Borrowing costs fell this week, with the 30-year fixed-rate mortgage setting a new record low for the third time in the last few months. The 30-year fixed-rate mortgage averaged 3.15% this week, the lowest average in Freddie Mac’s records dating back nearly 50 years.“These unprecedented rates have certainly made an impact, as purchase demand rebounded from a 35% year-over-year decline in mid-April to an 8% increase of last week—a remarkable
Homeowners who are waiting to list can use the time to make a big difference in their home with upgrades that don’t have to cost a fortune. Simple DIY projects can enhance a home and make spaces more appealing for buyers when homeowners are ready to move forward with their home sale.For example, the website Bigger Pockets recently features several budget-friendly home improvement ideas that encompass everything from a splash of paint to tending
Homebuyers are entering the market at a much brisker pace than many economists forecasted. Mortgage applications for home purchases continue their upward streak, rising 9% last week compared to the previous week, the Mortgage Bankers Association reports. This marks the sixth consecutive gain for home purchase applications and a 54% increase since early April.“The home purchase market continued its path to recovery as various states reopen, lead
Don’t just make your client happy—consider their animal companions too. After all, nearly 95% of pet-owning home buyers say their pet’s needs play a role in selecting a home. In fact, 68% of pet owners say they would pass on the perfect home if it didn’t meet what their pet’s needs, according to a new survey based on more than 2,000 consumer responses released by realtor.com®. Consumers between the ages of 35 and 54 were the most likel
For those financially impacted by the COVID-19 pandemic, knowing where to look for updates on information about aid programs has proven challenging. But several government agencies have stepped in with resource tools to help homeowners and renters.The latest comes from mortgage financing giants Fannie Mae and Freddie Mac, which launched new initiatives to help homeowners and renters who have been affected by the pandemic.Fannie Mae launched “He
New homes are proving a draw to home shoppers, particularly during the pandemic. Newly built single-family homes increased 0.6% in April, reaching a seasonally adjusted annual rate of 623,000, the U.S. Department of Housing and Urban Development and U.S. Census Bureau reported Tuesday. While sales eked out a monthly increase, they are still 6.2% lower than a year ago.However, builders point to the unexpected uptick in April, as many companies wer
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The 30-year fixed-rate mortgage continued to near its lowest average on record. The lowest average on Freddie Mac records dating back to 1971 is 3.23%, which was set the week ending April 30. This week, 30-year fixed-rate mortgages averaged close to that, at 3.24%.“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” sa
Homeowners are prioritizing remodeling projects centered around home offices and master bedrooms during the pandemic, according to a new survey of 1,000 consumers by Houzz, a home renovation and resource site.While consumers put off some remodeling projects when the coronavirus outbreak first began in the U.S., they were less likely to put off projects related to those two areas of the home. Also, outdoor remodels and improvements have been prior
The number of homes for sale has shrunk since the COVID-19 pandemic began. Some sellers pulled their listings, making it tougher for buyers to find a home and compounding the issue in many markets that were already inventory-starved before the pandemic.Indeed, protections against COVID-19 have exacerbated the housing shortage, realtor.com® reports. In April, the number of new listings fell 45% year over year.“Inventory has been low and has con
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