Mortgage rates reached a new record low this week, with the 30-year fixed-rate mortgage falling to its lowest average ever since Freddie Mac began tracking such data in 1971. “The size and depth of the secondary mortgage market is helping to keep rates at record lows,” says Sam Khater, Freddie Mac’s chief economist. “These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely
The Federal Reserve voted Wednesday to keep its benchmark interest rate near zero due to the COVID-19 pandemic, showing little interest in reversing course anytime soon. The Fed’s benchmark rate does not directly impact mortgage rates for home buyers, but it can influence them.The Fed’s Federal Open Markets Committee voted to keep the range of its benchmark interest rate between 0% to 0.25%. It had called two emergency meetings during the cus
It was a good time to be a homeowner in the first quarter of this year. Home sellers nationwide saw home price gains average $67,100 on a typical sale, up from $59,000 a year prior, according to a report released Thursday from ATTOM Data Solutions, a real estate research firm.The $67,100 home seller profit represented an average of a 33.7% return on investment compared to the original purchase price, the report shows.The median price for single-f
Consumers want to hear more about how homes can help the environment and also save them money. Sixty-one percent of REALTORS® surveyed say residential consumers were “very” or “somewhat” interested in sustainability. REALTORS® report finding it valuable to promote energy efficiency features in their listings.Sustainability conversations with clients may best be centered around utility and operation costs, indoor air quality, efficient u
Mortgage applications for home purchases, a gauge of future home buying, saw a 12% uptick last week, reversing a month of plummeting activity due to the COVID-19 pandemic, the Mortgage Bankers Association reported. Housing experts say it could mark a sign that home buyers are returning.Refinancing demand fell last week, which caused the overall volume to decline by 3.3% for the week, according to the MBA’s seasonally adjusted index. The overall
In the first quarter of this year, the homeownership rate reached its highest level since the third quarter of 2013. The percentage of people who own a home in the U.S. increased to 65.3%, a 1.1% uptick over the year prior, the U.S. Census Bureau reported Tuesday.Homeownership has been on the upswing since 2016. While the pandemic that increased its presence in the U.S. in March and April may impact that movement going forward, many economists ar
Contract signings dropped in March as many housing markets paused as the coronavirus outbreak spread across the country.The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings, dropped 20.8% in March compared to February. All four major regions of the U.S. saw a drop in contract activity last month.Contract signings are down 16.3% compared to a year ago.“The housing market
As the nation adheres to stay-at-home orders due to COVID-19, what homeowners desire in a home is changing, according to a new consumer survey from realtor.com® and Toluna Insights. Of the 1,300 homeowners surveyed, a large number say they’re struggling to work, live, and parent in small spaces, and many say they appreciate quiet neighborhoods and a backyard.“After more than a month of stay-at-home orders, it’s safe to say Americans are re
The 30-year fixed-rate mortgage averaged 3.33% this week, near its all-time low, Freddie Mac reports.“Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data,” says Sam Khater, Freddie Mac’s chief economist. “While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we con
While sheltering in place, more homeowners are taking on house projects. Stores that offer gardening supplies and building materials are weathering COVID-19, as retail sales of building materials, gardening equipment, and supply stores (paint and wallpaper stores and hardware stores) were up 7% in March compared to a year ago, according to U.S. Census Bureau data.“This is a good time for homeowners because gardening, yard improvements, and mino
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