Mortgage rates are on a continuing streak of record lows. For the fourteenth time this year, the 30-year fixed-rate mortgage averaged its lowest on record: 2.71%, Freddie Mac reports. The previous record low of 2.72% was set just last month.

Could home buyers be starting to take the low rates for granted?

“Despite persistently low mortgage rates, home sales have hit a wall,” says Sam Khater, Freddie Mac’s chief economist. “While home buyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 3:

• 30-year fixed-rate mortgages: averaged 2.71%, with an average 0.7 points, falling from last week’s 2.72% average. Last year at this time, 30-year rates averaged 3.68%.
• 15-year fixed-rate mortgages: averaged 2.26%, with an average 0.6 points, dropping from last week’s 2.28% average. A year ago, 15-year rates averaged 3.14%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.86%, with an average 0.3 points, dropping from last week’s 3.16% average. A year ago, 5-year ARMs averaged 3.39%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.

While the home purchase has become more affordable, monthly mortgage payments and down payments have not. As of the third quarter, a renter with a family income of $49,242 or below would not be able to afford a typical single-family home valued at $313,500, according to NAR’s analysis. The mortgage payment would account for 29% of income, which is above the 25% threshold that most financial experts consider affordable.

Also, a renter will need about $30,000 for a 10% down payment, requiring an estimated 13 years of saving.

Still, the FHA and other lending programs offer 3% loans to first-time buyers. Several loan programs offer down payment assistance that real estate pros can share with their customers who are looking to buy but are unable to save for the down payment. Read more: Go in for the Assist

As iBuyers resume operations, they’re finding less sales activity coming their way as the housing market sees booming sales from consumers.

Many iBuyers paused home purchases in mid-March as the COVID-19 outbreak began in the U.S. While most reopened over the summer, their sales levels are lower than before the pandemic. iBuyers make instant cash offers to sellers who wish to bypass the traditional MLS marketing route, often for assurance and a quicker sale. However, homeowners tend to pay higher fees for the convenience.

iBuyers have been collectively purchasing homes at an average of 95.5% of market value across all markets, a drop from the 2019 average of 98.6%, according to the Seller Preferences Report recently released from Zavvie, a technology firm that connects agents with iBuyer, bridge, and open market programs that they can offer to their clients. The report factors in iBuying firms like Opendoor, Zillow, OfferPad, Redfin, EasyKnock, Knock, Homeward, and Ribbon. The decrease is “probably reflecting perceived higher risk in the marketplace immediately following the shutdown,” the report says.

iBuyer purchasing volumes have been significantly lower in recent months than before COVID-19, the report notes. iBuyer purchases are 82% lower in the third quarter of this year compared to last year. “Unlike the real estate market as a whole, the iBuyers haven’t yet bounced back,” the report notes.

While there are fewer offers, the rate at which those offers have been accepted in the third quarter has been slightly higher than it was in 2019—4.7% compared to 4.2% last year, the report says. “This suggests that for some sellers, the iBuyer benefits of speed, certainty, convenience—and perhaps above all safety—are compelling enough to justify a lower offer amount and higher service fees—even in a strong seller’s market,” the report notes.

iBuyers have been expanding the parameters of what type of homes they’ll buy beyond median-priced single-family homes. They are now making offers on condos, higher-priced homes (sometimes up to even seven figures), and older homes, the report notes.

More iBuying companies also are reporting a growth in demand for “buy before you sell” bridge solutions. Companies like EasyKnock, Homeward, Knock, or Ribbon offer such programs, while Opendoor also has launched a “Home Reserve” program and Zillow Offers has begun a bridge partnership with a new-home builder. These “bridge” programs offer homeowners an opportunity to buy a home before they list. Zavvie’s report shows that consumer acceptance of bridge offers is about four times that of instant offers.

Technology has changed the way many buyers shop for homes during the pandemic. As social distancing measures remain in place, the in-person open house has been put on hold in many markets. That has prompted some real estate professionals to believe open houses may become a thing of the past post-pandemic, too.

Forbes Real Estate Council recently asked 14 real estate execs whether they believe in-person open houses will fade in favor of more digital and virtual options to show homes in the future. However, the real estate execs were still mostly bullish on open houses for now and for the future.

“Open houses are not dead, but they are becoming safer than ever,” Kevin Hawkins, WAV Group Inc., told Forbes.com. “While agents use of live and recorded video technology has taken a huge leap forward, for some sellers, a safe open house (with masks required and visitors limited) is still the preferred method as they don’t want two dozen separate buyer visits.”

Real estate pro Mike Shapiro says open houses can help humanize house shopping. “Open houses are valuable, but during the pandemic, they are not the safest thing to do,” Shapiro says. “I do believe both are important during normal times. However, when not available, an agent should become the person that would be looking at the home and living there. They have to become the buyer and transmit the emotions as housing is very emotional. It needs to be humanized, not marketed.”

Agents say open houses help provide more exposure for a home and help the consumers view more homes. It also serves as a low-cost solution for agents in getting more people to view a home and a way to gauge how much interest there is in it.

While the COVID-19 pandemic rages on, many real estate pros are relying on virtual open houses, virtual tours, and video walkthroughs to show buyers spaces safely from a distance. But agents believe in-person open house tours will return.

“Open houses are still relevant, regardless of how good videos, VR and 360-degree photography get,” Chris Ryan, Beyond Properties Group with eXp Realty, told Forbes.com. “Nothing beats walking through the home or property. These technologies will always leave out the noise you might hear from a busy road or the lack of sun the property gets. A picture might be worth a thousand words, but smell, noise, and how the property feels once you walk through it is irreplaceable.”

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With nearly half of Americans planning a move to reduce living expenses, according to a new study, many will be targeting cheaper towns. Move.org researched rent prices, utility costs, gas prices, and internet rates in the 75 largest U.S. cities to find the most affordable areas in the country. They identified the following 15 cities as having the lowest cost of living, factoring in average utilities, internet, monthly gas, rent for a one-bedroom apartment, and food per person:

1. El Paso, Texas: $1,324.02
2. Wichita, Kan.: $1,393.44
3. Lincoln, Neb.: $1,422.53
4. Tucson, Ariz.: $1,498.35
5. Lexington, Ky.: $1,499.59
6. Albuquerque, N.M.: $1,508.80
7. Corpus Christi, Texas: $1,537.77
8. Mesa, Ariz.: $1,564.68
9. Louisville, Ky.: $1,618.42
10. Omaha, Neb.: $1,621.62
11. Memphis, Tenn.: $1,658.28
12. Greensboro, N.C.: $1,675.69
13. Tulsa, Okla.: $1,691.71
14. Virginia Beach, Va.: $1,731.65
15. Plano, Texas: $1,752.63

On the other hand, the five cities with the highest cost of living in the U.S. are:

1. San Francisco: ($4,315.77)
2. New York: ($4,178.78)
3. Oakland, Calif.: ($3,644.78)
4. Boston: ($3,426.47)
5. San Jose, Calif. ($3,416.14)