October 2019 was the first time that nearly half of loan originations were refinance. According to an article on MortgageNewsDaily.com, continuing lower interest rates are driving the refinance market.
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Residential Real Estate prices are on the rise according to many news sources. In a HousingWire.com article they reference Redfin data: “Redfin’s data also determined that only 6 of the 85 largest metros saw a year-over-year decline in their median sale price.”
Increased residential property values combined with the lowest mortgage interest rates since October 2016 has driven a Refinance Boom. The increase in residential prices has slowed the purchase market some, but when combined with the low interest rates it has opened a great opportunity for those homeowners who can benefit from a refinance.
If you haven’t refinanced lately, it is time to consider taking advantage of low rates. According to an article on Mortgage News Daily there were over 8 million properties that are considered to be refinanceable in June 2019.
Fannie Mae’s Home Purchase Sentiment Index (HPSI) hit a record high in July 2019, according to an article on FannieMae.com. They state that the increase results from “Confidence About Not Losing Job” as well as other factors.
An article on HousingWire.com provides detailed information on the 2019 California Wildfires devastation: “According to the California Department of Forestry and Fire Protection, a total of 96,949 acres were burned down over the span of almost two weeks. In that time, three died and over 1,500 structures were burned to the ground.” The article continues with information on how many affected properties are being rebuilt, and how many are not. Read the full article here to learn how fire zones can impact property values:
Debates about the future of our national economy have always involved many different viewpoints and opinions. Economic advisors and experts build their opinions on a variety of factors, and it is interesting to read their diverse projections. One thing they cannot debate is the fact that our nation has had a decade of low interest rates.
If you purchased a home in the 80’s it likely included a double-digit mortgage interest rate. According to an article on ValuePenguin.com “over the past 48 years, interest rates on the 30-year fixed-rate mortgage have ranged from as high as 18.63% in 1981 to as low as 3.31% in 2012.” You can read the complete article including historical graphs here: