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WEBWelcome to MortgagePoint! In our continuous effort to provide comprehensive and timely information, we've combined the strengths of DS News and MReport into one unified platform - MortgagePoint. This new platform offers a 360-degree view of the mortgage industry, including insights on loan origination, default servicing, and more.You will be redirected to MortgagePoint, where you
How Much Do Buyers Need to Afford the Typical Starter Home?
WEB9 hours ago · September 30, 2024. According to a new Redfin analysis, Americans must make $76,995 annually to afford the median priced starter home ($250,000), a 0.4% decrease from the previous year. Since August 2020, when mortgage rates were getting close to a record low, that is the first annual drop. Although the cost of a …
Homebuyer Affordability Continues to Improve - The MortgagePoint
WEB10 hours ago · Homebuyer affordability increased for White households, with the national PAPI decreasing from 168.8 in July to 162.3 in August. “Homebuyer affordability conditions improved for the fourth consecutive month, with lower mortgage rates, rising incomes, and slower home-price growth giving prospective buyers’ budgets a much-needed boost ...
Starter Home Affordability on the Rise
WEBAugust 29, 2024. A new report from Redfin has found that the monthly housing payment for the typical U.S. starter home sold in July was $1,981, up 4.4% year-over-year. That means homebuyers must earn $79,252 annually in order to afford a typical U.S. starter home, also up 4.4% year-over-year, and just a few hundred dollars shy of last October ...
Easing Housing’s “Lock-In” Effect - The MortgagePoint
WEBJul 24, 2024 · The main consequence of these low rates is something called the “lock-in effect” caused by homeowners with those pandemic-era 3% interest rates making the choice to stay put in their favorably-financed home—even if it doesn’t meet their needs anymore—to avoid taking out a new mortgage at the …
Average Mortgage Down Payment Jumps to Record High
WEBAugust 28, 2024. Redfin reports that the typical down payment for U.S. homebuyers hit a record high of $67,500 in June 2024, up 14.8% from $58,788 year-over-year, marking the 12th consecutive month the median down payment has risen year-over-year. The nearly-15% jump in the median down payment significantly outpaced the increase in …
When Is a ‘Starter Home’ Not a Starter Home? - The MortgagePoint
WEBApr 1, 2024 · As of February, the average U.S. starter home required an annual income of $75,849, which was 8.2% ($5,767) more than a year earlier, according to a new Redfin report.In February, the typical U.S. starting home’s monthly housing payment increased by 8.2% to $1,896 from the previous year.
National Median Mortgage Payments Drop - The MortgagePoint
WEBJul 26, 2024 · The national median mortgage payment for FHA loan applicants was $1,907 in June, down from $1,924 in May and up from $1,854 in June 2023. The national median mortgage payment for conventional loan applicants was $2,180, down from $2,226 in May and down from $2,205 in June 2023. The top five states reporting the highest PAPI were: Nevada (259.4 ...
Weighing in on Renting vs. Homebuying - The MortgagePoint
WEBMar 26, 2024 · According to the Realtor.com Rental Report, rising mortgage interest rates, still-high housing prices, and lowering rents have made renting more reasonable than buying in all 50 major U.S. metros. In February, the mortgage payment for a starter home in the major metros was $1,027 (+60.1%) higher than the …