Monthly mortgage rates rising along with interest rates
As of Oct. 7, the rate for a 30-year loan is 2.99% while the rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, is sitting at about 2.33%, according to mortgage buyer Freddie Mac. "For now, mortgage rates are still hovering near 3% and demand remains strong," according to Redfin Chief Economist Daryl Fairweather.
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'Tesla of homes': Can a construction tech company solve the housing shortage by building homes faster?
In 2019, Haller's company, San Mateo-based Veev, eliminated lumber from the homes it built, replacing it with steel and slabs made of a mix of acrylic and minerals that bind together. The company says it can build homes at least four times faster than traditional construction at a cheaper price.
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Vacation home sales took a dip this summer
Vacation home sales cooled this summer but pricing was still hot. Overall, second-home rate locks, a proxy and leading indicator for sales, fell 26.6 percent year over year during the summer as buyers eased off pandemic-fueled purchases, according to data compiled by the second-home startup Pacaso.
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Better enabling homebuyers to make cash offers in 12 states
Demonstrating once again that it's about more than just mortgages, Better Holdco Inc. has rolled out a cash offer program to its real estate brokerage clients that it's already scaled up to 45 markets in 12 states in just two months. Better is following in the footsteps of companies like Orchard, Flyhomes and Homeward that enable homebuyers to make cash offers to better their odds of winning a bidding war.
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Better.com reports $86M loss in Q2 as margin narrows
The digital mortgage lender, which plans to go public via a special purpose acquisition company (SPAC), reported a net loss of $86 million in the second quarter. The loss was primarily driven by a "decrease in overall funding activities in the mortgage market" that resulted in a "significant" decline quarter-over-quarter of the company's gain on sale margin.
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Virginia Bureau of Insurance Publishes Guidance on Rebating Prohibition
The Virginia Bureau of Insurance (the Bureau) recently issued an informational letter to all registered settlement agents who are title licensed regarding Virginia's prohibition on rebating as an inducement to purchase an insurance policy.
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Connecticut Court Holds Insured Not Entitled to Defense Costs for Uncovered Claims
The Superior Court of Connecticut, Judicial District of Stamford-Norwalk at Stamford, recently granted summary judgment in favor of a title insurer, finding that the insured was not entitled to defense costs where the underlying lawsuits did not concern matters on which the title insurer had a duty to defend.
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