30-Year Mortgage Rate Hits New Record Low Borrowing costs fell this week, with the 30-year fixed-rate mortgage setting a new record low for the third time in the last few months. The 30-year fixed-rate mortgage averaged 3.15% this week, the lowest average in Freddie Mac’s records dating back nearly 50 years. “These unprecedented rates have …
Tag: News
May 29
Fannie, Freddie Launch Resources on COVID-19 Relief Options
Fannie, Freddie Launch Resources on COVID-19 Relief Options For those financially impacted by the COVID-19 pandemic, knowing where to look for updates on information about aid programs has proven challenging. But several government agencies have stepped in with resource tools to help homeowners and renters. The latest comes from mortgage financing giants Fannie Mae and …
May 28
Worry About Pandemic Financial Options
Worry About Pandemic Financial Options The Consumer Financial Protection Bureau says it has received a record number of consumer complaints in March and April as consumers grew concerned over their finances at the onset of the global pandemic. In March, CFPB says it received about 36,700 complaints from consumers about financial services providers. In April, …
May 27
Sellers May Need Some Patience
Sellers May Need Some Patience Homeowners trying to sell during the pandemic will likely need some patience and a degree of expectation that the process could take longer. Homes are taking about an average of 15 days more to sell—or about 27% longer—than a year ago, according to realtor.com®’s data reflecting the week ending May …
May 26
Where Home Buyers Find Greater Affordability
Where Home Buyers Find Greater Affordability The number of homes for sale has shrunk since the COVID-19 pandemic began. Some sellers pulled their listings, making it tougher for buyers to find a home and compounding the issue in many markets that were already inventory-starved before the pandemic. Indeed, protections against COVID-19 have exacerbated the housing …
May 22
Sheltering-in-Place Inspires Homeowners to Take on Remodels
Sheltering-in-Place Inspires Homeowners to Take on Remodels Homeowners are prioritizing remodeling projects centered around home offices and master bedrooms during the pandemic, according to a new survey of 1,000 consumers by Houzz, a home renovation and resource site. While consumers put off some remodeling projects when the coronavirus outbreak first began in the U.S., they …
May 21
Check List for Pre-Approval
Check List for Pre-Approval See the check list below for pre approval items you will need to get a mortgage approval offer. Having a checklist of the documents you’ll need when seeking a preapproval can really come in handy. John Coneys of Freedom Mortgage, (NMLS# 183853) can help if you have any questions about the …
May 20
Google Searches of Homes for Sale Show Strong Rebound
Google Searches of Homes for Sale Show Strong Rebound Americans are resuming their house hunting online after taking a pause during the initial stages of the COVID-19 outbreak. One way to track potential buyer interest: internet searches. 10 Metros With the Largest Spikes in Google Searches The following cities have seen the largest increases in …
May 19
PPP Loan Forgiveness Application Released
PPP Loan Forgiveness Application Released The Small Business Administration and U.S. Treasury Department have released an application for business owners to have their Paycheck Protection Program loan forgiven. Real estate professional who received a PPP loan should complete and submit the application, which was released Friday, to their PPP lender. The program was created through the …
May 18
Fannie, Freddie Allow Payment Deferral Post-Forbearance
Fannie, Freddie Allow Payment Deferral Post-Forbearance Mortgage financing giants Fannie Mae and Freddie Mac announced that homeowners in forbearance can request payment deferrals and tack any missed payments on to the end of their loan term, without penalty or added interest. Under forbearance, homeowners are still required to repay any missed payments. But the government-sponsored …
May 15
Builders Offer Incentives to Draw Out Buyers
Builders Offer Incentives to Draw Out Buyers Homebuilders want to turn buyers on to new-home construction, and they’re willing to sweeten the pot to do so. More builders reportedly are offering discounts or offering free upgrades—like new appliances—or covering closing costs to attract buyers. Most of these incentives appear to be targeted at new homes …
May 14
80% of Tenants Paid Rent in April
80% of Tenants Paid Rent in April Despite the pandemic, the majority of tenants are still keeping up with their rent payments. The majority of renter households—80.2%—made a full or partial rental payment for the month of April by May 6, according to the National Multifamily Housing Council. The analysis, which tracked 11.4 million …
