Another drop in rates and renewal of housing affordability

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Cooler temperatures may be on the horizon, but the housing market is showing no sign of losing its heat. Mortgage rates remain low and house prices remain high. Here’s the latest industry news from Bankrate.



group of people in the pool with water: asian family playing in the pool at home


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Asian family playing in the pool at home

1. The interest rate on mortgages is falling

The average rate on a 30-year mortgage fell in the second week, averaging 3.04 percent. Market conditions stay favorableespecially for existing homeowners looking to get refinancing. For buyers, the calculation is a little darker: low interest rates increase borrowing capacity, but high house prices and limited supply make it difficult to close the deal.

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2. Housing prices continue to rise.

The average selling price of real estate increased by record pace last year, displacing many buyers from the market and contributing to an unusually competitive season in the real estate industry. As new construction struggles to keep up, this trend is likely to continue, especially in California, home to the country’s five most expensive markets. Buyers should look to Rust Belt for the best deals.

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Gallery: How Seniors Can Protect Their Eggs From Inflation (GOBankingRates)

3. When to sell iBuyer

Home sellers in this market have more options than ever, and for some, the best option is to sell through the app. iBuyers are increasingly making above-market offers and eliminating many of the hassle associated with a traditional real estate transaction. If you are considering selling your property this way, here’s what you need: need to know

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4. What drives mortgage rates?

If you’re too busy to click history, the answer is: COVID-19, rising inflation, sustained economic recovery, and chaos in Afghanistan. But actually you should clickbecause you need to know how these things come together to form the current betting environment.

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5. Making your mortgage work for you is real flexibility.

If you’re struggling to meet your monthly mortgage obligations, you might want to update your terms with something more doable. Both Fannie Mae and Freddie Mac, which account for roughly two-thirds of America’s mortgage debt, offer the Flexible Modifications Program (FMP), which allows borrowers who are falling behind to extend loan maturities, adjust their interest rate, or change other aspects. their debt to something more affordable. Here how it works

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