Home buyers better hurry: This month may offer the best time of year to get a mortgage. But February can offer some of the best rates too, according to a new study from Haus, a home-finance startup.The firm studied seasonality, loan size, credit scores, and other factors that play a role in mortgage rates. Researchers found that in January, lenders tend to offer discounts of nearly 20 basis points compared to the time period between June and
Home seller profits are soaring as home prices set new records in the pandemic. Home sellers nationwide in 2020 saw a home-price gain of $68,843 on the average sale—that is up from $48,500 two years prior, according to new research from ATTOM Data Solutions, a real estate research firm. Seller profits increased in more than 90% of the housing markets tracked, too.Home seller equity for single-family homes and condos represented a 34.7% return o
Housing inventories aren’t being replenished fast enough for home shoppers. As a result, they’re finding fewer and fewer home choices.At the end of December 2020, housing inventory was 23% lower than a year earlier and sitting at an all-time low of 1.9-month supply at the current sales pace, according to the National Association of REALTORS®.The housing markets with the lowest inventory in the third quarter of 2020 were:Austin, Texas: 0
Millions of Americans relocated in 2020 and many due to the COVID-19 pandemic. College students and young adults moved home, and a new breed of remote working Americans no longer tied down to a long commute sought new places to call home.Idaho ranked as the nation’s leader for inbound moves—that is, people moving in—while New York had the greatest outbound moves—people leaving the state, according to the 2020 Atlas Van Lines Migrations Pa
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As part of last month’s COVID-19 stimulus package, $25 billion in federal assistance funds are expected to be disbursed to states today, Jan. 26.There could be a rush for funds with an estimated 14 million Americans are behind on their rent. Further, rental arrears in the country may be near $70 billion, CNBC reports.To qualify for rental assistance, at least one member of a household must have experienced income loss, significant expenses due
The pandemic is expanding the divide between those who are thriving financially and those who aren’t, CNN reports. Stock market growth is enriching the wealthy and they’re up-sizing by purchasing pricier homes. However, those facing unemployment in the pandemic and first-time buyers who don’t have equity in a current house, are struggling in the housing market.Homeowners with mortgages gained about $17,000 in equity in just the third quarte
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Existing-home sales in 2020 surged to the highest level in 14 years, landing 22% higher than a year ago, the National Association of REALTORS® reported Friday. Existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—posted big gains year over year and rose by 0.7% in December 2020 compared to November 2020’s already unseasonably high rates.“This momentum is likely to carry into the new y
For nearly a year, mortgage rates have remained near historic lows. The 30-year fixed-rate mortgage fell this week to average 2.77%, Freddie Mac reported. Its lowest average on record was 2.65%, recorded earlier this January.“We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher,” says Sam Khater, Freddie Mac’s chief economist. “However, we forecast rates to remain relatively low this year
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