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The Spokesman-Review Newspaper The Spokesman-Review

Spokane, Washington  Est. May 19, 1883
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Three ways it’s becoming harder for millennials to buy homes

Young people can face a lot of challenges when it comes to buying their first home – and that list may be growing. A house can seem far-fetched for someone struggling with student loans, rising rental costs and growing child-care expenses. But recent data from the real estate website Trulia found that people buying starter homes, or those in the bottom third of home values for their market, can also have a harder time closing on their mortgages or finding a home they can afford.

Mortgage rates, home sales and prices seen rising in 2017

Economists predict mortgage rates will continue to climb this year – just one of the trends that suggest 2017 could be a more challenging year for homebuyers. While mortgage rates remain low by historical standards, they’ve risen sharply over the past couple of months, pushing the average rate on a 30-year, fixed-rate mortgage to 4.32 percent this week. That’s the highest level since April 2014 and well above the year’s average of 3.65 percent.

Pending existing-home sales fall on higher mortgage rates

Contracts to purchase previously owned U.S. homes unexpectedly decreased in November on a sudden pickup in mortgage rates and limited inventory, according to figures released Wednesday from the National Association of Realtors in Washington.

What a Fed rate hike means for your personal finances

Maybe this time higher interest rates actually mean higher interest rates. A year ago, the Federal Reserve lifted the key U.S. interest rate for the first time in more than nine years. Counterintuitively, mortgage rates then fell, and homebuyers had one more chance to refinance at historically low rates.

30-year mortgage rate jumps to 3.94 percent

Long-term U.S. mortgage rates climbed this week, reflecting deep declines in U.S. government bond prices in the days after Donald Trump’s election victory.

Average 30-year mortgage rate rises to 3.46 percent

Long-term U.S. mortgage rates rose this week amid expectations in financial markets that an increase in interest rates by the Federal Reserve may be on the horizon. Mortgage rates remain at historically low levels, however.

Pending home sales strengthened in July

More Americans signed contracts to purchase homes in July, a sign that demand for home ownership remains strong despite a shortage of listings on the market.

Still-low mortgage rates ushering new refi wave

The last time Mark McCollam refinanced the loan on his three-bedroom house in Los Angeles, he figured mortgage rates would only head higher from there. He was wrong. Not that he’s complaining. The aerospace engineer recently refinanced again, lowering his mortgage rate by 1 percentage point to 3.5 percent. That’s about $300 a month he plans to put toward school and other costs for his two young kids, and into savings.