After hitting a record low last week, rates reversed course this week and inched up. Rates still remain at “extraordinary levels,” Freddie Mac said in its weekly rate report.The 30-year fixed-rate mortgage climbed from last week’s 3.29% record low average to 3.36% this week.“As refinance applications continue to surge and lenders work to manage capacity, the 30-year fixed-rate mortgage ticked up from last week’s all-time low,” says Sa
Some home sellers are making changes to how their listing is viewed by prospective buyers amid growing concerns over the COVID-19 outbreak.About a quarter of real estate professionals surveyed by the National Association of REALTORS® said their sellers are taking extra precautions, including stopping open houses, requiring buyers to wash their hands or use hand sanitizer, or asking buyers to remove shoes and wear footies.The survey examines the
Several colleges and universities across the country are canceling in-person classes and moving to online instruction. They’re asking students to leave dorms and campus housing, too, amid the rising cases of COVID-19, which was declared a pandemic by the World Health Organization on Wednesday.Administrators are closing dorms to curb the spread of the virus, but that has left a growing number of students in a housing bind. International students
Borrowers came in swarms last week to take advantage of another massive drop in mortgage rates. Mortgage application activity, which includes refinances and home purchases, surged 55.4% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 192% higher year over year.The bulk of the increase came from homeowners refinancing their mortgages into lower rates. Applications for
Iowans appear to be the happiest home owners, a “New Homebuyer Happiness Index” shows. The state ranks number one in the consumer survey that asked about neighbor friendliness and safety, job market, raising a family potential, and homeowner regret.It’s not just Iowans who are happy, but overall, home buyers appear happy with where they are, according to the survey of 5,672 consumers who purchased a home in 2019 conducted by LawnStarter, a
Borrowers who are unable to make their monthly mortgage payments due to COVID-19, also known as the coronavirus, have options to postpone payments, according to a new statement released by the Federal Housing Finance Agency. FHFA Director Mark Calabria reminded mortgage servicers this week to offer forbearance options to those who are affected as the virus continues its spread through the U.S.“To meet the needs of borrowers who may be impacted
Remodeling any aspect of a home can be a big job and a lot can go wrong when owners aren’t adequately prepared. Houzz, a home remodeling website, asked a panel of renovating experts the most common remodeling blunders they see. Here are a few of their responses.Not budgeting properly.Underestimating the costs of a project can be a dire mistake that could leave homeowners either with an unfinished property or having to incur a financial loss. Ha
The ultra-wealthy may be looking to expand their real estate portfolios. The industry is watching closely as the number of high-net-worth individuals grows: About 31,000 more ultra-rich people emerged globally in 2019, which is an annual growth rate of 6%, according to a new report from U.K.-based real estate firm Knight Frank and New York brokerage Douglas Elliman. The growth rate of the ultra-rich, or those with a net worth of at least $30 mill
Housing affordability appears to be on the minds of buyers as smaller cities overtake realtor.com®’s monthly list of top-performing markets in the country. In February, Colorado Springs, Colo., topped the rankings, jumping from the number 10 spot the month prior. Meanwhile, pricier markets in California continued to drop further in the rankings. Realtor.com®’s list is based on areas where time on market is the shortest and where there are t
The 30-year fixed-rate mortgage this week fell to its lowest average on record—3.29%—since Freddie Mac began tracking such data in 1971. And borrowers rushed to lock-in.Mortgage applications rose 10% last week compared to a year ago, says Sam Khater, Freddie Mac’s chief economist. “Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive f
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