rates are influenced by a variety of factors, each interacting in unique ways. The Federal Reserve has chosen to...
Mortgage rates can fluctuate suddenly, creating challenges for homebuyers. Recently, predicting mortgage rate trends has become challenging due to economic uncertainties. For example, the average 30-year fixed rate dropped below 6% in February, then climbed back up to nearly 6.5% by April due to geopolitical tensions affecting Treasury yields. This volatility impacts homebuying costs since...
Mortgage interest rates have experienced significant fluctuations recently, impacting borrowers seeking affordable options. Following a brief dip below 6% in 2025, rates have started to rise again. This trend underscores the importance of considering a mortgage interest rate lock to safeguard against future increases. If rates decrease before closing, many lenders offer the option to...