The 30-year fixed-rate mortgage averaged 2.98% this week, the lowest rate in Freddie Mac’s records dating back to 1971.“The drop has led to increased home buyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” says Sam Khater, Freddie Mac’s chief economist. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recover
Americans love their morning brew. The U.S. boasts more than 100,000 coffee-related businesses. But which cities are best to grab a cup of joe?Apartment Guide analyzed 9,500 cities in the U.S. that have at least one coffee shop and then narrowed its list to cities with populations of more than 100,000. They pinpointed the ratio of coffee-related establishments per 100,000 residents in each of those cities and narrowed the list again by calculatin
Empty nests no more: Millions of college students returned home as college campuses closed in the spring during the outbreak of COVID-19. And many of those college students say they’ve enjoyed being back home.On average, students said at first they expected to stay at their family’s home for four months, according to a survey of about 1,200 college students conducted by CollegeFinance. But 41% acknowledged they were unsure how long they’d s
Home buyers may face stricter credit score requirements and larger down payment or higher cash reserve requirements if trying to qualify for a supersized mortgage. Lenders reportedly are growing stricter about granting jumbo mortgages, CNBC reports.Jumbo mortgages, also known as “nonconforming loans,” allow buyers to qualify for higher loans to purchase homes, typically in more expensive areas. In many areas, for 2020, the lending cap is $510
As cities locked down while the COVID-19 outbreak began, many housing markets came to a standstill. But it was a short-lived one. As states and cities have begun to reopen, buyers have reemerged in some markets—in some cases growing their footprint from even a year prior.Clever Real Estate recently examined national housing market trends to pinpoint which metro areas have seen the largest rebounds in buyer demand. The service’s Housing Demand
Entire industries are being forced to reconsider their business models in the COVID-19 world. Unemployment has skyrocketed during the pandemic, but some industries are more likely than others to weather the storm and even grow after the pandemic eases.Keeping a pulse on employment is key in real estate, as new job centers can spawn new demand for housing in an area. But real estate itself is among the top five industries cited by MarketWatch as m
Sales of newly built homes surged 55% year-over-year in June—the highest pace of sales growth in homebuilding since the housing boom back in 2005 and 2006, according to new data from John Burns Real Estate Consulting. The firm’s data tends to mirror U.S. Census Bureau reports.With a limited number of existing homes for sale, homebuilders are finding more buyers turning to them for options. This latest housing boom is being entirely driven by
Taylor Morrison, the fifth largest homebuilder in the country, reports a record monthly gain in orders for new-home construction—and a rise of 94% annually—in June. The builder also reports record sales across 22 major housing markets and 11 states. “To experience our best sales month in company history amid a pandemic, amid transitioning our business to a virtual environment seemingly overnight, and amid the economic and psychological impa
Some homes have a rich history that dates back centuries. Thousands of historical homes built between the late 1500s and early 1900s are still standing in the U.S. and are on the National Register of Historic Places.Where are you most likely to find one of these treasures? Homes.com recently analyzed 50 of the oldest or most historic cities in the U.S., and then ranked each city based on their total number of registered historical homes per capit
More home buyers are applying for loans, and they’re ready to close. Mortgage applications to purchase a home increased 5% last week and are now 33% higher than a year ago, the Mortgage Bankers Association reported Wednesday.Record low mortgage rates last week prompted a spike in activity. Home buyer demand has proven strong since mid-May as some states started to reopen after sheltering in place to slow the COVID-19 outbreak. Buyers reemerged
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