Existing home sales climbed for the fifth straight month in the United States in October, with all regions of the country experiencing growth, according to a monthly report released Thursday by the National Association of Realtors. Sales were up 4.3 percent from September and 26.6 percent from October 2019 – and they were selling quickly. The report found that 72 percent of homes sold last month were on the market for less than 30 days. “Considering that we remain in a period of stubbornly high unemployment relative to pre-pandemic levels, the housing sector has performed remarkably well this year,” said Lawrence Yun, NAR’s chief economist. “The surge in sales in recent months has now offset the spring market losses,” he…
It’s a Lucky 13 for borrowers. For the 13th time this year, 30-year fixed-rate mortgage rates set a new record low – this time falling to 2.72 percent, according to a Freddie Mac’s Primary Mortgage Market Survey released Thursday. The survey found: The 30-year fixed-rate mortgage averaged 2.72 percent with an average 0.7 point for the week, down from last week’s 2.84 percent and last year’s 3.66 percent.The 15-year fixed-rate mortgage averaged 2.28 percent with an average 0.6 point, down from last week’s 2.34 percent and last year’s 3.15 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent with an average 0.3 point, down from last week’s 3.11 percent and last year’s 3.39 percent. “Weaker consumer spending data, which accounts…
Mortgage applications held largely steady again, with a decrease of 0.3 percent for the week ending November 13, according to a report released Wednesday by the Mortgage Bankers Association. Purchase applications dipped 1 percent for the week but were 26 percent higher than a year ago, while refinance applications fell 2 percent for the week and were 98 percent higher than a year ago. “The refinance index decreased last week – driven by sharp declines in FHA and VA applications – but remained a robust 98 percent above a year ago. The average refinance loan balance of $291,000 last week was the lowest since January. Many borrowers with higher loan balances may have acted earlier on in the current refinance…
More than a third of Americans living in cities say that protests this year have made them move elsewhere – or have already moved, according to a new survey released Monday by Redfin. The survey of 3,000 US residents, conducted in October, found: 34 percent of people living in cities say they want to or have moved.Overall, 30 percent of Americans say protests have made them want to move.47 percent say the protests have had no impact.23 percent say the protests have made them like where they live more, driven by 28 percent of rural residents. “Americans have been leaving major cities in droves during the pandemic, and recent unrest is just one small piece of the puzzle,” Redfin chief…
More often than not, you still can’t put an offer on a home without someone else making a competing offer. For the sixth month in a row, more than half of home sales have been the subjects of bidding wars, according to a new report released by Redfin on its properties. In October, 56.8 percent of Redfin offers on homes in the United States faced competition – down from a peak of 59.3 percent in August. “Has the market calmed down since the summer? Yes, but every offer I submit still faces multiple competing bids and we continue to see a lot more buyers than we normally would at this time of year,” said Melissa Killham, a Redfin real estate…
The number of US mortgages in forbearance dropped for the 11th week in a row, with 2.7 million homeowners still pausing their mortgage payments during the Covid-19 pandemic, the Mortgage Bankers Association announced Monday. The survey found: The total share of mortgages in forbearance dropped from 5.67 percent to 5.47 percent as of November 8.The share of Ginnie Mae loans in forbearance decreased from 7.95 percent to 7.70 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 3.49 percent to 3.36 percent.Independent mortgage bank-managed mortgages in forbearance dropped from 6.19 percent to 5.94 percent.Bank-managed mortgages in forbearance dropped from 5.60 percent to 5.43 percent. “While the rate of new forbearance requests has declined and exits are increasing,…
More tenants in affordable housing made payments in October than in any month since early in the pandemic, according to a report released Monday by MRI Software. MRI’s report found: Rent payments increased to 82 percent of the prior year, the first month since June since the rate was over 80 percent.Collections in public housing dropped slightly in October to 94 percent year over year, compared to 98 percent in September. Move-outs in affordable housing decreased by 17 percent year over year, leading to higher occupancy rates for the sector.Move-ins, at 92 percent of last year’s volume, affected the rates to a lesser extent. “The pandemic will continue to affect trends in both sectors,” said Brian Zrimsek, Industry Principal at…
Here is a look at some of the personnel moves made in the mortgage and housing industry in the last week: Michael T. Hutchins was named interim president of Freddie Mac after David Brickman announces his resignation as CEO. Seth Appleton is leaving the U.S. Department of Housing and Urban Development and Ginnie Mae to serve as the new president of MISMO. Jeff McGuiness is heading up Waterstone Financial’s mortgage subsidiary as president and CEO. Jonathan Mariner, former CFO of Major League Baseball, joins the Rocket Companies board of directors. Natalie Cariola to chief sales officer at Zumper. Robert Keator was named senior vice president of business services at Pegasus Residential. David Connelly, formerly of Citigroup, and Ben Aronovitch, formerly of Taylor Morrison Home Corporation, have joined Offerpad as the company’s chief growth officer and…
Renters are more likely to have lost their job or wages during the Covid-19 pandemic than homeowners, according to a new report released this week by Redin. “The pandemic is exacerbating inequality and widening the wealth gap between those who own homes and those who don’t,” Redfin chief economist Daryl Fairweather said. Renters who have lost jobs or wages are likely dipping into savings for daily living expenses, pushing homeownership further out of reach. More homeowners have been able to keep their jobs, and many who can work remotely are cashing in their home equity to purchase a bigger, better home in a more desirable area.” The report, based on a survey of more than 3,000 U.S. residents in October, found:…
Positive Covid-19 vaccine news drove mortgage rates up ever so slightly this week, but they remained near historically low levels, Freddie Mac announced Thursday in its weekly Primary Mortgage Market Survey. The survey found: The 30-year fixed-rate mortgage averaged 2.84 percent with an average 0.7 point, up from last week’s 2.78 percent and last year’s 3.75 percent.The 15-year fixed-rate mortgage averaged 2.34 percent with an average 0.6 point, up from last week’s 2.32 percent and last year’s 3.20 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.11 percent with an average 0.4 point, up from last week’s 2.89 percent and last year’s 3.44 percent. “Mortgage rates jumped this week as a result of positive news about a Covid-19 vaccine,” said Sam…
