The 30-year fixed-rate mortgage stayed at its record low this week, offering an opportunity for home buyers to lock in the lowest rate in Freddie Mac’s records dating back 50 years.The 30-year fixed-rate mortgage averaged 3.13% this week.The mortgage market has seen a resurgence in applications for home purchases in recent weeks. “The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buye
As mortgage rates remained at record lows last week, homebuyers rushed out to apply for a mortgage. Homebuyer mortgage applications have surged for five consecutive weeks due to pent-up demand from shelter-in-place orders in March and April as well as a demand for more living space as a result of the pandemic.Purchase mortgage volume dropped 3% from last week’s high pace, but remains 18% higher than a year ago, the Mortgage Bankers Association
A majority of real estate investors in the U.S. say they’re optimistic about the strength of the housing market, despite the nation caught in a recession caused by the pandemic. A new survey from LendingHome, a resource for investors, reflects 600 respondents among three investment segments: house flippers, landlords of single-family rental homes, and real estate investment mortgage brokers.Eighty percent of the investors surveyed say they beli
Your identity can be bought for as little as $1,192.58, a new study from Reviews.org shows. Scammers who steal identities and private information through data breaches sell the private information on the dark web, a collection of encrypted websites accessible only through special browsers.And while you may be at more risk for identity theft depending on where you live, the danger doesn't necessarily break down into regional categories, the study
The National Association of REALTORS® welcomed two proposed rules by the Consumer Financial Protection Bureau on Monday in what it believes will help bring greater stability to the housing market for homebuyers. The CFPB moved to extend its Qualified Mortgage Patch and amend its QM definition by removing a previous debt-to-income limit that home buyers were required to meet, replacing it with a price-based approach that would account for the dif
A housing shortage that has increased since the pandemic began in March means buyers continue to face steep competition for the limited supply of homes.A new study from Clever Real Estate shows that 42% of buyers who purchased a home between January and May were in a bidding war. Further, the brokerage Redfin reported this week that half of its agents’ offers faced competition in May, up from 44% in April.Competition from buyers making all-cash
Homeowners quickly began making repairs and swapping outdated fixtures as they started to shelter in place at the beginning of the COVID-19 pandemic. Home improvement stores like Lowe’s and Home Depot reported a surge in earnings as the pandemic began.And the trend is sticking around. Homeowners are requesting personal loans for home improvement above rates prior to the pandemic, a new study from LendingTree shows. Requests for home improvement
The 30-year fixed-rate mortgage set a new record again this week as rates averaged 3.13%, the lowest average rate in Freddie Mac’s records, which date back to 1971.The previous low for the 30-year fixed-rate mortgage was set just a few weeks ago at the end of May, averaging 3.15%.“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market,” says Sam Khater, Freddie Mac’s chief economist. “P
Home buyers are reemerging, and here’s the proof: Mortgage applications to purchase a home reached the highest volume in more than 11 years. Record low mortgage rates are tempting more buyers into the market.Mortgage applications to purchase a home are 21% higher than the same week a year ago, the Mortgage Bankers Association reports. Applications for home purchases ticked up 4% week over week.“The housing market continues to experience the r
The Federal Housing Administration and Federal Housing Finance Agency announced that they are extending foreclosure and eviction moratoriums another two months to help homeowners financially impacted by the COVID-19 pandemic.The government agencies are extending until Aug. 31 foreclosure and eviction moratoriums for homeowners whose single-family mortgages are insured by the FHA and backed by either Fannie Mae or Freddie Mac. The original morator
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