Mortgage applications for home purchases, a gauge of future home buying, saw a 12% uptick last week, reversing a month of plummeting activity due to the COVID-19 pandemic, the Mortgage Bankers Association reported. Housing experts say it could mark a sign that home buyers are returning.Refinancing demand fell last week, which caused the overall volume to decline by 3.3% for the week, according to the MBA’s seasonally adjusted index. The overall
In the first quarter of this year, the homeownership rate reached its highest level since the third quarter of 2013. The percentage of people who own a home in the U.S. increased to 65.3%, a 1.1% uptick over the year prior, the U.S. Census Bureau reported Tuesday.Homeownership has been on the upswing since 2016. While the pandemic that increased its presence in the U.S. in March and April may impact that movement going forward, many economists ar
Contract signings dropped in March as many housing markets paused as the coronavirus outbreak spread across the country.The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on contract signings, dropped 20.8% in March compared to February. All four major regions of the U.S. saw a drop in contract activity last month.Contract signings are down 16.3% compared to a year ago.“The housing market
As the nation adheres to stay-at-home orders due to COVID-19, what homeowners desire in a home is changing, according to a new consumer survey from realtor.com® and Toluna Insights. Of the 1,300 homeowners surveyed, a large number say they’re struggling to work, live, and parent in small spaces, and many say they appreciate quiet neighborhoods and a backyard.“After more than a month of stay-at-home orders, it’s safe to say Americans are re
The 30-year fixed-rate mortgage averaged 3.33% this week, near its all-time low, Freddie Mac reports.“Mortgage rates have stabilized over the last few weeks as the market searches for direction in the fog of economic data,” says Sam Khater, Freddie Mac’s chief economist. “While financial markets initially rallied on the news of Federal Reserve support and are improving due to the Senate’s passage of a new small business stimulus, we con
While sheltering in place, more homeowners are taking on house projects. Stores that offer gardening supplies and building materials are weathering COVID-19, as retail sales of building materials, gardening equipment, and supply stores (paint and wallpaper stores and hardware stores) were up 7% in March compared to a year ago, according to U.S. Census Bureau data.“This is a good time for homeowners because gardening, yard improvements, and mino
Some borrowers who’ve obtained a mortgage are going into forbearance before the loan can be sold by the lender to a government-sponsored enterprise. As a result, the Federal Housing Finance Agency announced Wednesday that for a limited time it will be directing mortgage financing giants Fannie Mae and Freddie Mac (the enterprises) to purchase home loans that have gone into forbearance shortly after closing. The agency says it hopes this step wi
Like people, pets have certain needs when it comes to the space where they live, and the National Association of REALTORS®’ latest Pet Survey proves they can be the deciding factor for buyers when choosing one home over another. In fact, REALTORS® are likely to be prepared to guide clients in the right direction—the study found that 81% of members surveyed consider themselves animal lovers.When it comes to the house your pet-conscious clien
As real estate pros find new ways of conducting business during a pandemic, home showings are on the rise.While showings dropped between March 12 and April 12, data from the national showing service ShowingTime shows that home showings have been on the upswing, with a 39% increase in the last two weeks. The uptick is likely due to virtual showings rather than in-person showings.The largest increase in showings has been for homes priced $300,000 t
As hotels face steep declines in travel guests due to COVID-19, they’re trying to find a new hook to appeal to consumers. Some are now offering up rooms to people who are finding working from home too distracting. The hotel rooms can offer privacy, a desk, high-speed internet, a minifridge, and a special rate for just the day.For example, the White Bear Country Inn, a Best Western Plus outside of Minneapolis, is offering a $49 room to houseboun
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