Morning Roundup (7/20/21) — Continued Low Interest Rates, High Material and Housing Prices

Good morning! Today is Tuesday, July 20. Canada is opening its borders to Americans for the first time since March of 2020. The Dow plunged on Monday amid fears of the Delta variant of SARS-Cov-2. A Jan. 6 U.S. Capitol rioter has become the first to be sentenced, earning an eight-month prison term for his actions. Haiti has announced a new prime minister as the country reels from last week’s assassination.

And in mortgage and housing news…

Rates for 30-year fixed mortgages remain low: Rates declined slightly as the week began, staying below three percent as they have since early June of this year.

High material prices continue to spur housing challenges: Though there are signs that building material prices are coming down, high construction prices are still giving homebuilders reduced confidence, according to the National Association of Home Builders.

Low buyers all but priced out of the market: About 25 percent of homebuyers are looking for homes below $150,000, but homes in that price range reportedly only constitute about one percent of recently built stock.

The far reaches of the housing frenzy: Even relatively low-key markets such as Boise, Idaho, continue to see cutthroat competition for scarce housing.

Berkley tops the list: Homes in the San Francisco area rank highest in the country for over-asking-price offers.

Busted: Multiple individuals charged in a California mortgage fraud scam.

Considering cosigning a mortgage? Here’s some things you should know beforehand.