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Mortgage Rates Touch 4-Year High to 4.40%

Rates for home loans have reached a nearly a four-year high as investors abandoned bonds in the face of stronger signs of inflation and central bank tightening, sending yields on debt higher. The benchmark 30-year fixed-rate mortgage averaged 4.40% during the week ending Feb. 22, according to Freddie Mac’s weekly survey, out Thursday. That was up two basis points from the prior week and leaves rates nearly half-a-percentage point higher than the level at which they started the year. The 15-year fixed-rate mortgage averaged 3.85%, up from 3.84%. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.65%, up two basis points. Those rates don’t include fees associated with obtaining mortgage debt. Mortgage rates track the benchmark 10-year U.S. Treasury note, which has been clobbered lately as ...

Mortgage Rates Rise to Nearly Four-Year High on Inflation Concerns

Mortgage rates have climbed to the highest level in close to four years, according to data released Thursday. The 30-year fixed-rate mortgage averaged 4.38% in the week ending Feb. 15, up from 4.32%, mortgage buyer Freddie Mac said. A year ago, the benchmark mortgage averaged 4.15%. The 15-year fixed-rate mortgage averaged 3.84%, up from 3.77%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.63%, up from 3.57%. The backup in rates has occurred on concerns about rising inflation pressure, with the latest increase coming after a stronger-than-forecast gain in consumer prices. “Inflation measures were broad-based, cementing expectations that the Federal Reserve will go forward with monetary tightening later this year,” said Len Kiefer, deputy chief economist. Fellow mortgage buyer Fannie Mae said it’s upped its ...

Lake Tahoe Location Seen in ‘The Godfather Part II’ on the Market for $3.75M

realtor.com The Lake Tahoe, CA, estate famously featured in “The Godfather Part II” as Fredo’s final resting place has since been transformed into 22 individual homes, now called Fleur Du Lac Estates. One of the homes is currently on the market for $3.75 million. The original 15-acre estate known as Fleur Du Lac was built in 1938 by businessman Henry Kaiser to celebrate the completion of the Hoover Dam. The company Kaiser owned was one of the principal contractors for the dam. In all, 300 workers labored day and night for 30 days to erect this lakeside property’s 17 homes, cottages, yacht club, boathouse, and more, according to the community’s history. Until Kaiser sold the estate in the 1960s, it was used as a hideaway for business tycoons. It was ...

Home Prices Continue to Rise, and More Is Predicted for 2018

Home buyers on a budget may want to have a seat and take a few deep breaths. Home prices around the country are continuing to surge—and they’re not likely to slow down any time soon. They shot up 6.6% year over year in December, according to CoreLogic‘s most recent Home Price Index and Home Price Forecast. (Prices barely rose from November, though—just 0.5%.) The real estate data company predicts prices will continue climbing, increasing an additional 4.3% by the end of 2018. “The number of homes for sale has remained very low,” said CoreLogic’s chief economist, Frank Nothaft, in a statement. “Rising income and consumer confidence has increased the number of prospective home buyers. The net result of rising demand and limited for-sale inventory is ...

New Mortgages Allow Renters to Buy With Tiny Down Payments

The down payment has been a big obstacle in recent years for renters looking to buy their first homes. A new mortgage offering aims to ease the burden. Home Partners of America, a rent-to-own company, is offering a new mortgage product to tenants that applies some of the appreciation in their home’s value during the time they have lived there toward reducing the down payment. In areas with even modest home-price appreciation, that could reduce the down payment requirement to almost nothing. To qualify, tenants must have paid their rent on time for two consecutive years and be considered first-time buyers, meaning they haven’t owned a home in the last three years. The program harkens back to the housing bubble, when millions of Americans received mortgages ...