Credit scores are rising, which bodes well for mortgage seekers desiring the lowest rates. The average FICO credit score, which is a widely used measure of a person’s creditworthiness, stands at 706, a record high, according to newly released FICO data.For comparison, in 2009 at the end of the Great Recession, the average FICO score was 686. Scores averaged 690 in 2006 during the housing bubble.A FICO score in the range of 670 to 739 is conside
Today’s homes are filled with sensitive, sophisticated electrical appliances that may take commands from phone apps and voice-activated devices. But they can’t yet ward off increasingly unpredictable weather.Bad storms bring powerful lightning and hurricane-force winds that cause an increase in power surges that shut off lights, stop refrigerators, and in worst cases, overheat and fry appliances. Replacing equipment can become costly.Plugging
Homeowners are underestimating the cost of expensive remodeling projects, often by thousands of dollars. For example, homeowners’ estimate for the price of a kitchen remodel is off by more than $9,500, a difference of 48%, according to a new study from Discover based on a survey of 969 consumers. The kitchen renovation, one of several common remodeling jobs that researchers evaluated, was the most underestimated home project.“P
Many markets have seen significant price recoveries since hitting their bottom values in the housing crisis, but a quarter of markets still have not fully recovered, according to HSH.com’s latest Home Price Recovery Index. The index examines the home values of the top 100 metro areas from 1991 through the second quarter of 2019.“Despite years of economic expansion and improving real estate markets, a quarter of the nation’s most populated m
Increased demand and slow-moving construction are making national rents higher, according to new data from the RentCafe and Yardi Matrix. The national average rent in August rose 3.3% year over year to $1,472.However, rents are rising at a slower pace. The August data marks the slowest rise since February, the report notes. Ninety-seven percent of the cities analyzed saw a seasonal slowdown in August with rents either dropping or only r
A master bedroom is meant to be a peaceful place to relax and recharge. That’s why designers say a lot of attention needs to go into its look: to make sure it fulfills that purpose. Design experts also say an uninviting master retreat could negatively affect resale value, so there’s more at stake in the bedroom design than a night of restful sleep.“One thing to keep in mind is that form follows function, meaning the visual appearance of you
Fewer new homes are being built with a fireplace, a sign the cold-weather amenity is falling out of favor with home buyers. A record low percentage of newly constructed single-family homes—41%—last year included a fireplace, according to an analysis of U.S. Census Bureau data from the National Association of Home Builders. The share of single-family homes with fireplaces has been declining since 2015, the NAHB reports.“An obvious explanatio
The 30-year fixed-rate mortgage reversed course this week, rising to an average of 3.56%. Despite the uptick, this is the first time that the 30-year fixed-rate mortgage has been under 3.6% for more than four consecutive weeks since the fourth quarter of 2016, Freddie Mac reports.“Pipeline purchase demand continues to improve heading into the late fall with purchase mortgage applications up 9 percent from a year ago,” says Sam Khater, Freddie
Buyers are doing everything from tapping into their retirement savings accounts to taking financial gifts from family and friends in order to bring more money to the closing table. Bankrate.com recently surveyed more than 2,500 adults about their home purchase to find the top ways they’re saving.About 47% of first-time home buyers said they saved on their own to purchase a house. But others also sought help elsewhere, such as through a fir
Fort Wayne, Ind., and Pueblo, Colo., were the top-performing housing markets in August—another sign that small towns are turning on the charm in drawing more buyers away from the big cities. The two cities topped realtor.com®’s newly released list of hottest housing markets.“Smaller markets with smaller price tags continue to heat up feverishly,” says Javier Vivas, realtor.com®’s director of economic research. “Buyers have more succ
This website includes images sourced from third party websites including Adobe, Getty Images, and as otherwise noted.
