Credit union membership and lending is growing as borrowers increasingly turn to them for mortgages. Between the end of 2019 and September 2020, credit union membership increased by 3.37 million, or 2.8%. Credit union membership now totals 125.11 million, CNBC reports. Further, loan portfolios at credit unions grew 6.6% over the last year, and these banks saw a nearly 5% boost in loans.Affinity, a New Jersey-based credit union with 20 branches, r
The 30-year fixed-rate mortgage continued to hover near its all-time low, offering low borrowing costs to home shoppers and refinancers. The 30-year fixed-rate mortgage averaged 2.73% again this week; it’s all-time low was 2.65%, which was set in early January, Freddie Mac reports.“Mortgage rates remained flat this week and near record lows, signifying an economy that continues to struggle,” says Sam Khater, Freddie Mac’s chief economist.
This spring will likely be another fiercely competitive one for home buyers. Real estate professionals should prepare their house hunters for record low inventories and rapidly rising home prices.“Demand for housing was already strong coming into the year and we don’t see that slowing down with millennials reaching prime home-buying age, and many remote workers still in the market for more space,” says Danielle Hale, realtor.com®’s chief
As homeownership surges in demand, rental prices are taking a hit in many large cities. Rents fell in 37 of the nation’s 100 largest counties in December 2020, with rental prices in some of the traditionally highest priced tech hubs seeing some of the biggest drops.“Some of the major factors that attract renters to dense downtowns—proximity to work and restaurants and fun things to do—are not currently relevant,” says Danielle Hale, rea
Rising home prices and low inventory are putting pressure on first-time home buyers, but record-low mortgage rates and a hot market during the pandemic are encouraging many to jump-start their home search. In December, first-time buyers accounted for 31% of existing-home sales, according to the National Association of REALTORS®.Which places offer some of the best values for those entering homeownership for the first time? Researchers with reloca
Mortgage rates headed back down this week, continuing to hover near all-time lows. “As the market reacts to a new administration in Washington and COVID-19-driven economic malaise, mortgage rates continued to decrease this week, just slightly,” said Sam Khater, Freddie Mac’s chief economist.Also, the Federal Reserve announced this week that it will leave both interest rates and its bond-buying program unchanged, both actions likely helping
Home buyers better hurry: This month may offer the best time of year to get a mortgage. But February can offer some of the best rates too, according to a new study from Haus, a home-finance startup.The firm studied seasonality, loan size, credit scores, and other factors that play a role in mortgage rates. Researchers found that in January, lenders tend to offer discounts of nearly 20 basis points compared to the time period between June and
Home seller profits are soaring as home prices set new records in the pandemic. Home sellers nationwide in 2020 saw a home-price gain of $68,843 on the average sale—that is up from $48,500 two years prior, according to new research from ATTOM Data Solutions, a real estate research firm. Seller profits increased in more than 90% of the housing markets tracked, too.Home seller equity for single-family homes and condos represented a 34.7% return o
As part of last month’s COVID-19 stimulus package, $25 billion in federal assistance funds are expected to be disbursed to states today, Jan. 26.There could be a rush for funds with an estimated 14 million Americans are behind on their rent. Further, rental arrears in the country may be near $70 billion, CNBC reports.To qualify for rental assistance, at least one member of a household must have experienced income loss, significant expenses due
The pandemic is expanding the divide between those who are thriving financially and those who aren’t, CNN reports. Stock market growth is enriching the wealthy and they’re up-sizing by purchasing pricier homes. However, those facing unemployment in the pandemic and first-time buyers who don’t have equity in a current house, are struggling in the housing market.Homeowners with mortgages gained about $17,000 in equity in just the third quarte
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