Mortgage applications continued an eight-week streak of gains as home buyers rush back into the housing market. Purchase applications, viewed as a gauge for future home sales, were up 5% last week compared to the previous week.Despite the pandemic, applications for home purchases are now 13% higher than a year ago, the Mortgage Bankers Association reported Wednesday. “The recovery in the purchase market continues to gain steam, with the seasona
The 30-year fixed-rate mortgage inched up after reaching an all-time low last week. However, mortgage rates continue to hover near the lowest averages ever recorded by mortgage financing giant Freddie Mac.The 30-year fixed-rate mortgage averaged 3.18% this week, up slightly from last week’s all-time low of 3.15%.“While the economy is slowly rebounding, all signs continue to point to a solid recovery in home sales activity heading into the sum
Mortgage rates again fell to an all-time low last week and home buyers are rushing out to take advantage. Mortgage applications to purchase a home rose 5% last week, putting applications for home purchases 18% higher than a year ago, the Mortgage Bankers Association reports from its seasonally adjusted index.This marks a strong rebound in applications. Six weeks ago, the COVID-19 outbreak brought mortgage applications down 35% compared to last ye
The housing market started showing signs of strengthening in May as states started to reopen after being on lockdown from the COVID-19 pandemic, realtor.com®’s latest May Monthly Housing Trends report shows. More listings are coming on the market and home prices are standing firm.The national median listing price reached a new record high of $330,000 in May, realtor.com® reports. Thirty-five of the nation’s top 50 metros saw median listing
As many Paycheck Protection Program borrowers approach the end of their loan terms, confusion persists about the eligibility requirements for loan forgiveness. The program, which was created under the CARES Act, has been a lifeline to many small businesses forced to reduce operations or close their doors entirely due to the COVID-19 pandemic. The Small Business Administration, which operates PPP, and the Treasury Department have released several
Borrowing costs fell this week, with the 30-year fixed-rate mortgage setting a new record low for the third time in the last few months. The 30-year fixed-rate mortgage averaged 3.15% this week, the lowest average in Freddie Mac’s records dating back nearly 50 years.“These unprecedented rates have certainly made an impact, as purchase demand rebounded from a 35% year-over-year decline in mid-April to an 8% increase of last week—a remarkable
Homebuyers are entering the market at a much brisker pace than many economists forecasted. Mortgage applications for home purchases continue their upward streak, rising 9% last week compared to the previous week, the Mortgage Bankers Association reports. This marks the sixth consecutive gain for home purchase applications and a 54% increase since early April.“The home purchase market continued its path to recovery as various states reopen, lead
For those financially impacted by the COVID-19 pandemic, knowing where to look for updates on information about aid programs has proven challenging. But several government agencies have stepped in with resource tools to help homeowners and renters.The latest comes from mortgage financing giants Fannie Mae and Freddie Mac, which launched new initiatives to help homeowners and renters who have been affected by the pandemic.Fannie Mae launched “He
The 30-year fixed-rate mortgage continued to near its lowest average on record. The lowest average on Freddie Mac records dating back to 1971 is 3.23%, which was set the week ending April 30. This week, 30-year fixed-rate mortgages averaged close to that, at 3.24%.“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” sa
The number of homes for sale has shrunk since the COVID-19 pandemic began. Some sellers pulled their listings, making it tougher for buyers to find a home and compounding the issue in many markets that were already inventory-starved before the pandemic.Indeed, protections against COVID-19 have exacerbated the housing shortage, realtor.com® reports. In April, the number of new listings fell 45% year over year.“Inventory has been low and has con
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