Suburbs. High sales prices. And fewer dining rooms. Another survey released Monday found that the housing market remains hot during the Covid-19 pandemic – with buyers moving to the suburbs and sellers continuing to get above asking price. The survey, conducted on behalf of United Wholesale Mortgage, found: Nearly half of those surveyed who moved to a new home since March 1 moved to the suburbs.70 percent of the people surveyed who purchased a new primary home also sold their old home, with nearly 3 in 4 consumers selling their home above asking price.Nearly 60 percent of those surveyed are starting or continuing home renovations in the coming year.Of those who are creating office space for working from home, 46…
Mortgage rates have hit yet another record low. Freddie Mac announced Thursday that the 30-year fixed-rate mortgage averaged 2.80 percent for the week, the lowest rate in the history of the Primary Mortgage Market Survey dating back to 1971. The survey found: The 30-year fixed-rate mortgage averaged 2.80 percent with an average 0.6 point for the week ending October 22, down from last week’s 2.81 percent and last year’s 3.75 percent.The 15-year fixed-rate mortgage averaged 2.33 percent with an average 0.6 point, down from last week’s 2.35 percent and last year’s 3.18 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.87 percent with an average 0.3 point, down from last week’s 2.90 percent and last year’s 3.40 percent. “Mortgage rates remain…
Mortgage applications largely held steady in mid-October, while the number refinances remained dramatically higher than a year ago, according to a report released Wednesday by the Mortgage Bankers Association. Overall, applications dropped 0.6 percent for the week ending October 16 – with refinances increasing 0.2 percent from the previous week and purchase applications declining 2 percent. On a year over year basis, refinance applications were up 74 percent and purchase applications were up 26 percent. The refinance share of mortgage activity increased to 66.1 percent of total applications from 65.6 percent the previous week. The adjustable-rate mortgage share of activity decreased to 1.9 percent of total applications. “Homebuyer demand remains strong this fall, but purchase applications did decrease 2 percent,…
There’s still a ton of competition if you want to buy a house. Redfin released a report Tuesday that finds 56.3 percent of Redfin offers on homes in the United States faced competition in September, down a bit from the 59.1 percent in August. A majority of offers still faced bidding wars for the fifth month in a row. “The slight decline in bidding wars is largely a reflection of a seasonal cooldown, which typically starts in the late summer but was delayed by a few months this year,” Redfin chief economist Daryl Fairweather said. “But homebuyers are still sweating as they navigate what remains an unseasonably hot seller’s market.” Salt Lake City was the most competitive market with 81.1…
SWBC Mortgage Corporation CEO Susan Stewart was sworn in as chairman of the Mortgage Bankers Association on Monday at the group’s virtual annual convention. Additionally, Wells Fargo Executive Vice President Kristy Fercho was named chairman-elect and Grandbridge Real Estate Capital CEO Matt Rocco was named vice chairman of the association. “It is a privilege to serve as MBA’s 2021 Chairman,” Stewart said. “I look forward to working with Kristy and Matt to address the challenges facing our industry, as well as help MBA members deal with the issues most affecting their businesses.” Fercho joined Wells Fargo in 2020 from Flagstar Bank, where she had served as president of the company’s mortgage division since 2017. Rocco joined Grandbridge, a subsidiary of…
Home prices soared by 14.4 percent in September, the largest annual increase of any month since Redfin began tracking prices in 2012, according to a report released Monday by the real estate brokerage. The increases are being driven by three converging factors, Redfin concludes: record-low mortgage rates, a historic housing supply shortage and a demand for bigger homes in pandemic times. “2020 will be known for a lot of things and a record-breaking year for real estate will certainly be one of its more unexpected legacies,” Redfin chief economist Daryl Fairweather said. “Demand typically abates in late summer and early fall, but seasonal patterns don’t stand a chance against the other factors motivating homebuyers this year. Homebuyers are seeking spacious…
More than 6 million households in the United States missed rent or mortgage payments and 26 million missed student loan payments in September as the economic effects of the Covid-19 pandemic stretched into their seventh month. The Mortgage Bankers Association’s Research Institute for Housing America report released Friday found that 8.5 percent of renters – or 2.82 million households – missed, delayed or made a reduced payment. Another 7.1 percent of homeowners – or 3.37 million – missed mortgage payments. Overall, the missed payments accounted for than $58 billion in revenue during the third quarter, the report found. “Rent and mortgage payment collections improved over the summer as more people went back to work, but high unemployment continues to place…
Mortgage rates dropped to 2.81 percent this week, another new record and the 12th straight week rates have stayed under 3 percent, Freddie Mac reported Thursday in its weekly mortgage market survey. The survey found: The 30-year fixed-rate mortgage averaged 2.81 percent with an average 0.6 point for the week ending October 15, 2020, down from last week’s 2.87 percent and last year’s 3.69 percent.The 15-year fixed-rate mortgage averaged 2.35 percent with an average 0.5 point, down from last week’s 2.37 percent and last year’s 3.15 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.2 point, down from last week’s when it averaged 2.89 percent and last year’s 3.35 percent. “Low mortgage rates have become a regular…
Mortgage rates are expected to remain near record lows through next year and home prices are expected to climb, though not as quickly as this year, according to Freddie Mac’s quarterly housing forecast. The forecast predicts: The average 30-year fixed-rate mortgage is expected to be 3.2 percent in 2020 and 3.0 percent in 2021. Currently, rates sit at 2.87 percent.House price growth is expected to increase to an annual rate of 5.5 percent in 2020 before slowing to 2.6 percent next year.Home sales are expected to increase in 2020 to 6.2 million homes and decrease in 2021 to 6.1 million homes.Purchase originations are expected to increase to $1.414 trillion in 2020 and $1.445 trillion in 2021.Refinance originations are expected to…
While mortgage applications overall were relatively flat, significantly more American homeowners continue to work to take advantage of low interest rates by refinancing their mortgages. The Mortgage Bankers Association weekly survey Wednesday found that mortgage applications decreased 0.7 percent from a week earlier – with the number of refinance applications slipping 0.3 percent while remaining 44 percent higher than a year ago. Purchase applications dropped 1 percent and were 24 percent higher than a year ago. “Refinance and purchase activity continue to run well ahead of last year’s pace, fueled by record-low rates and strong homebuyer demand,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Housing supply is a challenge for many aspiring buyers, but activity…
