For the eighth time this year, the 30-year mortgage rate hit an historic low. Home buyers and refinancing homeowners could now potentially lock in the lowest rates Freddie Mac has recorded since it began tracking such data in 1971.“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” says Sam Khater, Freddie Mac’s chief economist.
Despite the pandemic, home values continued to climb in the second quarter, with 15.2 million residential properties in the U.S. considered “equity rich,” according to a new report from ATTOM Data Solutions, a real estate data firm. That means the combined estimated amount of loans secured by those properties was 50% or less of their estimated market value. About 28% of properties in the second quarter were equity rich, up from 26.5% in
Mortgage applications to purchase a home are 22% higher than a year ago, but last week applications did dip compared to the previous week. Purchase applications week to week were down 2% even as mortgage rates remain near record lows, the Mortgage Bankers Association reported Wednesday.The lack of supply and rising home prices also may be pressing on home buyers. The weekly headlines of mortgage rates hitting new lows also may be causing some buy
As record low mortgage rates prompt a wave in both home buying and refinancing, appraisers may be having a tough time keeping up: Lenders are reporting turnaround times for appraisals are increasing and, as a result, lengthening the underwriting process.Lenders informally surveyed by HousingWire are reporting that they’re being quoted two to three weeks for an appraisal. One lender reported an appraisal that was to take 10 days came back nearly
Housing markets in the U.S. remain resilient against a pandemic, recession, and high unemployment. Cooped-up buyers have flooded markets this summer, and median list prices have jumped more than 9% over last year’s levels, according to realtor.com® data.“Right now we’re seeing markets recover faster where they’re able to contain the virus better,” says Javier Vivas, realtor.com®’s director of economic research. “Markets with stron
Young professionals in the early stages of their careers are facing a lot of uncertainties today, including where to live and put down roots.SmartAsset, a financial resource website, recently analyzed 150 cities to pinpoint the best places for young professionals. Researchers considered metrics like the percentage of the population between 25 and 34; county-level unemployment rates from May 2020; labor force participation for young professionals;
The Coronavirus Aid, Relief, and Economic Security Act moratorium on evictions expired last week. It prevented landlords from evicting tenants from homes with federally backed mortgages during the COVID-19 outbreak. But with the protections now gone and unemployment still high, many renter households could be at risk.The National Association of REALTORS® and the Institute of Real Estate Management released a leasing conditions survey t
Home buyers’ most wanted home feature sparked by the COVID-19 pandemic: more space, both indoors and out.Extra space tends to come at a premium, but in some markets, buyers are finding they can get more room without busting their budgets.“With many working from home now, it’s nice to have space to separate from children, spouses, or roommates to get some quiet and focus,” says Danielle Hale, realtor.com®’s chief economist. “Even if y
While unemployment remains high and the economy continues to suffer from the COVID-19 pandemic, the housing market is proving resilient. During the second quarter of this year, home sellers netted a median $75,971 profit at resale, up from $66,500 in the first quarter and $65,250 a year earlier, according to research firm ATTOM Data Solutions. The second-quarter figure represents a 36.3% return on investment—the highest level since the Great Re
Mortgage rates increased for the first time in weeks, but rates remain near historical lows.The 30-year fixed-rate mortgage shattered records last week, averaging 2.98%. This week, they increased slightly to a 3.01% average, Freddie Mac reports. “While housing demand continues to rebound, the month-long swoon in economic activity has caused the 10-year Treasury benchmark to drop,” says Sam Khater, Freddie Mac’s chief economist. “In the sh
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