Borrowing costs have fallen to their lowest level in more than a year, but homebuying activity is only seeing small gains.Mortgage rates have fallen in recent weeks, but home buyers are showing restraint rather than rushing back into the housing market to snag a lower rate. ‘’The 30-year fixed-rate mortgage averaged 6.47% this week, Freddie Mac reports.Even as mortgage rates remain at their lowest level in more than a year, mortgage applicati
Americans who want to tap the rising equity of their homes without giving up their low mortgage rates are increasingly turning to home equity lines of credit.After almost 13 years of declines, balances on home equity lines of credit, known as HELOCs, have begun to rebound, gaining 20% since bottoming out at the end of 2021, according to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit released Tuesday.Meanwhi
As retailers push into new cities and brands lean hard into brick-and-mortar as a strategy, it has become incredibly difficult to find space for a new storefront.Financing constraints due to elevated interest rates as well as zoning and infrastructure restrictions in some jurisdictions have limited construction of retail developments, limiting the amount of space on the market. Retail construction completions are at their lowe
The number of renter households in America grew 1.9% year over year in the second quarter of 2024 to a record 45.2 million, according to a new report from Redfin. The annual growth rate is more than three times faster than the number of homeowner households, which grew 0.6% to a record 86.3 million.The number of renter households grew at the second-fastest pace since 2021, while the number of homeowner households grew at the slowest p
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The Federal Reserve signals a possible rate cut could come in September. Could that cause rates to drop even lower?Home buyers and refinancers had the opportunity to lock in the lowest mortgage rates since early February this week, averaging 6.73%. Plus, the average mortgage rate is now lower than a year ago.The Federal Reserve also suggested this week that a possible cut to its key benchmark rate could take place this fall.That may prompt some p
The U.S. economy created fewer jobs than expected in July, showing further cooling in the labor market from last year’s overheated levels.Employers added 114,000 nonfarm payrolls last month, according to data from the Bureau of Labor Statistics on Friday. Economists’ consensus forecast had been for a gain of 175,000.The unemployment rate rose to 4.3%, above the consensus forecast for an unchanged 4.1%.The pace of job growth has decelerated fr
iPro was founded on the idea of building a better living with champion real estate services. We focus on incorporating and mastering the latest technologies and perform all types of real estate transactions. Our team of professionals set a stronger standard of business and give superior results.
Despite mortgage rates near 7%, home buyers plow ahead with more options on the market. Read more from NAR’s latest housing report.Home buyers have more housing choices this summer, and home sellers may find stiffer competition on the market. Pending home sales rose nearly 5% in June as more house hunters went under contract for a home purchase. All four major regions of the U.S. posted monthly gains in transactions, according to the National A
AI is improving building design, operations and space planning. Here’s how.It’s no small wonder that AI has been quickly absorbed into proptech. Real estate and facilities management have always embraced tools that drive efficiency in the built environment. But it also means that property managers need to accelerate their digital strategy to keep pace. “We are owners of concrete, steel and earth, but we have to transform into a tech b
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