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In January, she bought a modest four-unit apartment building in Spokane, Washington, for $399,000. With a loan insured by the Federal Housing Administration, she put down simply three.5% of that sticker value, or roughly $14,000, and poured another $100,000 of her financial savings into renovating the century-old property. She lives in one of the units and plans to lease out the other three at prices that can more than cover her $2,800 monthly mortgage fee.
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After Fed’s current announcement, the average weekly mortgage charges elevated from 6.57% to 6.79%. Further, mortgage buy applications grew by 17% in February-March. As per Zillow’s Georgia housing market forecast, the nationwide Zillow residence value index rose by 4.4% in February 2023.