Canada’s competition watchdog is urging Ottawa to drop requirements for some borrowers to pass the mortgage stress test at renewal, arguing it limits Canadians’ abilities to shop around for a better rate. The Competition Bureau issued a report Thursday afternoon examining concentration in Canada’s financial sector and how a lack of competition impacts affordability for … Read more
A “Sale Pending” sign in front of a home in Pinole, California, US, on Tuesday, Dec. 26, 2023. David Paul Morris | Bloomberg | Getty Images Sales of existing homes surged 9.5% in February from January to 4.38 million units, on a seasonally adjusted annualized basis, according to the National Association of Realtors. Housing analysts … Read more
A landmark class-action lawsuit may change the way Americans buy and sell homes. The National Association of Realtors agreed to a $418 million settlement last week in an antitrust lawsuit where a federal jury found the organization and several large real-estate brokerages had conspired to artificially inflate agent commissions on the sale and purchase of … Read more
Hinterhaus Productions | Digitalvision | Getty Images Savings accounts Higher rates mean that consumers have to pay more to service their debt, but it also means that banks pay higher rewards to savers. It’s one of the silver linings to the current rate environment, said Ted Rossman, chief credit card analyst at Bankrate. “There’s also … Read more
Townhomes are under construction on July 19, 2023 in Mundelein, Illinois. Scott Olson | Getty Images Mortgage interest rates rose last week for the first time in three weeks. As a result, total mortgage application volume dropped 1.6% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract … Read more
Westend61 | Westend61 | Getty Images While inflation is 10 times higher now than 60 years ago, home prices are 24 times more expensive, a new study found. If home prices increased at the same rate as inflation since 1963, the median price of a typical house in the U.S. would be $177,511, according to … Read more
Artificial intelligence is moving into the housing space, specifically architecture. ICON, which developed one of the first fully 3D-printed housing developments in the U.S., is taking automation another step further. It recently unveiled what it calls Vitruvius, an AI program that helps consumers design custom homes online and get the plans, making the process cheaper … Read more
Economists expect the Federal Reserve to leave interest rates unchanged at the end of its two-day meeting this week, even though many experts anticipate the central bank is preparing to start cutting rates in the months ahead. In prepared remarks earlier this month, Federal Reserve Chair Jerome Powell said policymakers don’t want to ease up too quickly. Powell … Read more
A two-family house is under construction November 17, 2023 in Shelburne, Vermont. Robert Nickelsberg | Getty Images U.S. homebuilders are feeling more confident about their businesses than they have since last summer, as they see better demand despite stubbornly high mortgage rates. Homebuilder sentiment rose 3 points in March to 51 on the National Association … Read more
A For Sale sign is posted in front of a home for sale in San Marino, California on September 6, 2023. Frederic J. Brown | AFP | Getty Images Mortgage rates swung slightly lower last week, fueling a significant jump in mortgage demand for the second straight week. Total application volume rose 7.1%, compared with … Read more
