By Tiffani Sherman Sep 5, 2023 Did you know Publishers Clearing House and Disney World’s Epcot share something in common? Yes, both had TV commercials in heavy rotation in the 1980s; but, naturally, we’re referring to something more relevant to real estate. The architecture firm that designed Epcot also designed a house for Harold and LuEsther Mertz, founders of Publishers Clearing House, the direct marketing […]
About Phil Whitehead
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Entries by Phil Whitehead
By Clare Trapasso Sep 11, 2023 The housing market is stuck—and isn’t likely to unstick itself this fall. Pinned down by high mortgage rates, which topped 7% last month, the market has slowed to a crawl. Buyers can’t afford to buy, sellers are reluctant to sell, and the number of available homes remains dangerously low. That shortage […]
Mortgage rates fell for the second week in a row, averaging 7.12% for a 30-year fixed-rate loan in the week ending Sept. 7, according to Freddie Mac. This downward trend is a welcome relief after rates spiked to a 22-year high of 7.23% two weeks earlier. Still, these rates are formidable—more than double what they were two years ago when […]
By Lisa Johnson Mandell Aug 11, 2023 Mortgage rates rose for the third week in a row, dashing homebuyers’ hopes that real estate might become a bit more affordable near summer’s end. Interest rates for a 30-year fixed-rate mortgage averaged 6.96% for the week ending Aug. 10, according to Freddie Mac. That’s up significantly from a year […]
By Clare Trapasso Aug 14, 2023 There’s a rumor going around that the housing market has bottomed out—and there’s nowhere for it to go but back up. However, while the real estate experts that Realtor.com® spoke with acknowledged the market isn’t getting any worse, it’s not getting any better either. It’s like a car stuck in […]
By Clare Trapasso Jul 10, 2023 Yes, we’ve all heard it. Buying a home today might seem like the most unaffordable, and therefore impossible, it’s ever been. Home prices are near record levels, pushed up by bidding wars erupting on anything well-situated and move-in ready. Plus, mortgage rates are nearing 7%. But here’s the thing: The baby boomers had it […]
By Devin Meenan Ask any real estate professional about the macroeconomic challenges they’re facing today, and you’ll get an answer including both “inflation” and “interest rates.” As the former one grows, the latter does, too. The Federal Reserve’s latest meeting on July 27 saw the board raise interest rates another 25 basis points. This came despite them […]
By Sally Jones Jul 18, 2023 The housing market has been decidedly stuck of late. Sellers with low mortgage rates are holding on to their homes, leaving buyers with scant listings to choose from. And buyers who do find a house face substantial economic challenges as median home prices and mortgage rates remain high. With sellers […]
By Clare Trapasso Jul 6, 2023 As the mercury rises, will the housing market heat up—or continue to slump? The story of the housing market over the past year or so has been how rising mortgage interest rates have decimated affordability, sidelining and pricing out would-be homebuyers. However, higher rates have led to an even larger problem: a […]
Freddie Mac has announced the launch of a new feature to the underwriting process, designed to increase homeownership opportunities. Underwriting will now include a review of a borrower’s bank account data to identify a history of positive monthly cash flow activity as part of its technology’s loan purchase eligibility assessments, the company stated. The new feature […]
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