Record low mortgage rates are sticking around. The week ending May 14 marks the sixth consecutive week that mortgage rates have stayed at or near all-time lows. The 30-year fixed-rate averaged 3.28% this week, Freddie Mac reports.“Mortgage rates have stabilized at very low levels over the last few weeks as homebuyer demand slowly improves,” says Sam Khater, Freddie Mac’s chief economist. “Although purchase applications reached a new low i
Mortgage financing giants Fannie Mae and Freddie Mac announced that homeowners in forbearance can request payment deferrals and tack any missed payments on to the end of their loan term, without penalty or added interest.Under forbearance, homeowners are still required to repay any missed payments. But the government-sponsored enterprises made clear in an announcement Wednesday that borrowers do not have to repay them all at once.Freddie Mac stat
As states reopen, buyers are reemerging faster than expected, proving market resiliency against the COVID-19 pandemic. Applications to purchase a home posted their fourth consecutive weekly increase, rising 11% last week, the Mortgage Bankers Associations reported Wednesday.Applications are still 10% lower than a year ago but the annual loss continues to shrink each week. For example, last week’s purchase volume was down 19% annually. A month a
Home prices in the first quarter of the year were up in nearly all major U.S. cities, and despite the continuing difficulties of the COVID-19 pandemic, prices show no signs of slowing, according to the National Association of REALTORS®’ latest quarterly report.The median price nationwide for an existing single-family home was $274,600 in the first quarter, a 7.7% increase year over year. “The first-quarter price jumps mostly reflect conditio
Many homeowners have a lot of money in their homes. During the first quarter of this year, 26.5% of residential properties or 14.5 million were considered equity rich, meaning the owner had at least 50% equity in their home, ATTOM Data Solutions reports Thursday.“Homeowners’ balance sheets generally remained strong in the first quarter of 2020 across the U.S.,” says Todd Teta, chief product officer with ATTOM Data Solutions. “In the lates
The 30-year fixed-rate mortgage inched up slightly this week to average 3.26%, but remains near its record low.“Mortgage rates stayed at or near record lows for the fifth straight week and homeowners are taking advantage with refinance activity remaining high,” says Sam Khater, Freddie Mac’s chief economist.Freddie Mac reports the following national averages with mortgage rates for the week ending May 7:30-year fixed-rate mortgages: average
Record low mortgage rates last week may have offered up plenty of incentive for home buyers, even in a pandemic. Mortgage applications for home purchases increased 7% this week, which follows a 12% uptick last week, the Mortgage Bankers Association reports. Mortgage applications are viewed as a gauge for upcoming home sales.This marks the third week in a row that purchase volume in mortgage applications has increased. The strongest grow
Mortgage rates have fallen to record lows, and low APRs are helping potential home buyers and refinancers net even more savings to their monthly payments. The average annual percentage rate offered to borrowers looking to purchase a home dropped by 17% over the past year, from April 2019 compared to April 2020.The APR reflects the true cost of borrowing by including the interest rate, points, and fees charged by a lender. As such, it is high
Financial institutions have been tightening up on lending in recent weeks due to the COVID-19 pandemic, and home equity lines of credit have become the most recent target. JPMorgan Chase and Wells Fargo are the latest bank giants to announce that they will no longer be accepting applications for new HELOCs.“The decision to temporarily suspend the origination of new HELOCs reflects careful consideration of current market conditions and uncertain
Mortgage rates reached a new record low this week, with the 30-year fixed-rate mortgage falling to its lowest average ever since Freddie Mac began tracking such data in 1971. “The size and depth of the secondary mortgage market is helping to keep rates at record lows,” says Sam Khater, Freddie Mac’s chief economist. “These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely
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