The 30-year fixed mortgage now averages 3.2 percent, indicating robust growth in demand and expectations for the year ahead, according to the National Association of Realtors and loan company Freddie Mac. The 15-year fixed rate reached 2.43 percent this week compared to 2.16 percent a year ago. Last summer the 30-year fixed rate slipped to …
Mortgage Rates Continue To Move Sideways
Rates inched up this week to 3.11 percent for the 30-year fixed mortgage, reported Freddie Mac today, noting that despite the increase in new COVID cases the rates effectively have been moving sideways. The reason, it continued, is due to incoming economic data which suggests the economy remains on firm ground, particularly in cyclical industries …
Strong Housing Market Continues Into 2022
Not long ago real estate was cyclical. In January the market started to get in gear for the spring market, usually the busiest time of year, and this usually tampered off in the fall. But now we have this from the National Association of Realtors Chief Economist Lawrence Yun: “All markets are seeing strong conditions …
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 …
Mortgage Rates Jump Up
Since January mortgage rates have moved up half a percentage point reaching 3.17 percent for the 30-year fixed rate mortgage, according to today’s report from Fannie Mae. The 15-year fixed rate now stands at 2.45 percent. While these rates still are at historic lows, the rate increases nonetheless leave potential home buyers with less purchasing …