A nationwide spike in forbearances is looking less likely. While 2.7 million Americans are behind on their mortgage payments, 77 percent of homeowners in forbearance programs are on a loss mitigation repayment plan, according to the California Association of Realtors. And forbearance loans decreased last week for the 18th straight week. Consumers increasingly agree now …
Home Remodeling Boom Continues
The pandemic spawned a drive to spruce up the home and that desire is continuing. Half of U.S. homeowners recently surveyed say they plan to spend more on home improvements in 2021 than they did last year, according to the latest BMO Real Financial Progress Index, a quarterly indicator measuring consumer sentiment about finances. Renovation …
“We hold these truths to be self-evident…
…that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” –Declaration of Independence, July 4,1776
Mortgage Rates Rise Above 3 Percent
For the first time in ten weeks, the rate for the 30-year fixed mortgage interest rate has risen above three percent, reports Freddie Mac. Further, as the economy continues to improve, the mortgage buyer anticipates that the rates will continue to rise gradually in the second half of the year. For those homeowners who have …
US Needs 5.5 Million Homes!
A new report released today shows that in the past 20 years construction of new homes fell 5.5 million units short of the long-term historical levels. According to the National Association of Realtors, US builders added an average of 1.225 million new housing units each year. This figure is down from an annual average of …
30-Year Mortgage Remains Under 3%, Strong Market Continues
The 30-year fixed rate mortgage ticked up slightly but remained under 3 percent this week, standing at 2.99 percent, according to Freddie Mac. Meanwhile, the 15-year fixed remained at 2.27 percent. As Freddie Mac notes, “Home prices continue to accelerate while inventory remains low and new home construction cannot happen fast enough.” Although there are …
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