How low can they go? The 30-year fixed-rate mortgage averaged a record-low 2.88 percent, the eighth time rates set a new record this year, according to Freddie Mac’s Primary Mortgage Market Survey released Thursday. “The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” Freddie Mac’s Chief Economist Sam Khater said. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.” The survey found: The 30-year fixed-rate mortgage averaged 2.88 percent with an average 0.8 point for the week ending August 6, down from last week’s 2.99…
More than 1 in 5 renters did not pay rent during the first week in July – the highest for any month since the coronavirus pandemic started in March in the United States, according to a report released Wednesday by Zillow. The share of apartments households that did not pay any rent was 22.6 percent in the first week of July – up from 19.2 percent the first week of June. By July 13, the percentage who hadn’t paid fell to 12.4 percent – 2.5 percentage points higher than the same period last year. “The rental market has been more affected by the coronavirus pandemic than the for-sale side appears to have been. The steady climb of the past few…
Mortgage applications dropped 5.1 percent last week, according to a new report released Wednesday by the Mortgage Bankers Association. The Refinance Index decreased 7 percent from the previous week but was 84 percent higher than the same week a year ago, while the Purchase Index dipped 2 percent for the week and was 22 percent higher than last year. “Mortgage rates dropped to another record low last week, falling below the previous record set three weeks ago to 3.14 percent. Refinance activity decreased – despite the decline in rates – but the current pace remains more than 80 percent higher than a year ago when rates were over 4 percent,” said Joel Kan, MBA’s Associate Vice President of Economic and…
The share of US mortgages in forbearance dropped for the seventh straight week, with 3.8 million homeowners still pausing their mortgage payments during the coronavirus pandemic, the Mortgage Bankers Association announced Monday. The share of loans in forbearance dropped from 7.74 percent to 7.67 percent as of July 26. “The share of loans in forbearance declined, but we are now seeing a notable pattern developing over the past two weeks. The forbearance share is decreasing for GSE loans but has slightly increased for Ginnie Mae loans,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “The job market has cooled somewhat over the past few weeks, with layoffs increasing and other indications that the economic rebound may be losing…
After a week above 3 percent, mortgage rates in the United States dropped below that line for the second time in history as the 30-year fixed-rate mortgage averaged 2.99 percent, Freddie Mac announced Thursday. “It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago,” said Sam Khater, Freddie Mac’s Chief Economist. “Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.” Freddie’s Primary Mortgage Market Survey found: The 30-year fixed-rate mortgage averaged 2.99 percent with an average…
Mortgage applications dipped ever so slightly for the week ending July 24, down 0.8 percent from a week earlier, according to a report released Wednesday by the Mortgage Bankers Association. MBA found that the Refinance Index decreased 0.4 percent from the previous week and was 121 percent higher than a year ago. The unadjusted Purchase Index decreased 1 percent and was 21 percent higher than a year ago.“Mortgage rates remained near record lows for conventional loans last week, and refinances in the conventional sector continued to slightly increase. However, rates on FHA loans rose, leading to an almost 18 percent drop in FHA refinances,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Homebuyers stepped back slightly, and there…
The share of mortgage loans in forbearance dipped slightly to 7.74 percent in the latest Mortgage Bankers Association forbearance survey released Monday. That works out to an estimated 3.9 million mortgages. It was the sixth straight week that the number of mortgages in forbearance has decreased. “The share of loans in forbearance declined by a smaller amount than in previous weeks, as the pace of borrowers exiting forbearance slowed,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “Although the GSE portfolio of loans in forbearance should continue to improve, Ginnie Mae’s portfolio saw an uptick of both loans in forbearance and borrowers requesting forbearance. The high level of unemployment claims in recent weeks may be playing a role,…
Although downtown business districts are struggling due to continued economic lockdowns and questions about safely reopening offices, the long-term outlook for these areas appears to be in good shape. Business districts are likely to look different, though, as employers adjust to technological advances and a desire from employees to shift away from the traditional model to one that allows more flexibility for telework and work from home. A report from CBRE, a real estate firm that conducts significant research in its sector, indicates that people will want more flexibility with remote work but that at some point, employees will return to a traditional office environment. “The pandemic has created unprecedented opportunities and challenges for commercial real estate occupiers that likely will usher…
The housing market is officially back to pre-pandemic levels. The realtor.com Housing Recovery Index climbed 2.5 percent to 101 for the week ending July 18, which means market activity has climbed back above the 100 benchmark established before the pandemic hit in the United States in March. Even with the good news, realtor.com cautions that it will take months of sustained growth and an increase in new listings to make up for lost ground from earlier in the year. “There is no blueprint for a pandemic-induced recession, but this recovery milestone is further proof that homebuyers will persevere through the biggest of storms,” said Javier Vivas, director of economic research for realtor.com. “Housing remains a must-have during COVID times, and…
After dropping below 3 percent, mortgage rates edged up slightly this week for the first time in weeks, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 3.01 percent – up ever so slightly from last week’s record 2.98 percent and well below last year’s 3.75 percent. The survey also found: The 15-year fixed-rate mortgage averaged 2.54 percent with an average 0.7 point was up from last week’s 2.48 percent and down from last year’s 3.18 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.09 percent with an average 0.3 point, up from last week’s 3.06 percent and down from last year’s 3.47 percent. “While housing demand continues to rebound, the month-long swoon in economic…
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