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Renovation projects remain popular, but homeowners often need help paying for them

Housing Wire

In response, some consumers have turned to renovation projects to meet their needs. The market for renovation projects is a lucrative one for homebuilders and contractors. Mortgage lenders can also benefit from these projects through a variety of products, including home equity lines of credit (HELOCs).

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Younger generations are more likely to pursue home renovations this year

Housing Wire

But most still have plans to purse home renovations and younger generations are leading this new focus on home improvement. Emmy Award-winning home improvement platform This Old House conducted a survey of 2,000 homeowners on their renovation plans for 2025. But renovation plans remained top of mind for most of them.

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Homebuyers say they are willing to accept longer mortgage terms

Housing Wire

High interest rates and home prices are causing some prospective homebuyers to avoid applying for a mortgage. The goal of the survey was to highlight how market trends can reshape the mortgage market in 2025. Consumers also said they were willing to tackle renovation costs if it meant achieving homeownership, according to the survey.

Mortgages 357
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CFPB rule applies mortgage protections to clean energy loans

Housing Wire

The rule applies existing protections for residential mortgages to borrowers who seek PACE loans to upgrade or renovate their homes through clean energy technology. PACE loans which are often used to finance environmentally minded renovations, like the addition of solar panels have led to financial instability for some borrowers.

Loans 394
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FOA lowers rate, expands HomeSafe Second reverse mortgage into new states

Housing Wire

Reverse mortgage industry leader Finance of America (FOA) announced updates on Thursday to the interest rate for HomeSafe Second, its proprietary second-lien reverse mortgage product. It will also be available in four new states, bringing the total to 10 with more planned for 2025. The new states are Arizona, Nevada, Oregon and Utah.

Mortgages 432
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Fix-and-flip investors say they’re discouraged by higher mortgage rates, home prices

Housing Wire

As low inventory levels, elevated mortgage rates and rising home prices keep the housing industry stagnant, short-term real estate investors — aka fix-and-flippers — faced market turmoil during the third quarter of 2024. Home affordability challenges presented the biggest challenge for home flippers.

Investor 429
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Top markets for affordable renovated housing inventory

Housing Wire

home prices are quickly shifting the affordability calculus for prospective homebuyers in 2021 — even though mortgage rates have remained near record lows. Despite average 30-year mortgage rates that have remained below 3% for most of 2021, the rapid home price increases are eroding affordability for average wage earners.