Credit union membership and lending is growing as borrowers increasingly turn to them for mortgages. Between the end of 2019 and September 2020, credit union membership increased by 3.37 million, or 2.8%. Credit union membership now totals 125.11 million, CNBC reports. Further, loan portfolios at credit unions grew 6.6% over the last year, and these banks saw a nearly 5% boost in loans.Affinity, a New Jersey-based credit union with 20 branches, r
The 30-year fixed-rate mortgage continued to hover near its all-time low, offering low borrowing costs to home shoppers and refinancers. The 30-year fixed-rate mortgage averaged 2.73% again this week; it’s all-time low was 2.65%, which was set in early January, Freddie Mac reports.“Mortgage rates remained flat this week and near record lows, signifying an economy that continues to struggle,” says Sam Khater, Freddie Mac’s chief economist.
This spring will likely be another fiercely competitive one for home buyers. Real estate professionals should prepare their house hunters for record low inventories and rapidly rising home prices.“Demand for housing was already strong coming into the year and we don’t see that slowing down with millennials reaching prime home-buying age, and many remote workers still in the market for more space,” says Danielle Hale, realtor.com®’s chief
As homeownership surges in demand, rental prices are taking a hit in many large cities. Rents fell in 37 of the nation’s 100 largest counties in December 2020, with rental prices in some of the traditionally highest priced tech hubs seeing some of the biggest drops.“Some of the major factors that attract renters to dense downtowns—proximity to work and restaurants and fun things to do—are not currently relevant,” says Danielle Hale, rea
Short-term rentals have been gaining popularity in the pandemic as homeowners look to these spaces as private getaways. For Airbnb, the average length of stays at its host homes has increased to six days and rural units are being booked more frequently since the pandemic. Some hosts have converted their units into long-term housing to accommodate the growing demand.QuoteWizard, a company that offers insurance quotes and resources, recently looked
Rising home prices and low inventory are putting pressure on first-time home buyers, but record-low mortgage rates and a hot market during the pandemic are encouraging many to jump-start their home search. In December, first-time buyers accounted for 31% of existing-home sales, according to the National Association of REALTORS®.Which places offer some of the best values for those entering homeownership for the first time? Researchers with reloca
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Mortgage rates headed back down this week, continuing to hover near all-time lows. “As the market reacts to a new administration in Washington and COVID-19-driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s chief economist.Also, the Federal Reserve announced this week that it will leave both interest rates and its bond-buying program unchanged, both actions likely helping
Pending home sales reached a record high for December last month as the unseasonable housing surge continued in markets across the country during the COVID-19 pandemic.Pending sales were up 21.4% year over year in December, reaching the highest reading for a December on the National Association of REALTORS®’ Pending Home Sales Index. All major regions of the U.S. recorded double-digit increases annually.However, the index—a forward-looking i
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