The 30-year fixed-rate mortgage continued to hover near its all-time low this week, averaging 3.21%, Freddie Mac reports.“The rebound in home buyer demand continued this week, driven by mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”Freddie Mac reports the following nationa
Home flipping in the first quarter of this year jumped to the highest level since 2006, as investors rushed to snatch up properties to resell for a profit. Home flipping comprised 7.5% of all home sales during the first quarter, up from 7.3% a year prior, ATTOM Data Solutions reports in its 2020 Home Flipping Report. It defines a house flip as a purchase and sale within 12 months.The gross profit on a typical property flipped nationwide (the diff
The COVID-19 pandemic, coupled with recent protests and civil unrest, has had a profound impact on the economy and housing market. But some cities at the epicenter of the confluence of storms are already seeing signs of a recovery.Realtor.com® debuted a new weekly Housing Recovery Index, which factors in home search traffic, median list prices, new listings, and median time on the market. The site compares the data to January 2020 market tr
The Federal Reserve announced Wednesday that it would keep its benchmark interest rate near zero through 2022—a move that could set the course for record low mortgage rates for the next three years. The Fed’s key rate doesn’t directly affect mortgage rates, but it often influences them. The federal funds rate is what banks charge one another for short-term borrowing.The Fed’s decision was a response to the economic impact of the COVID-19
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
Whether you’ve been in real estate for five or 25 years, get back to basics with a humanized approach in your outreach to past clients. Do you remember when you were first licensed and went through that grueling exercise of writing down the names and contact information of everyone you knew so that you could announce you’re in real estate? Now, as a broker managing agents, you’re likely asking your new recruits to do the same. But I’m gue
The coronavirus has grounded many businesses, but the home improvement industry is thriving. Here are projects homeowners can take on safely to make their lives more enjoyable. As homeowners continue to stick close to home, they’re spending a lot of time pondering their surroundings.“After homeowners have been staring at their walls day in and day out, they’ve come to realize what they want to keep, redo, and buy new,” says Jenny Zalkin,
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
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