For the 12th time this year, mortgage rates have hit a record low. The 30-year fixed-rate mortgage fell to an average of 2.78%, the lowest ever recorded in Freddie Mac’s books dating back to 1971.Sam Khater, Freddie Mac’s chief economist, attributed the record-low rates this week to “economic and political ambiguity.""Despite the uncertainty that we’ve all experienced this year," he said, "the housing market, buoyed by low rates
With low housing inventories and high buyer demand, home sellers are expected to continue to command higher home prices this winter—an unseasonable trend in the housing market.“Sellers will have the ball in their court, so to speak, as there are more buyers than sellers,” says Danielle Hale, realtor.com®’s chief economist. “This means seller-friendly trends like rising home prices and quick-selling homes.”In September, home inventory
Fewer homeowners are taking forbearance to delay their mortgage payments due to the financial and economic impact of the COVID-19 pandemic. The national forbearance rate dropped 7 basis points between Oct. 19 and Oct. 25, the Mortgage Bankers Association reports. Forbearance rates dropped for every loan type.Mortgages in forbearance make up 5.83% of all outstanding mortgages, which is the lowest point since April 5, when the rate stood at 3.74%.
Homeownership accounts for 90% of total wealth, according to data from the 2019 Survey of Consumer Finance. Owners in areas with rapid price appreciation are filling their pockets the fastest. “Housing wealth accumulation takes time and is built up by paying off the mortgage debt and by price appreciation,” Scholastica “Gay” Cororaton, a research economist at the National Association of REALTORS®, writes on the association’s Econo
Abandoned foreclosures labeled as “zombies” still haunt some housing markets even as moratoriums to stop home seizures during the pandemic remain in effect. While the number of “zombie foreclosures” has shrunk drastically during the COVID-19 outbreak, some homeowners who may be missing out on pandemic relief aid may be needlessly abandoning a home.“Zombie foreclosures” refer to homes that have been vacated by homeowners prior to
The 30-year fixed-rate mortgage continued to hover near its all-time low this week, as economists predict that historically low rates will likely remain into 2021.The 30-year fixed-rate mortgage averaged 2.81% this week, up slightly from last week’s 2.80%, which was the lowest ever in Freddie Mac’s records, dating back nearly 50 years.“The record-low mortgage rate environment is providing tangible support to the economy at a critical time,
Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
Homeowners are watching their home values climb significantly this year, and prices are expected to continue to appreciate over the next decade. The National Association of REALTORS® reported that the median existing-home price for all housing types in September was $311,800—a 14.8% increase compared to a year ago.But how high are prices poised to go over the next decade? A new study shows that home prices in the U.S. have increased by ne
Home sales are rapidly increasing during the pandemic, but the most dramatic spike is occurring at the top of the market. Sales of homes costing $1 million or more have more than doubled since last year. “I don’t ever recall home sales doubling in a 12-month time span,” Lawrence Yun, chief economist for the National Association of REALTORS®, told NPR. This is “very unusual.”Home sales in luxury vacation hotspots have accelerated since
The pandemic has not dampened home appreciation. In fact, high buyer demand is prompting home prices to surge. In the third quarter, the average home sale generated a gain of $85,000, up from $66,000 a year ago, according to data from real estate research firm ATTOM Data Solutions. That $85,000 translates to a nearly 39% return on investment compared to the original purchase price.“Home prices and seller profits across the nation continue racki
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