2024-02-26 | demographics housing
... ...
2024-01-18 | housing
... he "lock-in effect" that homeowners who refinanced or purchased during the pandemic faced. This is even with rates less than 6%. In general, we anticipate that both the mortgage market and homebuyer affordability will fare better in 2024 than they did in 2023." ...
2024-01-18 | housing
... n a mortgage for the purchase of a home. The three main costs of property ownership are insurance, property taxes, and mortgage payments.The report covers 45 counties with a population of at least one million. The largest disparities are found in Honolulu, Hawaii, where median three-bedroom rents consume 67 percent of average local wages, while typical single-home affordability consumes 134 percent; in Kings County, New York, (72% for renting versus 136%), Alameda County, California, (51% for renting versus 108% for owning); Santa Clara County, California, (29%), Orange County, California (out...
2023-06-06 | housing
... ronments, for Americans to talk to a mortgage advisor who can help prepare buyers for the homebuying process, work to determine how much a person can afford and clear up the misconceptions about the many paths to homeownership that exist. At BMO, our goal is all about sustainable homeownership, so having a greater understanding of all the expenses that come along with owning and seriously thinking about your budget is integral to long term success."Americans report various sources of funding to pay for homesThe survey also highlights different financing strategies Americans intend to use for t...
2023-06-01 17:00:00 | housing interest rates
... ...
2023-06-01 11:00:00 | credit unions lending
... t. Similarly, many credit union members likely sought personal loans, up 12% YoY, to consolidate higher interest debt.“Credit unions appear to be really focused on serving member needs wherever they can,” said Flynn. “While auto loan and bankcard originations were down for the whole industry in Q4 2022, among credit unions they remained relatively flat. Additionally, credit unions continue to remain a lower-rate alternative when it comes to personal loans, growing those originations by 12% at a time when other lenders saw significantly less growth.”More Consumers Making Only Minimum Pa...
2023-06-01 | housing
... natives to single-family homes, or spend more upfront on a new-construction home that could need less maintenance in the near term."Once buyers have closed the deal, Thumbtack is the go-to partner to help care for your new home. By entering their home's location and features on Thumbtack, homeowners can receive personalized guidance on what projects to complete, when to complete them and who to hire to get the job done. This will help homeowners create prioritized maintenance plans that are within their budget to cover everything from the move-in house cleaning to tree trimming ...
... In fact, the pace of new home listings in May was even lower than in May 2020 when the real estate market was still contending with pandemic-era closures and restrictions.Nationally, the number of active listings grew +21.5% year over year in May; however, the inventory growth rate continued to slow for the third month in a row. Both newly listed homes (-22.7%) and homes under contract (-18.1%), or pending listings, declined year over year.Compared to last year, active inventory decreased in 21 out of 50 of the largest metros. Markets that reported large yearly declines included San Jose, Cali...
2022-11-07 11:30:14 | consumers economy housing
... onditions surrounding both buying and selling homes. The "poor time to purchase" component of the poll surged this month to a new high amid continuously high property prices and unfavorable mortgage rates, while the "good time to sell" component maintained its downward trend. Consumers continue to be concerned about the movement of home prices, and expectations that prices will fall, particularly among homeowners, hit a new survey high, adding credence to our prediction of home price decreases in 2023. We anticipate that home sales will continue to decline in the upcoming months, in line with ...
2022-08-08 12:00:01 | housing
... Americans who say home prices will go up or down in the next 12 months has decreased. The percentage who say it's a good time to buy a home has increased, but not at the same rate as those who think mortgage rates will go down. Home Purchase Sentiment Index (HPSI) distills consumer sentiment from Fannie Mae's National Housing Survey. The HPSI reflects consumers' current views and expectations of housing market conditions. The net share of those who say their household income is significantly higher than it was 12 months ago increased....
2022-07-28 12:00:00 | consumers debt
... are pessimistic about their financial future. ...
2022-07-28 10:00:00 | housing
... he rate of 2.76 percent from one year ago. On July 27, the Mortgage Bankers' Association reported its Market Composite Index, which tracks the volume of mortgage loan applications, dropped 1.8 percent from the previous week on a seasonally adjusted basis. Mortgage application volume also decreased for the fourth week in a row, reaching its lowest level since February 2000. Some economists and researchers are concerned about the slowdown in the US housing market, with some seeing a 25% decline in prices from peak to trough. However, several analysts have dismissed comparisons ...
2022-07-27 12:00:10 | housing
... ...
... ve many homebuyers pulled forward their purchase plans to avoid expected increases in mortgage rates, contributing to demand for homes and strong price appreciation. Given the sharp rise in mortgage rates since that time, and the resulting negative impact on affordability to potential homebuyers, we expect purchase demand to cool in the quarters ahead, and for home price appreciation to moderate as a result." The FNM-HPI is produced by aggregating county-level data to create both seasonally adjusted and non-seasonally adjusted national indices that are representative of the whole country an...
... ral and state policies may continue to forestall some foreclosure starts. The share of mortgage balances 90+ days past due remained at 0.5%, a historic low. Student Loans Outstanding student loan debt stood at $1.59 trillion in Q1 2022, a $14 billion increase from Q4 2021. About 5% of aggregate student debt was 90+ days delinquent or in default in Q1 2022. The lower level of student debt delinquency reflects a Department of Education decision to report current status on loans eligible for CARES Act forbearances. Account Closings, Credit Inquiries and Collection Accou...
2022-04-22 | housing
... 2% year over year. New listings of homes for sale were down 8% from a year earlier, the 22nd-straight annual decline and the biggest drop since early February. Active listings (the number of homes listed for sale at any point during the period) fell 21% year over year. A record 58% of homes that went under contract had an accepted offer within the first two weeks on the market, up from 54% a year earlier. A record 44% of homes that went under contract had an accepted offer within one week of hitting the market, up from 41% a year earlier. Homes that sold were on the m...
2021-12-22 12:00:00 | real estate
... es rose 31.4% year on year to $ 38.3 trillion last month, well above the 9.7% year on year ($ 2.6 trillion) recorded in November last year. Housing prices rose sharply during the pandemic as mortgage rates hit record lows, teleworking and the skyrocketing stock market boosted demand for housing amid continuing housing shortages. November marked the 16th straight month of double-digit price increases as the number of homes for sale fell to an all-time low. “The rise in property values during the pandemic has widened the gap between homeowners and tenants in America. Homeowners...
2021-10-20 | housing
... merica...
2021-08-25 12:00:00 | economy
... ly income on average goes towards paying off debt other than mortgages. Far and away, the top source of debt after mortgages is credit cards, accounting for more than double any other source: 19% - credit card bills 8% - car loan 7% - education loans 4% - home equity / lines of credit Debt under control, or controlled by debt?With debt consuming nearly a third of monthly budgets on average, many people also say that it has negatively impacted their ability to pursue other financial milestones. Because of their debt: 29% delayed making significant purchases 18% delayed saving...
2021-08-16 09:08:19 | housing
... lowing months of fierce competition and soaring prices that were driven by an intensifying housing shortage, a pandemic moving spree made possible by remote work and historically low mortgage rates. Home prices are stabilizing amid an increase in housing supply. Increased supply gives buyers more options to choose from, which helps reduce competition. It's also typical for competition to ease in the summer following the spring homebuying season, so seasonality is another factor at play. "Competition has started to slow in the last three weeks. We're now seeing five to eight offers on homes ...
2021-06-10 08:52:09 | housing interest rates
... e so throughout the pandemic. Additionally, mortgage-lending rules for second homes tightened in April and May. Under new federal rules, second-home and investment property mortgages can make up just 7% of a lender's total pipeline. That's on top of regulations that make it difficult to get a loan for condo towers in resort areas that may be used as short-term rentals. "In addition to tighter lending rules, vacation-home buyers are starting to react to rising prices," said Redfin Chief Economist Daryl Fairweather. "Home prices have been climbing rapidly for the last several months, and i...
2021-06-01 | housing real estate
... ...
2021-06-01 | housing real estate
... loans, or home equity. Almost half have little to no knowledge about the types of loans available (48%) or the mortgage refinance process (44%). Even among homeowners, one in four (25%) said they are “not at all knowledgeable” about how much closing costs are, and 17% said the same about tapping into their home’s equity. “For many of us, remote work, virtual learning and spending an increased amount of time at home over the last year has highlighted the need for ample space,” said Joye Hehn, Next Step financial education manager for Regions. “As people hunt for homes...
2021-05-11 12:00:04 | housing real estate
... ding clarity on permanent remote-work policies, the economy is recovering and mortgage rates remain low. All of these factors mean that we'll likely see even more buyers enter the market this year and in 2022."The South is expected to lead the way with $1.09 trillion of home sales forecast for 2021, followed by the West with $696.3 billion, the Midwest with $422.6 billion and the Northeast with $322.8 billion. The South has consistently held the top spot, but has inched further ahead in recent years. This is likely because it has more vacant land on which to build, and has attracted score...
2021-05-10 12:00:01 | real estate
... plan to work remotely for the long term, at least part of the time. "The combination of the wealthy becoming wealthier, remote work turning into the new normal and low mortgage rates is creating an ideal environment for affluent Americans to buy vacation homes," said Redfin Chief Economist Daryl Fairweather. "As long as the economy continues to grow, I don't foresee demand for second homes slowing down anytime soon." The elevated demand for second homes in the pandemic era is one sign of economic inequality in the U.S., with some buyers able to afford second homes and o...
2021-05-07 | housing real estate
... a substantial increase in home prices, which could be a precursor to more widespread inflation throughout the economy," said Redfin Chief Economist Daryl Fairweather. "Lumber prices are surging, which has driven up prices of new homes and indirectly drives up prices of existing homes. As states lift their pandemic restrictions, we will likely see more shortages and price increases on everything from gasoline to hotel stays and food. These price increases will likely be short-lived, but could cut into homebuyers' budgets and ease competition enough for the housing market to become more balance...
2021-05-06 | retirement
... early half of seniors (47%) said that their home was paid off and they live mortgage free. Seniors ranked "creating an emergency fund" and "filing for income tax refund" as their top two solutions to improve finances. However, neither one of these options could be used to create long-term retirement sustainability. Meanwhile seniors own over $8 trillion in housing wealth, which could be used to supplement income for millions of seniors in America. To read the full results of the AAG Post-2020 Retirement Survey, visit the link below:https://www.aag.com/post2020survey/" ...
2021-04-30 12:00:00 | housing real estate
... kon with just how expensive housing has become," said Redfin Chief Economist Daryl Fairweather. "But I'm not worried about a housing crash because these sky-high prices are supported by the new reality of well-funded buyers who are often benefiting from newfound mobility via remote work. As the economy recovers, we have the opportunity to reimagine our country's role in supporting a healthy housing market. For instance, we can subsidize construction of affordable homes or support first-time homebuyers in underserved communities. We have our work cut out for us when it comes to ensuri...
2021-04-29 12:00:00 | consumers
... e general population indicate developing or maintaining a budget that works for them as a primary goal. Black (20%) and Latinx (22%) respondents listed getting their finances in order to purchase a home as a financial goal, compared with 14% of the general population. Black (16%) and Latinx (14%) respondents plan to start a business this year, compared to 9% of the general population. The majority of consumers think it’s important to save, but fewer are confident in their ability to do so While 83% of the general population agree it’s important to budget for long-term f...
2021-04-27 09:18:23 | investing
... d mortgages. Among do-it-yourself investors, satisfaction scores are 103 points higher when investors use four or more products than when they use just one. Among investors seeking guidance, that customer satisfaction differential is 76 points. Besides increasing satisfaction, deepening the client relationship is more critical than ever for firms needing to generate revenue in a free-trading environment. The U.S. Self-Directed Investor Satisfaction Study, now in its 19th year, evaluates key satisfaction drivers and firm performance among both investors seeking guidance (those who don’t ...
2021-04-26 12:00:01 | demographics housing
... ems run deep and perpetuate inequality," said Manhertz. "Intentional, targeted and dedicated policy is necessary to repair this broken system." Source: Zillow...
2021-04-20 12:00:09 | housing real estate
... xury homeowners since there's a relative abundance of high-end homes to choose from." Non-luxury homeowners have also taken advantage of mortgage forbearance during the pandemic, allowing them to hold onto their homes in the event of a default instead of putting them up for sale. This is another reason the housing shortage is more acute in the non-luxury market, Fairweather added. The typical luxury home that was for sale during the first quarter spent 61 days on the market—38 fewer days than the same period in 2020. That compares with 26 fewer days for expensive homes, 18 fewer days ...
2021-04-15 12:00:05 | housing
... ...
2021-04-15 12:00:00 | housing real estate
... losure filing); Illinois (one in every 6,119 housing units); Indiana (one in every 6,275 housing units); Ohio (one in every 6,569 housing units); and Florida (one in every 6,763 housing units). 6,418 U.S. properties started the foreclosure process in March 2021, up 7 percent from the previous month but down 77 percent from March 2020. Lenders completed the foreclosure process on 1,576 U.S. properties in March 2021, up 2 percent from the previous month but down 83 percent from March 2020. Source: ATTOM Data Solutions...
2021-04-13 12:00:00 | economy housing
... e been since the onset of the pandemic. However, millions of homeowners remain in mortgage forbearance plans that were originally scheduled to begin expiring in March 2021. To provide additional time for owners to regain their financial footing and support during the recovery, the Federal Housing Finance Agency announced a six-month extension of forbearance for Government-Sponsored Enterprise loans. “While delinquency rates are higher than we would like to see, they continue to decline,” said Frank Martell, president and CEO of CoreLogic. “At the same time, foreclosure rates remain at...
... hit the U.S. and real estate activity in many parts of the country temporarily halted with lockdowns. The data in the report is based on a Redfin analysis of mortgage-rate lock data from real estate analytics firm Optimal Blue. Pandemic-driven demand for second homes is soaring as many affluent remote workers opt to spend at least part of their time in vacation destinations, even as some companies are planning for workers to return to the office. The annual rise in demand for second homes is nearly quadruple the 34% year-over-year gain for primary homes. "The Palm Springs housing market...
2021-04-07 12:00:00 | housing
... to 34%. As a result, the net share of Americans who say mortgage rates will go down over the next 12 months decreased 9 percentage points month over month. Job Concerns: The percentage of respondents who say they are not concerned about losing their job in the next 12 months remained unchanged at 82%, while the percentage who say they are concerned also remained unchanged at 17%. As a result, the net share of Americans who say they are not concerned about losing their job remained unchanged month over month. Household Income: The percentage of respondents who say their household inc...
2021-04-01 12:00:01 | housing real estate
... ...
2021-04-01 | housing real estate
... breaking prices and rising interest rates, according to the realtor.com® Monthly Housing Trends Report released today. And while more choices and slowing price growth may come to those who wait, mortgage rates will likely continue to creep up. "In many areas of the country, there are half as many available homes for sale than a year ago -- and in some markets that number increases to less than one-third. For a buyer, that means if they had 10 homes in their price range to choose from last year, they have less than five, perhaps as few as three, available to them today," said realtor.com®...
2021-03-30 12:09:00 | housing
... are planning to take out another loan to cover the payments — 6% have no plan at all. Many retired homeowners have paid off their homes and are funding their retirement with social security or a pension, giving them a sense of financial security, and homeowners planning for retirement are following the same model. Seven in ten (70%) retired homeowners' homes are fully paid off and nearly half (47%) say owning a home makes them feel secure - that it's a big financial asset. But the Fed is showing retirees' wealth in their home decreasing as they age and rock-bottom interest rates are putt...
2021-03-29 12:00:00 | housing
... ney in the pockets of the most vulnerable renters, as well as landlords who have struggled to meet mortgage and utility obligations due to missed rent payments. However, the government has struggled to distribute that money fast enough to meet the needs of renters and landlords, as the March 31 moratorium deadline loomed. “The ongoing challenge for policymakers is to keep renters in their homes without overburdening landlords,” according to Glynn. “Further extending the eviction moratorium achieves one goal but also prolongs the financial stress on individual landlords. Eventually th...
2021-03-25 19:08:19 | housing interest rates
... ...
2021-03-25 09:08:19 | pandemic saving
... and family, the second most common reason after paying bills (55%), while more than a quarter used the funds to pay their mortgage/rent (28%). Gen Z/Millennials’ primary reason for saving under $500 is job loss (33%) and one-quarter of Gen Z/Millennials are having trouble covering day-to-day expenses. Among those who have been able to save, a rainy-day fund (46%) and retirement (39%) top the list of savings priorities. A quarter (24%) are also saving for a new home and/or home renovations. Boomers taking a cue from past downturns Despite having lived through other econo...
2021-03-24 | housing real estate
... ders become more confident in the economic recovery, they will be more willing to offer loans to borrowers with less-than-immaculate credit." The Homebuying Process Is Taking Longer Homebuyers toured 14 homes on average during the last six months, up from 13 homes a year earlier. From start to finish, the homebuying process took a median of 96 days, compared with 91 days during the same period the prior year. It's taking longer to find homes in part because there's an intensifying housing shortage that's causing many house hunters to get outbid repeatedly. "Within hours of a home ...
2021-03-22 12:00:00 | housing
... to address surging home costs.” According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.81 in February, up from 2.74% in January. The average commitment rate across all of 2020 was 3.11%. Total housing inventory3 at the end of February amounted to 1.03 million units, equal to January’s inventory and down 29.5% from one year ago (1.46 million). Unsold inventory sits at a 2.0-month supply at the current sales pace, slightly up from January’s 1.9-month supply and down from the 3.1-month amount recorded in February 2020. NAR first ...
2021-03-19 12:00:00 | housing real estate
... s shutting down as many cities implemented strict shelter in place orders. A year later the pandemic is still with us, but the housing market is red-hot. It's so hot some buyers are acting irrationally," said Redfin Chief Economist Daryl Fairweather. "Some people are willing to do whatever it takes to win a bidding war to the point they may be overpaying. Still, I wouldn't call this a housing bubble because the demand for homes is truly there and the buyers can afford these high prices. Bubbles burst; I don't see that happening. The best hope buyers have is that home prices start to grow at a ...
2021-03-18 14:00:00 | real estate
... price. The latest ROI (before accounting for mortgage interest, property taxes, renovation expenses and other holding costs) was down from 41.5 percent in 2019 and from 46.4 percent in 2018. The 2020 ROI was off more than 10 percentage points from peaks over the past decade in 2016 and 2017. The 2020 figure also stood at the lowest point since 2011.Historical U.S. Flipping Gross Profit & Returns ChartInvestors saw their profit margins dip again during a year when the median value of the homes they flipped rose more slowly than the median price they paid to purchase properties – 8.4 percent ...
2021-03-16 14:00:00 | housing
... ...
2021-03-12 15:00:00 | demographics retirement
... on, respectively. Though barriers to retirement loom large. Among female investors, the top barrier to saving for retirement is health care costs (47%), followed by rent or mortgage (41%). And the top reason women withdrew early from their retirement funds was for a medical emergency (13%). Paying for education costs (10%) or spending on herself or her family (10%) closely followed. “Amid an incredibly disruptive year, it’s encouraging to see female investors thinking long-term and putting more away for their future selves,” said Deniz Ozgenc, Executive Director of Financial Produc...
2021-02-26 | real estate
... ing market is now like a Soviet-era supermarket, with most of the shelves empty," said Redfin CEO Glenn Kelman in remarks on Redfin's Q4 earnings call this week. "In the week leading up to this call, demand slackened for the first time in months, probably because of cross-country snowstorms. But prior to that, the stories we heard from our agents were harrowing, juicy and bizarre. Migrations are warping the space-time continuum of small-town economies. The affordability crisis that flowed like some huge, unspent electrical charge from San Francisco to Seattle to Portland to Denver an...
2021-02-25 | housing
... ...
2021-02-17 | real estate
... ncommonly low interest rates, the ascent of the millennial homeowner and the prospect of working from anywhere are converging to shape a housing market unlike any other. We could see mortgage rates begin to inch up soon, so now might be an ideal time for homebuyers and sellers to make their move and take advantage of the favorable conditions." Although the growth in sales moderated a bit, other key metrics showed the aftereffects of housing's 2020 record-setting, second-half recovery: January inventory dipped to the lowest level of any time in the 13-year history of the report. The 35....
2021-02-09 14:00:00 | mortgage housing
... ge of the foreclosure process): 0.3%, down from 0.4% in November 2019. Transition Rate (the share of mortgages that transitioned from current to 30 days past due): 0.8%, down from 1% in November 2019. The unemployment rate fell from 14.8% in April to 6.7% by the end of 2020. Unfortunately, the 2020 recession has had a disparate impact on households, with those in oil and hospitality industries especially hard hit. However, the recent rebound in employment has helped some struggling homeowners begin to make payments again. “The consistent decline in serious delinquency since Augu...
2021-02-09 | investing
... ared to Q2 2020. Plummeting rental rates in city centers, rent abatements and cuts, temporary rent and mortgage non-payments, and historically low mortgage rates all drove this decline. With these housing savings, total spending on essential goods and services (including food/beverage at home, routine transportation, education, and medical) fell −4.1 ppts in Q4 2020 compared to Q2. Consumers shifted their spending, in large part, to discretionary products (+3.8 ppts)—including electronics and, especially, apparel. Political stability and climate change climbed on the list of US ...
2021-02-03 09:30:30 | housing economy
... ially as a first timer, it's really important to stick to your budget when searching online so you don't fall in love with something you can't afford. Using the monthly mortgage payment filter on realtor.com® can help you be sure you're only looking at homes within your price range." For the 44% of Americans who've been planning to buy but don't have enough for a down payment, their first home might be closer than they think. Half of recent first-time home buyers were able to save for a home in less than three years, mostly by setting aside a portion of their paycheck each month (50%), cut...
2021-02-03 09:30:30 | housing economy
... ar back as our data for this measure goes. "There will continue to be a lack of new listings in early 2021," said Redfin chief economist Daryl Fairweather. "But rock-bottom mortgage rates will have buyers eager to purchase the few listings that do hit the market. So I expect bidding wars, fast sales and double-digit price growth to continue. We are at a point in the pandemic where would-be sellers are expecting to be vaccinated in the next 6 months, so they may be waiting for that before selling. Once many more people are vaccinated for the coronavirus and more homeowners start to feel comf...
2021-02-02 13:00:01 | housing
... ice gains: for-sale inventory and mortgage rates,” said Dr. Frank Nothaft, chief economist at CoreLogic. “Prospective sellers with flexible timetables have opted to delay listing their home until the pandemic fades or they are vaccinated. We can expect more inventory to come available in the second half of the year, leading to slowing in price growth toward year-end.” Source: CoreLogic...
2021-02-02 | retirement
... off due to COVID-19 couldn't come up with $500 cash. 45% of Black Americans now fear falling behind on their rent or mortgage, compared to 44% of Hispanic Americans, and 28% of White Americans. 51% of Americans need a third Stimulus Check within the next 3 months—and 76% who lost their job due to COVID-19 need a third stimulus check within 3 months. 69% of Social Security beneficiaries experienced at least 1 scam attempt in the last 3 months. The January SimplyWise study found that 44% of Americans worry they'll never be able to retire—an all-time high. The bi-monthly stu...
2021-02-01 12:00:00 | banking digital
... utomated channels (mobile, online and ATMs), up from 78% the prior year. Digital sales accounted for 42% of total consumer sales last year, up from 30% in 2019. Furthermore, 68% of consumer mortgage sales and 74% of direct auto sales were made digitally, compared to 36% and 60% respectively in 2019. Challenges faced by clients last year also led many more to digitally schedule appointments, with 2.6 million arranging in-person and virtual appointments, a 14% increase year over year. Since April 2020, 25% of financial center traffic was driven by the company’s Bank by Appointment capability. ...
2021-01-28 | housing
... ficer at ATTOM Data Solutions. "Demand remained strong as people who could afford the space and relative safety of single-family homes did just that, aided by super-low mortgage rates and a strong stock market. But they went after a narrowing supply of housing stock, so prices soared and so did seller profits. While it's unclear how long that will last, in the annals of history, there will be few years recorded as better for sellers and more challenging for buyers." Among 132 metropolitan statistical areas with a population greater than 200,000 and sufficient sales data, those in western s...
2021-01-22 15:00:00 | mortgage interest rates
... t credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. Sourc: FreddieMac...
2021-01-22 13:00:00 | housing
... dinarily low 2.71%, hit a monthly high of 2.79% on Dec. 25 and ended the month at 2.75%. Even as prices rose late in 2020, record low mortgage rates have made monthly payments more affordable for buyers. Rates are currently on an upward trend, but are still far below long-term averages. Source: Zillow...
2021-01-22 | housing
... dustry." According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage decreased to 2.68% in December, down from 2.77% in November. The average commitment rate across all of 2020 was 3.11%. Single-family home sales rose at a seasonally-adjusted annual rate of 6.03 million in December, up 0.7% from 5.99 million in November, and up 22.8% from one year ago. The median existing single-family home price was $314,300 in December, up 13.5% from December 2019. Single-family and Condo/Co-op Sales Existing condominium and co-op sales were recorded at ...
2021-01-15 12:00:00 | housing mortgage rates
... recast expects annual mortgage origination levels to be $3.3 trillion in 2021 and $2.4 trillion 2022. Source: Freddie Mac...
2021-01-15 | economy
... to prevent year-end 2021 home sales from being higher than 2020," Duncan concluded. Source: Fannie Mae...
2021-01-14 | housing foreclosures
... shion the fallout." States that saw declines in foreclosure starts from last year included Oregon (down 79 percent); Kansas (down 77 percent); Arkansas (down 77 percent); Nevada (down 71 percent); and Massachusetts (down 70 percent). Counter to the national trend, Idaho saw a slight uptick (up 4 percent) from last year. Those metropolitan statistical areas with a population greater than 1 million that had at least 500 foreclosure starts in 2020 and saw the greatest decline in foreclosure starts from last year, included Jacksonville, Florida (down 74 percent); Las Vegas, Nevada (down 74 perc...
2021-01-10 08:24:41 | housing
... ...
2021-01-08 12:05:00 | spending
... ity of Americans (59%) plan to use the money to pay household bills, with utilities; cable/internet; rent; mortgage; and mobile phone bills topping the list. While 90% of consumers believe the funds will help their financial health in the new year, recently released data from doxo’s 2020 US Bill Pay Market Size & Category Breakout report revealed how much consumers pay per bill each month, suggesting that the $600 checks won’t last very long. Key findings from the $600 Stimulus Check Impact Report include: While more than half of all Americans believe they will receive a stim...
2021-01-08 | housing
... d income is significantly higher than it was 12 months ago decreased from 24% to 20%, while the percentage who say their household income is significantly lower remained unchanged at 18%. The percentage who say their household income is about the same increased from 57% to 61%. As a result, the net share of those who say their household income is significantly higher than it was 12 months ago decreased 4 percentage points month over month. SOURCE Fannie Mae ...
2021-01-06 | housing mortgages millennials
... the lowest point since Ellie Mae began tracking the data in January 2016. Millennials refinancing their mortgages to lower their monthly payments continued to increase loan volume, causing the average time to close a refinanced loan to increase by two days month-over-month, from 58 days to 60 days. Overall, average time to close for all loan types increased from 49 days in October to 52 days in November. “With interest rates reaching historic lows, millennials have refinanced to take advantage of a significant savings opportunity they will see play out over the long-term,” said Joe T...
2021-01-05 | housing demographics
... re not surfacing this time. Thanks to rock bottom rates on the most secure mortgages, extended forbearance programs, and rising home prices, there are no signs of another widening of the gap coming this year. However, through these turbulent times, continued vigilance and targeted intervention by policymakers is crucial to keep the progress going for communities of color." Home value inequality varies greatly in different states and metropolitan areas. Large metros with the smallest spread between Black-owned home values are Riverside (1% value gap), San Antonio (3%), Las Vegas (3%), and Po...
2020-12-31 | housing
... nthly expenses not exceeding the 28 percent barrier — meaning households would not be spending more than 28 percent of their income on mortgage payments, property taxes and insurance. That required income is more than the $64,447 average wage nationwide based on the most recent average weekly wage data available from the Bureau of Labor Statistics, making a median-priced home nationwide unaffordable for an average household with two wage earners. Source: ATTOM Data Solutions press release ...
2020-12-31 | interest rates housing
... t credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. Source: Freddie Mac news release...
2020-12-29 | housing real estate
... ...
2020-12-28 | interest rates mortgage
... t credit. Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey. Source: http://www.globenewswire.com/news-release/2020/12/24/2150517/0/en/Mortgage-Rates-Hit-Record-Low-at-Yearend.html ...
2020-12-28 | housing
... lightly higher mortgage rates to reverse that trend in 2021, so buyers contemplating a move may consider doing so sooner rather than later. Given the expected volume of sales, hopes for an economic recovery as the COVID-19 vaccine rolls out, and the expectations for demand to continue to outpace supply, Zillow forecasts annual home value growth to reach 10.3% in November 2021 -- the highest since 2006. Mortgage rates, which hit record lows in 2020, are expected to rise. Rates are likely to remain low by historical standards and not rise enough to meaningfully limit demand, but even a small...
2020-12-21 | credit cards mortgages borrowing
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2020-12-20 | housing mortgages
... 00 in April, a slowdown from 7% growth the month before. The average mortgage rate was 3.31%, a dip from 3.62% at the beginning of the year. ...
2020-11-17 09:26:29 | debt mortgages
... d leases, reached a series high in Q3. In total, non-housing balances (including credit card, auto loan, student loan, and other debts) saw a $15 billion increase. Source: New York Federal Reserve...
... $9.78 trillion. Mortgage originations, which include mortgage refinances, reached $846 billion, the highest volume seen since the refinance boom in 2013. Origination credit scores for mortgages increased notably in the second quarter of 2020....
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