Mortgage rates held steady overall this week, a welcome relief to home shoppers who may have been watching them rise week after week since the beginning of the year.The 30-year fixed-rate mortgage averaged 3.55% this week, Freddie Mac reports.“Following a month-long rise, mortgage rates effectively stayed flat this week,” says Sam Khater, Freddie Mac’s chief economist. “Recent rate increases have yet to significantly impact purchase deman
Home sellers in 2021 may have been a little shocked at the profit they made selling their homes. A report shows that home sellers nationwide realized a profit of $94,092 on a typical sale in 2021, up 71% from two years ago, according to ATTOM Data Solutions, a real estate data firm.Home seller profits rose in more than 90% of the housing markets tracked based on median purchase and resale prices, marking the highest level since 2008.The $94,
Rental demand surged in 2021, partly because many higher-income households turned to renting after unsuccessful searches in the for-sale market, according to America’s Rental Housing 2022, a report released by the Harvard Joint Center for Housing Studies. Those households have driven nearly 70% of total renter growth over the past decade. The growing number of amenity-rich rentals in desirable locations is attracting higher-income renters but a
U.S. commercial property sales soared in 2021 as investors snatched up warehouses, apartment buildings, resorts and hotels, and more, according to new data from Real Capital Analytics.Commercial property sales reached a record high of $809 billion in 2021, nearly double 2020’s total. It also pushed ahead of the previous record set in 2019 of $600 billion."Everything's lining up for another strong year," Carly Tripp, head of real estate investme
The average dollar amount of a mortgage purchase application hit a record of $418,500 as higher home prices force buyers to borrow more, the Mortgage Bankers Association reported this week.“The continued rise in purchase loan application sizes is driven by high home price appreciation and the lack of housing inventory on the market—especially for entry-level homes,” says Joel Kan, vice president of economic and industry forecasters for the
Mortgage rates are on the rise in the new year, just like economists predicted. The 30-year fixed-rate mortgage, which is up 45 basis points in less than a month, averaged 3.56% this week compared to 3.11% in the last week of 2021.“Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation,” says Sam Khater, Freddie Mac’s chief eco
Existing-home sales ended 2021 on a high note as home buyers rushed to buy a home to take advantage of ultra-low mortgage rates. Overall, sales were up 8.5% in 2021 compared to 2020, the National Association of REALTORS® reported Thursday. But the new year could bring about lower sales numbers as more buyers become priced out and find fewer and fewer choices of homes for sale.The signs of a slight slowdown are already popping up. In December 202
Property owners are charging more for their single-family rentals as demand soars. Single-family rental prices continue to rapidly increase with record growth, according to CoreLogic’s Single-Family Rent Index. In November 2021, single-family rent growth nationally rose 11.5% year-over-year.Annual rent price growth has continued to double—and even triple—in the last several months in some markets, according to the index.“Improvements in t
Mortgage credit availability loosened in December, even as house hunters continue to face higher prices that are hampering affordability, according to the Mortgage Bankers Association.MBA’s Mortgage Credit Availability Index posted its highest reading since May 2021. However, credit availability is still 30% below pre-pandemic levels."Credit supply increased in December, with growth across both conventional and government segments of the market
With moratoriums in place, foreclosures were nearly non-existent last year. Even as pandemic protections have lifted, a foreclosure wave—which was an industry concern—has not occurred.“The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” says Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary forec
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