Surging home prices and strong demand caused a three month reduction in single family homes sales, but this trend was reversed with a small 1% increase in July.
Single Family Home Sales Increase in July After 3 Months of Decline
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Mortgage Rates Drop to Near Lowest Levels in the Past Month
After seeing mortgage rates increase in the first quarter of 2021, homeowners and buyers that are in the process of seeking mortgage loans were excited to see mortgage rates drop to the lowest levels seen in the past month.
Millennials Are Largest Segment of Home Buyers for 8th Consecutive Year
According to reports from the National Association of Realtors (NAR), millennials represent 37 percent of all homebuyers this past year, and have made up the largest share of homebuyers for 8 consecutive years. Another interesting fact from the NAR is that many of the homes being purchased are considered multigenerational homes that will house adult siblings, adult children, parents, or grandparents.
Mortgage Refinance Activity In February Breaks 9 Year Record
Homeowners took advantage of February’s mortgage refinance interest rates below 3% with a resyktubg 68% of all mortgage loans being refinance loans. Although rates have slowly increased in March, the refinance activity is still very high.
Mortgage Refinance Loan Volume drops in Mid January 2021
Mortgage interest rates have begun to rise, and as a result January saw the first decrease in mortgage refinance volume since November 2020. The long running record of historically low rates may be news of the past after several weeks of rising rates.
Understanding Fannie Mae’s Home Purchase Sentiment Index (HPSI)
If you are following home purchase trends, whether you are a buyer or a seller, you will find many sources and indexes that will help you in your decision making process.
Have You Heard about 1.99% Mortgage Rates? There’s a Catch!
The mortgage industry has been offering incredibly low rate loans with low or no fees. Recent weeks have seen some mortgage lenders promoting their new 1.99% fixed rate loans, but it’s important to understand the fees involved in these loans. They might be a very good choice for some borrowers but are also a very wrong choice for many.
Good News for Home Buyers
Federal Reserve Chairman Jerome Powell announced at a press conference in April: It’s “a great time to be patient”. This statement followed the Federal Reserve vote to hold interest rates steady.