The 30-year fixed-rate mortgage set a new record again this week as rates averaged 3.13%, the lowest average rate in Freddie Mac’s records, which date back to 1971.The previous low for the 30-year fixed-rate mortgage was set just a few weeks ago at the end of May, averaging 3.15%.“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market,” says Sam Khater, Freddie Mac’s chief economist. “P
Home buyers are reemerging, and here’s the proof: Mortgage applications to purchase a home reached the highest volume in more than 11 years. Record low mortgage rates are tempting more buyers into the market.Mortgage applications to purchase a home are 21% higher than the same week a year ago, the Mortgage Bankers Association reports. Applications for home purchases ticked up 4% week over week.“The housing market continues to experience the r
The Federal Housing Administration and Federal Housing Finance Agency announced that they are extending foreclosure and eviction moratoriums another two months to help homeowners financially impacted by the COVID-19 pandemic.The government agencies are extending until Aug. 31 foreclosure and eviction moratoriums for homeowners whose single-family mortgages are insured by the FHA and backed by either Fannie Mae or Freddie Mac. The original morator
Single-family permits, a gauge of future housing production, posted a double-digit gain in May as the new-home market showed an increase inactivity. The pandemic in March and April brought the sector to mostly a standstill as economies shut down in an effort to curb the spread of the coronavirus. But as states reopen, home buyers are coming back and builders are ramping up production to meet demand.Permits to construct new houses in May rose 14.4
The homebuying process can be complex—especially if you don’t read the documentation along the way.The paperwork may be too cumbersome for some, according to a survey conducted by Porch.com, a home remodeling website, of nearly 1,000 recent home buyers. More than three in four homeowners said they didn’t completely understand the terms of their mortgage. Thirty percent of homeowners admit to reading none or only some of their mortgage docum
Home renovation remains a popular activity for owners, particularly among older age groups. Baby boomers accounted for more than half of renovating homeowners in 2019, according to a newly released survey of more than 87,000 respondents by Houzz, a home remodeling and design website. Gen Xers (ages 40 to 54) trailed at nearly a third of home renovators and millennials (ages 25 to 39) were at about 12%.Baby boomers tend to spend the most on their
Few thought the housing market would see this quick a turnaround in homebuyer demand. The COVID-19 pandemic dragged down the spring buying season as states and cities issued stay-at-home orders. But despite the lingering pandemic and subsequent economic recession, homebuilders are upbeat on housing heading into summer.Builder sentiment surged 21 points in June, the largest monthly increase ever recorded by the National Association of Home Builder
Real estate continues to rank at the top of the list of the best long-term investments for Americans, according to the latest annual poll from Gallup. About 35% of Americans picked it as their favorite investment, which has been the case since 2013.Meanwhile, Americans are less likely to view stocks or mutual funds as the best long-term investment, particularly waning after the COVID-19 pandemic struck the economy this spring. Twenty-one percent
As states begin to reopen, many workers are hesitating as their workplaces unlock their doors. About one-third of employees—35% recently surveyed—say they prefer to continue working from home permanently, according to a new survey conducted in late May by CreditCards.com.Workers showed a preference for working from home even though they say it is costing them more. Remote workers surveyed say their regular expenses have increased by $108, ref
The 30-year fixed-rate mortgage continued to hover near its all-time low this week, averaging 3.21%, Freddie Mac reports.“The rebound in home buyer demand continued this week, driven by mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “This turnaround in demand, particularly by those who have higher incomes than the typical household, also reflects deferred sales from the spring.”Freddie Mac reports the following nationa
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