The median home sale price surged 14 percent in September, the largest price jump in more than seven years, according to a new report released by Redfin. As of September 27, the median sale price was $319,769 is the highest on record. US home sale prices have increased 6.5 percent since early July, the Redfin report found. The report also found: The median asking price of new listings was up 12.8 percent from a year earlier.Pending home sales climbed 30 percent year over year.New listings of homes for sale were up 5 percent from a year earlier, and year-over-year growth in new listings have been above 5 percent since the four-week period ending August 16. “The question on everyone’s mind…
Mortgage rates are sitting below 3 percent for the 10th straight week, Freddie Mac reported Thursday in the weekly Primary Mortgage Market Survey. Freddie’s survey found: The 30-year fixed-rate mortgage averaged 2.88 percent with an average 0.8 point for the week ending October 1, down from last week’s 2.90 percent and 3.65 percent a year ago.The 15-year fixed-rate mortgage averaged 2.36 percent with an average 0.7 point, down from last week’s 2.40 percent and last year’s 3.14 percent.The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.90 percent with an average 0.2 point, unchanged from last week and down from last year’s 3.38 percent. “As a result of low mortgage rates that have stayed under three percent since July, the housing market has…
So much for home sales slowing down in September. Realtor.com reported Thursday that homes sold faster in September than in August for the first time in four years, as buyers are paying about $20,000 more for a typical home and face 25 percent more competition than at the start of 2020. The September monthly housing trends report by realtor.com also found: The number of homes on the market is down 39 percent year-over-year in September equating to 529,000 fewer home listings.Homes sold 12 days faster than last year and three days faster than last month.Median home price was $350,000, up 11.1 percent over last year. “Many buyers tend to put their home search on hold after the start of the…
Mortgage applications remain significantly higher than a year ago amid low rates and high demand for houses and refinances, according to the weekly mortgage applications survey released Wednesday by the Mortgage Bankers Association. For the week ending September 25, purchase applications dropped 2 percent for the week but were 22 percent higher than a year ago. Refinance applications decreased 7 percent for the week and were 52 percent higher than a year ago. Overall, applications dropped 4.8 percent for the week. The refinance share of mortgage applications decreased to 63.3 percent from 64.3 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 2.2 percent of total applications. “Even as pent-up demand from earlier in the year…
Mortgage rates are sitting at record lows and US homeowners are taking advantage by refinancing their mortgages. For those who haven’t refinanced, Zillow is offering a look at how much they could save on the typical house in markets across the country. “Choosing whether to refinance your mortgage is ultimately a personal choice, but recent moves in mortgage rates have probably made that decision a whole lot easier for those who qualify,” Zillow economist Matthew Speakman said. “Mortgage rate declines have allowed many to lower their monthly mortgage payment or tap into the equity they’ve built in their home by refinancing their loan – offering some financial stability to many in a time of great economic uncertainty. With rates poised to…
Nearly seven months into the pandemic, 3.4 million homeowners in the United States remain in forbearance plans as they cope with the economic impacts of the shutdowns across the country. The share of mortgages in forbearance dropped again, with 6.87 percent remaining paused. The MBA survey found for the week ending September 20: Total loans in forbearance decreased from 6.93 percent to 6.87 percent.The share of Ginnie Mae loans in forbearance remained flat at 9.15 percent.The share of Fannie Mae and Freddie Mac loans in forbearance decreased from 4.55 percent to 4.46 percent.Independent mortgage bank-managed loans in forbearance dropped from 7.26 percent to 7.23 percent.Bank-managed mortgages dropped from 7.18 percent to 7.11 percent. “The share of loans in forbearance continues…
Home sales are expected to stay hot through the fall before easing back during 2021 – but stay above pre-pandemic levels, according to a new forecast from Zillow. “Zillow’s predictions for seasonally adjusted home prices and pending sales are more optimistic than previous forecasts because sales and prices have stayed strong through the summer months amid increasingly short inventory and high demand,” Zillow forecasts. “The pandemic also pushed the buying season further back in the year, adding to recent sales. Future sources of uncertainty including lapsed fiscal relief, the long-term fate of policies supporting the rental and mortgage market, and virus-specific factors, were incorporated into this outlook. “ Zillow says seasonally adjusted home prices are expected to increase another 1.2 percent…
Commercial and multifamily mortgage debt in the United States increased to $3.76 trillion at the end of the second quarter, according to a report released Monday by the Mortgage Bankers Association. The level of commercial and multifamily debt increased by $43.6 billion in the quarter – or 1.2 percent. “Despite a drop off in new commercial and multifamily mortgage originations in the second quarter, the total amount of mortgage debt outstanding continued to rise,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “The pandemic is having different impacts on various property types and capital sources. Loans backed by multifamily properties accounted for almost three-quarters of the total growth, and Fannie Mae, Freddie Mac, and FHA accounted for…
The Great Re-Suburbanization of America is underway. “In one of the most seismic shifts to the U.S. workforce since the introduction of the Internet, many U.S. workers now have the flexibility to work remotely and choose where they want to live,” realtor.com Chief Economist Danielle Hale said. “Data shows in our post-COVID world there’s a strong preference towards a suburban lifestyle with its bigger houses, backyards, and quiet streets. But American cities are not becoming ghost towns anytime soon; in fact, they are also seeing an uptick of homebuyers. It’s just not as strong as the surge we’re seeing in the suburbs.” New data from realtor.com shows that Americans are looking for more space and affordable homes in the suburbs. The…
Mortgage rates ticked up slightly for the week but remained near historic lows, Freddie Mac announced Thursday in its Primary Mortgage Market Survey. The 30-year fixed-rate mortgage averaged 2.90 percent with an average 0.8 point for the week ending September 24, up from last week’s 2.87 percent and last year’s 3.64 percent.The 15-year fixed-rate mortgage averaged 2.40 percent with an average 0.7 point, up from last week’s 2.35 percent and last year’s 3.16 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 2.96 percent and last year’s 3.38 percent. “Mortgage rates set several record lows over the last few months and have remained low into September,” said Sam Khater, Freddie Mac’s…
