Blog Archives

Summer's great for a lot of reasons, but it may not be the best time to buy a home. A hot summer market means competition, higher prices, and faster sales. That can be stressful for home buyers. But things begin to change near the end of September, as the fall market begins. And, according to a new analysis from the National Association of Realtors' consumer website, early fall may be the best time of the year to buy a house. “If you're flexible on your timing and can budget for higher rates, early fall can be a great time to secure a home, ...

Increasing mortgage rates have prospective home buyers concerned about affordability. But while higher rates may have buyers calculating costs, mortgage lenders don't expect they'll deter Americans from shopping for a home this year. In fact, according to Fannie Mae's most recent Mortgage Lender Sentiment Survey, participating lenders expect buyer demand to remain largely stable, despite rising rates. Doug Duncan, Fannie Mae's senior vice president and chief economist, says there are a number of unknowns that will impact conditions in the ...

The preapproval process can be a difference maker when making offers in a highly competitive housing market. As a result, it’s essential to have your finances squared away before you’re ready to make offers. Remember, despite ever-increasing competition, only one contestant can win the beauty contest. Here’s how to make sure your credit is ready for its close up. 1. Prepare to be scrutinized. Lenders look at different criteria than other institutions. We’re not like Credit Karma or a car dealership. We use the strictest formula. We use a ...

For many people, 2021 will be the year they pull the trigger on a new mortgage or even buy a home. It’s still an excellent time to do it. Rates are forecast to remain low through the spring. Considering the complexities of restarting a post-COVID-19 economy, it could hover at or below 3 percent for even longer. What’s more, the real estate industry as a whole should get a long-overdue boost as agents and brokers return to their traditional, pre-pandemic processes. Open houses, a larger inventory of available properties, and sustained low ...

In March, the U.S. economy registered the most monthly job losses in history. In late July, it registered the biggest leap in existing home sales ever and the housing market has yet to slow down. So how has the housing market defied the coronavirus pandemic when so many other U.S. markets have predictably tanked? First off, this recession is not like the last one. In the years leading up to the 2009 housing crash, real estate prices had been inflated by speculators and various complex credit instruments. Here in 2020, housing prices might ...

Mortgage Rates Remain at All-Time Low We live in remarkable times. And while uncertainty remains the order of the day, the average U.S. rate for a 30-year fixed mortgage is 2.75% this week, matching the lowest on record. Why? The three most populous U.S. states, including California, have seen new spikes in COVID-19 infections, driving money managers to seek the safe harbor of fixed-income investments like mortgage bonds. In March, the Fed steadied the bond market by buying fixed assets to boost competition and shrink yields. And it ...