Tag: Citadel Property Management

Your credit score is a pretty significant number. Though you may not think about it all that often, it has an effect on your ability to qualify for a loan and the terms you’ll receive if you’re approved. In other words, your credit score can cost you money. That’s why it’s important to maintain good financial habits and check in on your history from time to time, in case there are any errors that can be cleared up. But what is an average score? Well, according to FICO, scores range between 300 and 850 and the current average is at an all-time high. In fact, the most recent data shows the average credit score has reached 700 for the first time ever. For comparison, the average fell to 686 following the housing crash. Ethan Dornhelm, vice president for scores and analytics at FICO, told CNBC 700 is considered a very good score and would mean a borrower would “likely qualify for the credit they want at favorable terms.†However, if your credit score isn’t at 700 or above, that doesn’t necessarily mean you won’t qualify for a mortgage. It does mean it’d be worth your time to investigate ways you can improve it, though. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates moved up last week across all loan categories, including 15-year fixed-rate loans, loans backed by the Federal Housing Administration, and 30-year fixed-rate loans with both jumbo and conforming balances. The rate increase was the sharpest in months and put rates at their highest level since May. Joel Kan, an MBA economist, told CNBC the rate increase was due to economic gains in Europe. “The 30-year fixed mortgage rate increased to its highest level since May 2017, following a jump in the U.S. 10-year Treasury which was driven mainly by news that European economies have strengthened and the ECB may be poised to tighten its accommodative policies,†Kan said. Whatever the case, home buyers weren’t phased by the bump in rates. In fact, demand for loans to buy homes was up 3 percent from one week earlier and is now 6 percent higher than at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

From all accounts, there are a lot of Americans interested in buying a home this year. Whether it’s because of sustained job market improvement or mortgage rates that remain low compared to where they’ve been historically, home buyers are ready to buy. However, in many markets, there are too few homes available for sale to accommodate the level of buyer interest. Because of this, home sales numbers may start to reflect the imbalance. For example, the National Association of Realtors’ most recent Pending Home Sales Index shows the number of contracts to buy homes last month was down 0.8 percent from the month before, marking the third consecutive decline. Lawrence Yun, NAR’s chief economist, says supply is the issue. “Buyer interest is solid, but there is just not enough supply to satisfy demand,†Yun said. “Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.†So what does that mean for buyers this summer? Simply put, home buyers should expect to find competition for available homes. That means, buyers need to be pre-approved, prepared to make a strong offer, and ready to move quickly when they find a home that matches their needs and goals. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates were largely flat last week, with little significant movement on rates for 30-year fixed-rate mortgages with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. But though rates remained steady, demand for mortgage applications fell from the week before. Michael Fratantoni, MBA’s chief economist, told CNBC the drop in application demand was driven by buyers seeking jumbo loans, rather than entry-level home buyers. “We’re seeing indications that entry level buyers continue to come into the market as jumbo borrowers looking at bigger homes step back,†Fratantoni told CNBC. “Last week, the average loan size for home purchase dropped to its lowest level since January.†Despite last week’s drop, however, application demand for loans to buy homes remains 8 percent higher than it was at the same time last year. The MBA’s weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Like any market, the housing market has its ups-and-downs. For the last several years, though, it’s consistently been on the rise with no sign of slowing down. That means, home buyers have increasingly been met with higher home prices and listings that sell more quickly with every passing month. On the other hand, homeowners who have recently sold a house have enjoyed all the benefits of a seller’s market. But for how long? One recent report says there are signs that prices may soon begin to moderate and surveyed Americans seem to agree. The research, from ValueInsured, shows consumers overwhelmingly feel now is a good time to sell a house but they are less sure about the future. In other words, there’s a feeling that prices may have peaked and things are going to begin to level off. And there’s evidence that’s already happening in a few areas of the country where the housing market rebounded more quickly than in others. However, like anything else, conditions can change from one neighborhood to the next and, while price increases may be starting to slow in one area, they may still be on the rise in another. More here.