The 30-year fixed-rate mortgage hit its 11th record of the year this week, averaging 2.80%—the lowest rate ever recorded by Freddie Mac.“Mortgage rates remain very low, providing homeowners who have not already taken advantage of this environment ample opportunity to do so,” says Sam Khater, Freddie Mac’s chief economist. “Mortgage rates today are on average more than a full percentage point lower than rates over the last five years. Th
Single-family homeowners with FHA-insured mortgages who are struggling financially amid the pandemic now have through Dec. 31 to submit an initial forbearance request. The U.S. Department of Housing and Urban Development announced this week that it's extending the deadline, originally set for Oct. 30, for those needing to make an initial COVID-19–related forbearance request to their lender.The change puts FHA’s forbearance
Home sales and home prices are increasing by double digits, with homes flying off the market in record time. Existing-home sales increased for the fourth consecutive month in September, up nearly 21% compared to a year ago, the National Association of REALTORS® reported on Thursday. All major regions of the U.S. saw month-over-month and annual gains in September. The Northeast experienced the largest increase in home sales.“Home sale
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As October began, homebuilding starts were up more than 8% compared to a year ago. But that increase in new homes on the market is still not enough to meet demand, says Lawrence Yun, chief economist of the National Association of REALTORS®. Housing starts in September were at a 1.42-million-unit production level on an annualized basis, but Yun says the annualized number of permits, 1.55 million homes, will better meet housing demand. Permit
The need for curb appeal continues to increase, especially as many local buyers hesitate to enter unfamiliar homes and distant buyers narrow their home-shopping lists from afar in the pandemic. A dismaying front yard may prompt them to move on, whether in person or on the internet.“You only get one chance to make a first impression, and it happens when a potential buyer sees the exterior of your home,” Kate Rumson, interior designer and Trane
Austin, Texas, has become the most sought-after city among millennial renters this year, according to a new study from RentCafe, a nationwide listing service for renters. Millennials have overtaken baby boomers as the largest generation in the U.S. to date. They also make up the majority of the workforce. So the real estate industry has always watched where they call home.RentCafe analyzed 13 million renter applications nationwide to identify the
Paint firms are continuing to release a range of colors as their picks for the hottest hues of 2021. Benjamin Moore is the latest in announcing its choice: “Aegean Teal,” its top color pick for the new year.The blue-green midtone, with gray undertones, is “rooted in the elegant, hand-spun textures of the home,” Benjamin Moore says. The color evokes a sense of comfort, craft, nourishment, and inspiration, the paint company says.“Amid unc
The National Association of REALTORS® announced Friday that it has partnered with global financial services firm Morgan Stanley to offer investment guidance and other financial wellness resources to members. With only 52% of REALTORS® actively saving for retirement, according to NAR’s 2019 Financial Planning Report, the newly available financial planning and investment guidance—offered through NAR’s Center for REALTOR® Financial Wel
Mortgage rates fell slightly this week, setting a new record low for the 10th time this year, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 2.81%, the lowest rate since Freddie Mac began tracking such data in 1971. The previous all-time low, an average of 2.86%, was set in mid-September.“Low mortgage rates have become a regular occurrence in the current environment,” says Sam Khater, Freddie Mac’s chief economist. “As we h
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