First interest rate cut in 4 years
How much was the rate cut? The Federal Reserve on Wednesday enacted its first interest rate cut since the early days of the Covid pandemic, slicing half a percentage point off benchmark rates in an effort to head off a slowdown in the labor market. With both the jobs picture and inflation softening, the central…Read More→
NAR Settlement : What it means for home buyers and sellers
What was the lawsuit and settlement about? On March 15, 2024, the National Association of Realtors® (NAR) announced a proposed settlement agreement to end litigation over home seller claims related to broker commissions. The settlement includes a release of liability for over a million NAR members and various other parties, requires MLS practice changes, and…Read More→
Home prices remain high as inventory lags: Redfin
The median U.S. home prices reached a record $387,600 in the four weeks ending May 19, marking a 4% year-over-year increase, according to data released Thursday by Redfin. The pricing surge comes despite a marginal dip in weekly average mortgage rates, which fell from a five-month high of 7.22% to 7.02% at the beginning of…Read More→
Do you know what is mortgage recast?
What is a mortgage recast? A mortgage recast, also called a loan recast, is a feature of some types of mortgages where remaining monthly payments are recalculated based on a new amortization schedule. For a mortgage recast, the borrower pays a large sum toward their principal (usually $10,00o or more), and their mortgage is then…Read More→
