The 30-year fixed-rate mortgage continued to hover near its all-time low this week, as economists predict that historically low rates will likely remain into 2021.The 30-year fixed-rate mortgage averaged 2.81% this week, up slightly from last week’s 2.80%, which was the lowest ever in Freddie Mac’s records, dating back nearly 50 years.“The record-low mortgage rate environment is providing tangible support to the economy at a critical time,
Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
The new-home market continues to be a bright spot in real estate, but sales scaled back slightly in September, the Commerce Department’s latest data shows. Sales of newly built single-family homes dropped 3.5% in September to a pace of 959,000. However, sales of new homes are 32.1% higher than they were a year ago as builders try to play catch-up.“The demand for new single-family homes remains strong as interest rates are at historic low
Homeowners are watching their home values climb significantly this year, and prices are expected to continue to appreciate over the next decade. The National Association of REALTORS® reported that the median existing-home price for all housing types in September was $311,800—a 14.8% increase compared to a year ago.But how high are prices poised to go over the next decade? A new study shows that home prices in the U.S. have increased by ne
Tech problems have taken on greater significance in 2020 as more people work from home. One of the biggest complaints is a bad internet connection.Sometimes even the best internet connection can stall. What can you do?As a first step, restart. Power down your router and modem. On your device, close any apps you don’t need to make sure other background systems aren’t draining your device.Then run an internet speed test to check on your co
Young Americans are rushing to become homeowners in the pandemic. While the overall homeownership rate dipped slightly in the third quarter from the previous quarter’s high, it continues to grow among those under the age of 35. Americans in that category had a homeownership rate of 40.2% last quarter, up from 37.5% a year earlier, according to newly released U.S. Census Bureau data.Competition in the housing market has accelerated during t
Home sales are rapidly increasing during the pandemic, but the most dramatic spike is occurring at the top of the market. Sales of homes costing $1 million or more have more than doubled since last year. “I don’t ever recall home sales doubling in a 12-month time span,” Lawrence Yun, chief economist for the National Association of REALTORS®, told NPR. This is “very unusual.”Home sales in luxury vacation hotspots have accelerated since
Renters are increasingly showing desire for a single-family home with a yard or other outdoor area, a potential golden opportunity for builders to grow the single-family built-for-rent market. “The COVID-19 pandemic has many persons decamping from the big city to outlying areas in search of housing types that are more suburban in nature, which closely mirrors what built-for-rent communities are delivering,” says Scott Adams, senior princ
The pandemic has not dampened home appreciation. In fact, high buyer demand is prompting home prices to surge. In the third quarter, the average home sale generated a gain of $85,000, up from $66,000 a year ago, according to data from real estate research firm ATTOM Data Solutions. That $85,000 translates to a nearly 39% return on investment compared to the original purchase price.“Home prices and seller profits across the nation continue racki
The 30-year fixed-rate mortgage hit its 11th record of the year this week, averaging 2.80%—the lowest rate ever recorded by Freddie Mac.“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. Th
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