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
The Federal Reserve voted Wednesday to keep its benchmark interest rate near zero due to the COVID-19 pandemic, showing little interest in reversing course anytime soon. The Fed’s benchmark rate does not directly impact mortgage rates for home buyers, but it can influence them.The Fed’s Federal Open Markets Committee voted to keep the range of its benchmark interest rate between 0% to 0.25%. It had called two emergency meetings during the cus
It was a good time to be a homeowner in the first quarter of this year. Home sellers nationwide saw home price gains average $67,100 on a typical sale, up from $59,000 a year prior, according to a report released Thursday from ATTOM Data Solutions, a real estate research firm.The $67,100 home seller profit represented an average of a 33.7% return on investment compared to the original purchase price, the report shows.The median price for single-f
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
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