Holding out for a more attractive rate can make a big difference, especially for first-time homebuyers who often struggle to find an affordable home. But lower rates could drive up prices, too.
home sales
Posted inBusiness, Maine, News
Maine home sales broke records in 2023. But not the good kind.
The median sales price rose to $360,000 last year – and more than $500,000 in Cumberland County – as high demand and low inventory continue to squeeze the real estate market.
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Posted inBusiness, Nation / World
The average long-term U.S. mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row
The average rate on a 30-year home loan climbed above 6% in September 2022 and has remained above that threshold since.
Posted inBusiness, News
Lack of inventory hurt Maine home sales in September
The overall number of homes for sale last month increased by 2% from August, but there’s still a huge demand and a tiny inventory.
Posted inBusiness, Maine, News
Maine housing market stuck on falling sales, rising prices
It’s the same old song and dance as a tight inventory slows sales and pushes some prices up.
Posted inBusiness, Nation / World, News
Average long-term U.S. mortgage rate up to 7.19%
It is another setback for would-be homebuyers navigating an increasingly less affordable housing market.
Posted inBusiness, Nation / World, News
Average long-term U.S. mortgage rate jumps to 7.23%, highest level since June 2001
It is another blow to would-be homebuyers grappling with rising home prices and a stubbornly low supply of properties on the market.
Posted inBusiness, News
Maine homebuyers challenged as prices stay high
A small statewide inventory, high buyer demand and rising interest rates keep the pressure on an already hot housing market.
Posted inMaine, News
Bank offers first Islamic mortgages based in Maine
The program is viewed as a watershed initiative for Maine’s immigrant community.
Posted inBusiness, Nation / World, News
Auto loan rejections are up as Federal Reserve keeps raising rates
Mortgage rates, which have surged since the Fed began lifting rates in March 2022, could rise further. So could rates on credit cards and some business loans.