Mortgage rates for a 15-year fixed rate loan hit a new all-time low this week as rates for 30-year loans also dipped by one-tenth of a percentage point, according to Freddie Mac’s weekly lender survey. “Concerns about the Delta variant, and the overall trajectory of the pandemic, are undoubtedly affecting economic growth,” Freddie Mac Chief Economist Sam Khater said. “While the economy continues to mend, Treasury yields have decreased, and mortgage rates have followed suit. Unfortunately, many homebuyers are unable to take advantage of low rates due to low inventory and high prices.” For the week ending July 22, Freddie Mac’s weekly Primary Mortgage MarketRead More →

A Chase survey revealed nearly 4 in 10 potential first-time buyers lost income during the pandemic, setting back their homeownership goals. Last year’s volatile housing market was discouraging for otherwise eager potential first-time homebuyers, according to a new survey. First-time buyers have been budgeting, working on their credit scores and saving toward a down payment even as many have become less confident in their ability to secure their first house, according to the new report from JPMorgan Chase & Co. Notably, 37 percent of hopeful first-time buyers said they lost income during the pandemic, affecting the timing of their planned purchase. “The events of theRead More →

The fall could bring cooling prices and more inventory, according to a new report from realtor.com released Thursday. Buyers may catch a break from the red-hot housing market soon, according to Realtor.com’s Weekly Housing Trends report released Thursday. New listings fell 3 percent for the week ending July 3. But with year-over-year increases during 12 of the last 15 weeks, the analysis concluded that the dip was a direct result of the 4th of July holiday. New listing growth over the past few months has helped slow price growth, giving buyers some room to breathe. And while the number of total active listings was down 39 percent year overRead More →

What’s the number one thing buying and selling a house has in common? Getting the best price possible. Before you sell your home, it’s essential to set the right strategy to stay ahead of the competition, especially in today’s housing market.  Here are some tips to help you sell your home for more money and get the best possible offer.  Make sure you can afford to sell. Figuring out how much you’ll make from selling your home isn’t as easy as subtracting your outstanding mortgage from the price you hope to get. Keep in mind that you’ll have to pay several fees when selling your home,Read More →

First time on record says Redfin National property broker Redfin is reporting this week that the national median home-sale price in the U.S. hit a record high of $377,200 in May 2021, up a record 26% year over year. The housing market also set new records for home-selling speeds and competition, but seasonally adjusted home sales and new listings flattened from April. Leading indicators of housing market activity are also declining into June, according to the latest weekly data, signaling that the pace of the market may be slowing. “May marked the likely peak of the blazing hot pandemic housing market, as many buyers andRead More →