Remember when 3% mortgage rates seemed low? Last week, Freddie Mac reported a new record low average for the 30-year fixed rate mortgage: 2.88%. United Wholesale Mortgage now wants to take rates even lower—nearly a full percentage point below Freddie Mac’s all-time low. UWM is touting a loan program that allows borrowers to lock in rates as low as 1.99% for both home purchases and refinances.The rate is available only through independent
Nearly every major metro area across the country saw home prices continue to escalate in the second quarter. Median single-family home prices increased year over year in 96% of measured markets—or 174 out of 181—during the quarter, according to the latest report from the National Association of REALTORS®. That percentage matches the metro areas in the first quarter that saw price gains.“Home prices have held up well, largely due to the com
Appraisal issues can be common hangups in a real estate transaction. In June, appraisal issues were blamed for causing delays in 18% of transactions (the second highest reason behind issues related to obtaining financing) and for terminating 9% of contracts, according to the REALTORS® Confidence Index.While appraisal issues may be unavoidable if home prices are escalating too quickly and not matching offers, homeowners can still prepare for
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
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