Since reaching a low point in January, mortgage rates have risen by more than 30 basis points, according to Freddie Mac. While purchase activity remains high, it has cooled off over the past few weeks and currently is on par with early March 2020, it reports. “However, the rise in mortgage rates over the next …
What Does Prop. 19 Mean For You?
Do you know how it changes the tax rules on primary residences? Proposition 19 will have potentially severe financial consequences for children inheriting property from their parents. Approved by California voters in the November election, Prop. 19 marks a landmark change to Prop. 13, the 1978 law that aims to limit property taxes. Eligible homeowners …
Homeowners Staying In Homes Longer
Homeowners are staying in their homes longer. And that’s a problem for potential home buyers as it’s a big reason why the inventory of homes for sale is a record lows and prices are near or at record highs. The typical homeowner in 2020 had stayed in place for 13 years, up slightly from 12.8 …
Home Prices Surge
Home prices in October rose at their fastest pace in more than six years nationally as the surge of buyers out of city centers resulted in the fewest properties listed for sale on record. Home prices rose 8.4% year over year in October, according to the national Case-Shiller index, the highest since March 2014. Prices …
Mortgage Rates Hit New Lows
The 30-year fixed mortgage rate fell sharply this week, hitting a new record low at 2.67%. The National Association of Realtors forecasts the 30-year fixed-rate mortgage to average 2.9% and 3.0% in the first and second quarter of 2021, respectively.
Pending Home Sales Dip
Pending home sales declined 1.1 percent in October compared to September. Nationally contract signings are up 20.2 percent compared to a year ago, according to the National Association of Realtors. In the West, pending home sales are up 20.8 percent over a year ago. Meanwhile both the inventory of homes for sale and mortgage rates …
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