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 …
Housing Market Report
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 …
New Home Sales Surge
Sales of new single-family homes in the country increased to their highest level in 13 1/2 years in July as the housing market continues to show strong immunity to the Covid-19 pandemic which has plunged the economy into recession. The U. S. Commerce Department says new homes sales rose 13.9 percent to a seasonally adjusted …
Mortgage Rates Tumble Below 3 Percent
Mortgage rates in the U.S. tumbled to historic lows in the week ended July 16, according to Freddie Mac. The rate on a 30-year fixed mortgage dropped to 2.98 percent, falling below the 3 percent level for the first time since record-keeping began in 1971. Meanwhile, the 15-year fixed mortgage rate slid to a fresh …