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With moratoriums in place, foreclosures were nearly non-existent last year. Even as pandemic protections have lifted, a foreclosure wave—which was an industry concern—has not occurred.“The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” says Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary forec
Inflation continues to press on mortgage rates. The 30-year fixed-rate mortgage averaged 3.45% this week, up from last week’s 3.22% average, Freddie Mac reports.“Mortgage rates rose across all mortgage loan types, with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from last week,” says Sam Khater, Freddie Mac’s chief economist. “This was driven by the prospect of a faster than expected tightening of monetar
As the homebuying and remodeling spree continues amid the pandemic, homeowners are showing they really care about what their home looks like. Google searches for “interior design styles” have increased 40% in the past week alone, according to a study from Uswitch, a mortgage comparison firm.Researchers analyzed more than 4 million pins across Pinterest to find which decor styles are the most desired across each room of a home and to determine
The majority of home buyers—87%—finance their home purchase. But some aspiring buyers may delay their purchase due to persistent myths over down payment requirements.Thirty-five percent of consumers believe they need a down payment of 16% to 20% of the purchase price. Ten percent believe they need more than 20% for a down payment to purchase a home, according to the National Association of REALTORS®’ survey data. With home prices rising by
Homeowners are looking for easy upgrades that are simple to control while adding convenience and value to their homes. They’re increasingly turning to smart-home technology, particularly during the pandemic.Smart-home technology can mitigate danger, prevent damage, manage resources, and anticipate maintenance needs, according to a new report from Z-Wave, a company that provides a wireless technology for smart homes. Z-Wave’s 2022 Z-Wave State
Vacation homes have emerged as a hot commodity ever since the pandemic began. As more employees find greater flexibility in working remotely, many are choosing to take on a second residence.Demand for vacation homes was up 77% from pre-pandemic levels in December, Redfin reports. “The wealthy are still flush with cash and have access to cheap debt, which is why second-home purchases remain far above pre-pandemic levels,” says Daryl Fairweathe
Mortgage rates have taken a big leap at the start of the new year. In the first week of 2022, the 30-year fixed-rate mortgage jumped nearly 60 basis points higher than a year earlier, averaging 3.22% this week, Freddie Mac reports.“Mortgage rates increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” says Sam Khater, Freddie Mac’s chief economist. “With highe
The Federal Housing Finance Agency announced it would be increasing upfront fees on second-home mortgages and on mortgages that finance homes with balances that exceed standard conforming loan limits. The fees are expected to increase the purchase cost of second homes and homes in high-cost areas.The new fees from Fannie Mae and Freddie Mac will take effect on April 1.Upfront fees for mortgage loans on second homes will rise between 1.125% and 3.
The latest COVID-19 variant is prompting a wave of new infections—more than 1 million daily cases were reported on Monday alone. Omicron is also the most contagious variant yet. But housing analysts don’t believe omicron will hamper the housing market and deter buyers and sellers—at least it doesn’t done that so far, observers say.Housing analysts acknowledge they were concerned as the new strain reached the U.S. in November and then saw
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