As recent reports from Freddie Mac show, mortgage interest rates rose sharply after the election, recently climbing back above 4% for the first time since 2015.
While still low by historic standards, interest rates are still roughly 50-basis points higher now than they were before Donald Trump won the election, and a new report from Black Knight Financial Services shows the real impact of that increase on borrowers and potential borrowers.
The bottom line, according to Black Knight’s report, is that housing is less affordable right now than it was before the election.
In fact, home affordability is now at its lowest point since June 2010.
Per Black Knight’s report, the post-election interest rate bump means that the average home price is $16,400 more expensive for the buyer than it was before the election.
That equates to borrowers being on the hook for $60 more per month in principal and interest in order to purchase the median home. That figures rises to $72 per month for borrowers putting 3.5% down on their home.
According to Black Knight’s report, it now requires 21.6% of median income to purchase the median
Ben Carson just announced that he accepted the role of HUD Secretary and is already making moves in his own personal housing situation.
According to an article in Variety, he listed his home in West Palm Beach, Florida for $1.2 million. If he sells his home at that amount, he would turn a nice profit, given Carson originally purchased the home three years ago for $775,000.
The home, which is located in an upscale guard-gated golf community, has 5 bedrooms and 4.5 bathrooms.
From the article:
Doctor Carson and his wife, Candy, have already purchased their next home, a nearly 9,000-square-foot similarly ersatz mock-Med mansion in Palm Beach Gardens that they picked up for $4.375 million, and they continue to own a 47.75-acre spread in rural Upperco, Maryland, about 25 miles northwest of The Johns Hopkins Hospital in Baltimore where until his 2013 retirement Dr. Carson was the esteemed head of pediatric surgery, that was acquired, per property records, in September 2001 for $1.5 million.
CoreLogic forecasts that home prices will increase by 4.6% year-over-year, and by 0.2% by next month.
The CoreLogic HPI Forecast is a projection of
November’s sudden spike in interest rates could have negative consequences for the housing market in 2017, according to Freddie Mac’s monthly Outlook.
If President-elect Donald Trump passes a fiscal stimulus plan in early 2017 which includes infrastructure spending and tax cuts, it could bring higher real economic growth. The downside, however, will be that this growth could be partially offset by a rise in interest rates, according to the report.
“Much like in 2013, we expect housing markets to respond negatively to higher mortgage rates — they will drive down homebuyer affordability, dampen demand and weaken home sales, soften house price growth, and slow the growth in new home construction,” Freddie Mac Chief Economist Sean Becketti said. “And mortgage market activity will be significantly reduced by higher mortgage rates, especially refinance originations, which are likely to be cut in half.”
However, the economy is still expected to have a better year in 2017 with growth of 1.9% year-over-year. Freddie Mac expects 2017 to end with unemployment at 4.7%, and says this year’s slower hiring rate is due to the market being at full employment.
At this point,
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What I Can Teach You About Homes
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The Path To Finding Better Sales
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An Introduction to 1031 Investing
Investors are usually faced with challenging situations in making quality decisions on areas of investments so as to be assured with the best gains bearing in mind that one is required to make tax payments on profits made from a certain investment. There are various investment procedures that have been outlined in 1031 investing platforms to enable investors to defer taxation by reinvesting the gains from the relinquished property making it possible for investors to be fully motivated and to acquire more assets. Therefore, it is the responsibility of all property investors to ensure that they research deeply about 1031 investment platforms in order to be assured with the best investments that comes along with improved gains.
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How to Conduct Passive Investing
No matter your age, it is always great to invest, it always gets to ensure that you can have a better future, more so, you will be able to make sure that in no time, you can be able to get something better to invest in, you always grow when you have made a decision to invest. Therefore, after making the decision of investing, you can be able to make sure that you have another income of money, meaning, you can be able to make more money from time to time thus making sure you spend it wisely, you might get to find people without money, but they have been able to invest it wisely.
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