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Mortgage demand

inches higher as interest rates move lower PUBLISHED WED, DEC 14 20227:00 AM ESTUPDATED WED, DEC 14 20226:32 PM EST Diana Olick@IN/DIANAOLICK@DIANAOLICKCNBC@DIANAOLICK SHAREShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email KEY POINTS WATCH NOW VIDEO02:05 Mortgage applications rose last week on lower rates After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates. Applications rose 3.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan…

23% of Americans think real estate is the best way to build wealth, but only 12% bought in 2022

Published Thu, Dec 15 202210:10 AM EST Ryan Ermey SHAREShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Chris Whitehead | Image Source | Getty Images When it comes to building wealth, Americans say one thing and do another. When asked the best way to build personal wealth, 23% of adults said investing in real estate, according to the recent CNBC Make It: Your Money survey, conducted in partnership with Momentive. That makes it the most popular would-be wealth building method, ahead of investing in stocks (16%), starting your own business (15%) and getting a second job…

How much you need to make to own a home in the nation’s 15 biggest markets

Ranging from $1.2 million in San Francisco to about $170,000 in Philadelphia As housing inventory remains low, home shoppers may find themselves with fewer options. Throw in the latest rise in home prices, and potential buyers on a budget are even more pressed for choices. With that in mind, the latest study from SmartAsset factors in budgeting costs and location to find the salary required to make home payments across the country. It’s worth noting, the report arrived at its figures while assuming a homebuyer would get a 30-year mortgage with a 4% interest rate for 80% of the home value (after paying a 20% down payment). The…

U.S. housing market is missing 3.3 million homes

America’s housing market is undersupplied by 3.3 million units, and the shortage is getting worse every year, Freddie Mac said in a report on Friday. “New housing supply is not keeping up with rising demand,” said Sam Khater, Freddie Mac’s chief economist, who said the shortage is increasing by about 300,000 units a year as homebuilders fail to keep up with demand. Oregon is the most under-supplied state, followed by Colorado, Florida, and California, Khater said. The next two states are a bit of a surprise: Minnesota and Texas, where land shortages are not an issue. “More than half of all states have a…