mortgage Archives - The Pennsylvania Daily Star

Average Long-Term Mortgage Rises to 6.94 Percent in Fourth Consecutive Weekly Increase

March 2, 2024 Pennsylvania Daily Star Staff

On Thursday, the average long-term mortgage rate in the United States rose for the fourth week in a row, in a setback for Americans looking to potentially buy a home in the traditional homebuying season of spring.

According to ABC News, mortgage buyer Freddie Mac announced that the average rate on a 30-year mortgage rose from 6.90% to 6.94%. Although this is slightly less than the recent high of 6.95% in December, it is still higher than what it was at the same time one year ago, when the average rate was 6.65%.

Commercial Real Estate Mortgages Nearly Double Delinquency Rate in a Single Year as Vacancies Climb

November 21, 2023November 20, 2023 Pennsylvania Daily Star Staff

The commercial real estate sector is facing the possibility of a substantial number of bankruptcies that could ultimately hamper economic recovery and threaten the wounded banking industry, according to experts who spoke to the Daily Caller News Foundation.

Overall 30 day+ delinquencies on commercial mortgage-backed securities (CMBS), meaning the number of borrowers for commercial properties that failed to make a required payment in at least the last 30 days, increased from 2.96 percent from one year ago to 4.63 percent as of October, according to a report from market research group Trepp. The delinquencies are indicative of danger in the commercial real estate sector, as they indicate that many of those could become bankruptcies, threatening an already hurting banking industry and exacerbating any economic downturn, according to experts who spoke to the DCNF.

Home Sales Decline to 2008 Levels as Record Mortgage Rates Take Their Toll

October 17, 2023October 16, 2023 Pennsylvania Daily Star Staff

The U.S. real estate market is on track to sell the least number of homes since 2008, when Americans were engulfed in the subprime mortgage crisis and the Great Recession, according to The Wall Street Journal.

The number of total existing-home sales is projected to reach only 4.1 million by the end of 2023, the lowest since around 2008, when the world was embroiled in a global financial crisis, despite a higher U.S. population, according to the WSJ. Mortgage rates are currently at their highest point since the year 2000, with the 30-year fixed-rate mortgage averaging 7.57 percent, bringing purchasing demands for housing to a three-decade low, according to Freddie Mac.

Commentary: The Looming Economic Cauldron

September 27, 2023 Pennsylvania Daily Star Staff

The current confluence of economic conundrums elevates risks massively for the prosperity of Americans, especially those of modest means. These unprecedented, concurring economic contradictions flow directly from the dire mistakes of the 2020 virus panic.

Affordable Housing a Growing Concern Statewide in Pennsylvania, Low Priority in the Statehouse

May 3, 2022May 2, 2022 Admin

Housing costs in Pennsylvania are rising, but the General Assembly has not prioritized the expansion of housing supply as an area of concern. As rents and housing prices rise across the Commonwealth, inaction now could cause pain in the near future.

Housing prices statewide rose by 14% from 2020 to 2021, as The Center Square previously reported, and in central Pennsylvania, apartment rents have increased 40% since 2017. Rents in Philadelphia increased almost 10% in 2021. The Lehigh Valley has had similar pressures, with one-third of households spending at least 30% of their income on rent or mortgages.