Borrowers came in swarms last week to take advantage of another massive drop in mortgage rates. Mortgage application activity, which includes refinances and home purchases, surged 55.4% last week compared to the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Volume was 192% higher year over year.The bulk of the increase came from homeowners refinancing their mortgages into lower rates. Applications for
Iowans appear to be the happiest home owners, a “New Homebuyer Happiness Index” shows. The state ranks number one in the consumer survey that asked about neighbor friendliness and safety, job market, raising a family potential, and homeowner regret.It’s not just Iowans who are happy, but overall, home buyers appear happy with where they are, according to the survey of 5,672 consumers who purchased a home in 2019 conducted by LawnStarter, a
Borrowers who are unable to make their monthly mortgage payments due to COVID-19, also known as the coronavirus, have options to postpone payments, according to a new statement released by the Federal Housing Finance Agency. FHFA Director Mark Calabria reminded mortgage servicers this week to offer forbearance options to those who are affected as the virus continues its spread through the U.S.“To meet the needs of borrowers who may be impacted
Remodeling any aspect of a home can be a big job and a lot can go wrong when owners aren’t adequately prepared. Houzz, a home remodeling website, asked a panel of renovating experts the most common remodeling blunders they see. Here are a few of their responses.Not budgeting properly.Underestimating the costs of a project can be a dire mistake that could leave homeowners either with an unfinished property or having to incur a financial loss. Ha
The ultra-wealthy may be looking to expand their real estate portfolios. The industry is watching closely as the number of high-net-worth individuals grows: About 31,000 more ultra-rich people emerged globally in 2019, which is an annual growth rate of 6%, according to a new report from U.K.-based real estate firm Knight Frank and New York brokerage Douglas Elliman. The growth rate of the ultra-rich, or those with a net worth of at least $30 mill
Housing affordability appears to be on the minds of buyers as smaller cities overtake realtor.com®’s monthly list of top-performing markets in the country. In February, Colorado Springs, Colo., topped the rankings, jumping from the number 10 spot the month prior. Meanwhile, pricier markets in California continued to drop further in the rankings. Realtor.com®’s list is based on areas where time on market is the shortest and where there are t
The 30-year fixed-rate mortgage this week fell to its lowest average on record—3.29%—since Freddie Mac began tracking such data in 1971. And borrowers rushed to lock-in.Mortgage applications rose 10% last week compared to a year ago, says Sam Khater, Freddie Mac’s chief economist. “Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive f
Homeowners were in a rush to take advantage of lower mortgage rates, as weekly refinance applications surged 26%, the Mortgage Bankers Association reported Wednesday. Refinance volume is now nearly 224% higher than a year ago.Mortgage rates are falling due to fears of an outbreak of the new coronavirus in the U.S. The average 30-year fixed-rate mortgage dropped to 3.57% last week from 3.73% a week earlier, the MBA reports. A year ago, rates avera
Last year, home flipping reached its highest rate since 2006, according to ATTOM Data Solution’s 2019 U.S. Home Flipping Report, released Thursday. Butt despite the increase, profit margins have dropped, the report shows.In 2019, 245,864 single-family homes and condos in the U.S were flipped—that represents 6.2% of all home sales during the year. Those home flips generated a gross profit, on average, of $62,900 nationwide, representing the di
The apartment sector is expected to have a banner year, with new supply reaching a three-decade high across the country’s 150 largest apartment markets, according to a new report from RealPage, a property management software firm. For this year, the company is predicting 371,000 new units will enter the multifamily market.Larger markets like Los Angeles are expected to see a surge in new units, and researchers say many smaller markets are expec
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