The National Association of Home Builders (NAHB) coupled with Wells Fargo 35 years ago to create the Housing Market Index (HMI). NAHB.org defines the NAHB/Wells Fargo Housing Market Index (HMI) as based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market. The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next six months as well as the traffic of prospective buyers of new homes.
Understanding Mortgage Forbearancce Plans, and taking advantage of them during the COVID Pandemic provides borrowers with options, but it’s important to understand how the programs work and what the impact of entering into a plan will have on the future of your mortgage.
A recent article by CNBC.com provides an excellent overview of the details that report a historic increase in existing home sales in June over May. The key points they present include respected sources like the National Association of Realtors:
The world is filled with news about the many impacts the pandemic has had on our lives, and most are negative: social distancing, wearing masks, education impacted by school closures, loss of jobs, and health challenges, even death.
Lenders across the US are struggling to keep up with the Mortgage Refinance Boom. The recent Federal Reserve rate cut has motivated many homeowners that were waiting for the right time to refinance to make their move and file an application. Major lenders are doing their best to meet the need including hiring new loan underwriters, processors, and closers. Purchase application volumes have also increased to the highest level in over 11 years, which is adding to the pressure on the entire mortgage industry affecting lenders, appraisers, and title companies.
MortgageNewsDaily.com says we will need to wait and see if mortgage rates will drop back into all-time lows. The impact of the pandemic has had it’s affect on bond markets which are driving mortgage rates.
According to an article by Matthew Graham for Mortgage News Daily, “the jobs report has a more consistent track record of causing big market movement than any other piece of economic data”. He further states “the underlying bond market improved throughout the day and held onto that improvement, resulting in lenders offering lower rates”.
When you are ready to buy or sell, Notary Near You provides a business platform that allows you to request a public notary at the touch of a button, anytime and anywhere.
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.”
Yes you read that correctly! Lenders are now allowed to Gift Money Back to you at time of loan closing.*
When you consider the loan programs that offer a low 3% down payment, combined with the money Mortgage Lenders can Gift you back toward closing costs, the decision to buy a new home now is very enticing!