mortgage

Just as the median price of a single home has now hit $1 million in San Diego County, California lawmakers are considering a bill that would help first-time home buyers increase their buying power.

The bill would create a $1 billion program to loan first-time homebuyers 17% of a home’s purchase price, reports NBC 7’s Jackie Crea.

Banks are swooping in with cash to buy homes as regular people wait for a mortgage approval. That’s leading to a spike in home prices after COVID reduced supplies for building materials, Karan Kaul of the Urban Institute explains.

Interest rates take the elevator up, and the stairs down. CNBC’s Bertha Coombs explains how changes in the interest affect saving money for a down payment and when you should get a mortgage for a home.

The Supreme Court wrestled Wednesday with a case that could make it easier for the president to fire the head of the agency that oversees government-controlled mortgage giants Fannie Mae and Freddie Mac

In an emergency move, the Federal Reserve cut its benchmark rate by half a percent, the biggest cut since 2008. That rate cut could mean lower rates for millions of new homeowners and those looking to refinance their homes. The Fed lowered the rate because of concerns over the coronavirus and its possible impacts on the economy.