The 30-year fixed-rate mortgage averaged 3.07% this week, the lowest ever recorded by Freddie Mac since it began tracking such data in 1971. “Mortgage rates continue to slowly drift downward, with a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3% later this year,” says Sam Khater, Freddie Mac’s chief economist. “On the economic front, incoming data suggest the rebound in economic activity has paused in
Homeowners and buyers are placing greater emphasis on yard appeal this year. Google Trends data reveals frequent internet searches for how to enhance outdoor space. Living Spaces, a home décor retailer, recently highlighted several outdoor trends that consumers are searching for the most on Google this summer. Here are some of the hottest.1. Patio daybeds saw a 257% increase in Google searches over the last six months. “Patio daybeds comp
The lack of housing inventory continues to be buyers’ biggest hurdle. In June, the number of homes for sale plummeted nationwide, prompting realtor.com® to call home sellers the “missing link” to an otherwise strong summer housing market.The nation’s housing inventory decline has accelerated since May, and housing inventory dropped 27.4% year over year in June, according to realtor.com®'s newly released housing report. That translates t
The median home price of single-family homes and condos in the second quarter of this year was more affordable than historical averages in a growing number of counties across the U.S., according to a new study from ATTOM Data Solutions, a real estate data firm. Researchers determined housing affordability by calculating the amount of income needed to make monthly house payments—including the mortgage, property taxes, and insurance—on a median
With federal protections about to expire, landlords are being offered additional help as the COVID-19 pandemic continues. The Federal Housing Finance Agency said Monday that multifamily property owners currently in forbearance can request an extension of their payment suspension for three additional months. That will amount up to half a year in total.The FHFA guidelines apply only to properties that have loans secured by the government-backed ent
Each day, about 10,000 baby boomers reach age 65, and they’re increasingly shifting into retirement mode, according to the Pew Research Center. Many have expressed a desire to move to beachfront properties.But they may want to avoid pricey coastal retirement havens in favor of more affordable beach towns.“Retirees are undoubtedly drawn to these areas by the active, beach lifestyle,” says Danielle Hale, realtor.com®’s chief economist. “
Following two consecutive months of declines, pending home sales came roaring back in May, the National Association of REALTORS® reported Monday. Every major region of the U.S. posted month-over-month increases, including the South, which also bested its levels from a year ago.Home buyers reemerged, ready to move quickly on purchases as states reopened in May. “This has been a spectacular recovery for contract signings and goes to show the res
No matter how big or small a home, terraces, porches, or backyards are skyrocketing in importance to buyers and owners. After sheltering in place from the COVID-19 pandemic, more homeowners are looking to extend their spaces to the outdoors. House hunters may be putting more weight on listings that have a yard with cozier spaces too.Designers say the outdoor space should be thought of as another room in the house, and one that needs to be furnish
The number of loans originated by independent mortgage companies has increased significantly over recent years. In 2019, these lenders originated more than half—or 56.4%--of first-lien, owner-occupied home purchase loans, up from 35% in 2010, according to a report released this month from the Consumer Financial Protection Bureau. Independent mortgage companies also originated more than half—58.1%--of first-lien, owner-occupied refinance
The 30-year fixed-rate mortgage stayed at its record low this week, offering an opportunity for home buyers to lock in the lowest rate in Freddie Mac’s records dating back 50 years.The 30-year fixed-rate mortgage averaged 3.13% this week.The mortgage market has seen a resurgence in applications for home purchases in recent weeks. “The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buye
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