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President-elect Donald Trump’s victory spurred a rise in in the U.S. 10-year Treasury yield. Mortgage rates, which loosely follow the benchmark yield, are also climbing. The average rate on the 30-year fixed mortgage surged 9 basis points Wednesday to 7.13%, according to Mortgage News Daily. That is the highest rate since July 1 of this…
An aerial view of existing homes near new homes under construction (UPPER R) in the Chatsworth neighborhood on September 08, 2023 in Los Angeles, California. Mario Tama | Getty Images U.S. homeowners are sitting on a record amount of equity, but higher interest rates over the past two years have made them reluctant to tap…
Canada’s industry minister is calling on the Competition Bureau to probe whether Canadian landlords are using AI software in alleged rent-fixing schemes. Francois-Philippe Champagne’s call comes a day after the CBC reported on the use of a software called YieldStar by some corporate landlords. In a letter to Competition Bureau Commissioner Matthew Boswell, Champagne urged him…
A “For Sale” sign in front of a home in Atlanta, Georgia, US, on Wednesday, Sept. 18, 2024. Elijah Nouvelage | Bloomberg | Getty Images Mortgage rates rose last week for the fourth time in five weeks, causing another pullback in refinancing. Total mortgage application volume was essentially flat, falling 0.1% compared with the previous…
At the national level, the middle class is typically defined as households that earn between two-thirds and double the household median income. Based on 2023 figures, that means those with an annual income between $53,740 and $161,220. Compared to its peak, inflation in the U.S. has eased substantially. According to the Bureau of Labor Statistics,…
Many factors make it hard to buy a home today, but the one that makes “the biggest difference” in today’s market is the housing shortage, Drew Scott, co-host of HGTV’s “Property Brothers,” said at CNBC’s Your Money event Thursday. “I don’t think people realize this shortage of housing that we have affects everything — from…
The real estate market across much of the Greater Toronto Area and beyond continues to remain soft as interest rates remain high, but we could soon see things sell at a brisker pace next spring. It has been speculated that the federal bank is expected to drop the Bank of Canada rate in the coming…
