U.S. existing home sales dip below forecast in latest report
The U.S. housing market took a slight hit as Existing Home Sales, a key indicator of the overall economic strength, fell below the forecasted number. The latest data shows that the...
The U.S. housing market took a slight hit as Existing Home Sales, a key indicator of the overall economic strength, fell below the forecasted number. The latest data shows that the...
As the Federal Reserve has kicked off its rate easing cycle, Chase Home Lending head of refinance and home equity Nina Gidwaney joins Wealth! to discuss how home buyers and owners should be considering their mortgages. Gidwaney believes that now is a good time for homeowners to consider getting a lower mortgage rate. "If rates go down below 6%, about 4.7 million customers would become in the money for a refinance opportunity. And that's a significant amount of customers who may have bought a home in the last 2 or 3 years and are sitting on that higher rate... and could take advantage of a lower payment," she explains. The lock-in effect has put pressure on the housing market as owners with low mortgage rates are holding off on listing their homes. However, as interest rates and mortgage rates come down, Gidwaney believes the lock-in effect could break up. She tells Yahoo Finance that prospective homebuyers "will start to be willing to purchase a home and be willing to take on a higher rate. And people have to move. They have to sell their home and they have to do other things in their life. So I think it's a great time for customers to start to do that." As the Fed's rate-cutting cycle is largely already priced into mortgage rates, she advises consumers not to try to time the market when looking to buy a home. Instead, she encourages them to speak with mortgage professionals to ensure they receive the best possible rate. Home prices hit a record high in June, and with many choosing to stay in their homes for longer, Gidwaney believes that homeowners should leverage their increased equity: "With mortgage rates the lowest that they've been basically all year, it is a very good time for customers to consider taking that equity and getting a cash-out [refinance], consolidating some of their higher-interest debt, like their credit card or auto loan debt, reducing their overall credit profile. It is a very good time, also, for customers to think about getting a HELOC [home equity line of credit] and using that home equity to their advantage." For more expert insight and the latest market action, click here to watch this full episode of Wealth! This post was written by Melanie Riehl
The number of individuals filing for unemployment insurance for the first time, known as Initial Jobless Claims, has seen a significant drop, according to the latest economic...
Sector Update: Financial Stocks Higher Thursday Afternoon
The number of Americans filing for first-time unemployment benefits rose by less than anticipated last week, suggesting that the US labor market remains reasonably...
Sterling rose by almost a cent to $1.331 on the back of the news, its highest level since March 2022, before retreating slightly.
Intelligent Alpha's LIVR ETF is programmed to invest like financial legends.
Overseas stocks rallied and currencies strengthened against the dollar after the Federal Reserve kicked off its rate-cutting campaign with a large reduction. Fed policy has big implications for overseas economies.
Bitcoin popped up over $60,000 and kept climbing early Thursday after the Federal Reserve slashed interest rates.
The pound was at its highest level in two-and-a-half years after the Bank of England left its key interest rate unchanged, taking a more cautious approach than the Federal Reserve. Sterling had already gotten a boost earlier in the session, following the Fed's rate cut on Wednesday.