Highest Mortgage Rates Since 2008: 5.89%
Freddie Mac reports a second-week surge bearing down on 6% after last week’s reported increase to 5.66%. A year ago, the 30-year fixed rate mortgage average was 2.88%.
What’s in a Street Name? A Key to Home Values
Homes are more expensive along streets with the words Beverly, Third, Brickell, Bayshore or Island. But Timber or Knoll street homes took longer to sell.
Rents Coming Down – But It May Not Last
Nationally rents rose 14% in July year-to-year, down from June (15%) and May (16%) – and some Fla. cities have seen a decline, though it’s much smaller.
7 Florida Realtors Forms Updated, 1 Added
The association made small changes to the Buyer’s Disclosure Statement, Independent Contractor Agreement, Referral Agreement, Contract to Lease, Contract for Residential Sale and Purchase (CRSP), Vacant Land Contract (VAC) and residential listing agreements. It added an Appraisal Gap Addendum.
Experian: New Way to Include On-Time Rent
Rent can automatically be included in credit scores via a new beta test rolled out by Experian. The company says it improves qualified renters scores by 14 points.
Money ‘Rules’ Slow Millennial Buyers
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Fla. Lawmakers Eye $175M in Local Projects
A Legislative budget commission will consider more than 230 local projects after 971 funding requests, though none vetoed in the latest budget will be considered.
Fla. Considers Property-Insurer Ratings Change
Ratings-company Demotech has the indirect power to shut down insurers if it lowers their grade, and its future is being reconsidered after it dinged 17 companies.
Wall Street Players Boost Build-to-Rent Market
Faced with a low inventory of for-sale homes, investors are building for-rent single-family homes – a new-home niche up 91% year-to-year in the second quarter.
Better Now to Rent or Buy? It’s Complicated
Mortgage bankers say a mortgage payment in the second quarter was 1.5 times higher than asking rent – but rents keep rising and buying locks in financial certainty.