For the third consecutive week 30-year mortgages have fallen to record lows as inflation remains muted in a weakened economy, even in the face of persistent demand from homebuyers. Freddie Mac, mortgage buyer, reported today that the average rate on the key 30-year fixed-rate mortgage declined to 3.03 percent, down from 3.07 percent last week …
Happy 4th of July
To the land of the free and the home of the brave, long may our star-spangled banner wave! Enjoy a safe and sparkling Independence Day. Let me offer some bright ideas when selling or buying your home, contact me for expert advice. My dog Athena doesn’t scare easily but fireworks can give her second thoughts. …
Home Improvement Sales Surge
What are we doing while sheltering in place? Apparently we’re busy improving our homes, among other things. Home improvement retailers are finding a surge in sales. Home Depot’s sales climbed 6.4 percent and Lowe’s sales rose 11.2 percent, according to first-quarter earning reports. Furthermore, purchases for home improvement items increased 71 percent since last month, …
Pandemic Changes Floor Plan Priorities
Searches for new construction homes have surged 73 percent during the pandemic compared to last year, according to a survey commissioned by Zillow, and 35 percent said a new floor plan would be appealing. In a survey of 2,056 adults in the United States, the Harris Poll found 27 percent would consider moving to a …
Coronavirus Clobbers Housing Market; Low Inventory & Urban Flight Factors
Coronavirus hit the California housing market hard in May with single-family home sales down 13.9 percent from April reaching 238,740, the lowest level since the Great Recession. However, in a sign of things to come, pending home sales in May rose 57 percent. Historically low mortgage rates, low inventory, and buyer demand are key factors …
Mortgage Rates Reach Historic Lows
The average rate on the 30-year home loan dropped to 3.15 percent from 3.24 percent last week, according to mortgage buyer Freddie Mac. This is the lowest level since Freddie Mac started tracking rates in 1971. A year ago the rate was 3.99 percent. The average rate on the 15-year fixed-rate mortgage declined to 2.62 …
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