The pandemic is expanding the divide between those who are thriving financially and those who aren’t, CNN reports. Stock market growth is enriching the wealthy and they’re up-sizing by purchasing pricier homes. However, those facing unemployment in the pandemic and first-time buyers who don’t have equity in a current house, are struggling in the housing market.Homeowners with mortgages gained about $17,000 in equity in just the third quarte
Existing-home sales in 2020 surged to the highest level in 14 years, landing 22% higher than a year ago, the National Association of REALTORS® reported Friday. Existing-home sales—completed transactions that include single-family homes, townhomes, condos, and co-ops—posted big gains year over year and rose by 0.7% in December 2020 compared to November 2020’s already unseasonably high rates.“This momentum is likely to carry into the new y
For nearly a year, mortgage rates have remained near historic lows. The 30-year fixed-rate mortgage fell this week to average 2.77%, Freddie Mac reported. Its lowest average on record was 2.65%, recorded earlier this January.“We’re now seeing rates fluctuate a bit as political and economic factors drive Treasury yields higher,” says Sam Khater, Freddie Mac’s chief economist. “However, we forecast rates to remain relatively low this year
For the fifth time, the Federal Housing Finance Agency is extending single-family foreclosures and real estate–owned eviction moratoriums on properties backed by Fannie Mae and Freddie Mac, the agency announced Tuesday. The extension runs until Feb. 28. The moratoriums are in place due to the financial impact brought on by the COVID-19 pandemic.The program was originally scheduled to expire in June 2020. The most recent deadline for the program
Homebuyer demand in ski towns is surging. Searches of homes in ski towns jumped 36% annually in the fourth quarter of 2020, according to a new report from realtor.com®. A bulk of that demand is coming from households already in cold weather climates, such as Northern states. Many are favoring nearby ski towns as they look for an escape closer to home.Seven of the top 10 ski towns seeing the largest percentage spikes in online views are located i
The 30-year fixed-rate mortgage jumped to an average of 2.79% this week, increasing after last week’s record low of 2.65%, Freddie Mac reports in its weekly mortgage survey. Upticks over the last couple of weeks in 10-year Treasury notes—a key benchmark for mortgage rates—will prompt mortgage rates to rise, economists note.“As Treasury yields have risen, it is putting pressure on mortgage rates to move up,” says Sam Khater, Freddie Mac
President-elect Joe Biden announced a $1.9 trillion stimulus plan on Thursday night that called for a range of aid—including several housing-related proposals—to help households further fend off the economic impact of the COVID-19 pandemic. Biden’s plan calls for extending the national eviction and foreclosure moratorium until Sept. 30. It also includes $25 billion more in rental assistance to help the nation’s landlords and $5 billion in
Retirees are abandoning the familiar destinations and choosing to make their homes elsewhere in the pandemic, increasingly turning to Virginia as their new retirement haven.Nearly 400,000 Americans moved for retirement last year—the highest number in five years, according to a new study from HireAHelper, a moving services website. More retirees are showing a willingness to cross state lines to find a new home: Retirees are twice as likely to mo
Mortgage rates started the year with a new record low. The 30-year fixed-rate mortgage dropped to a 2.65% average this week, the lowest since Freddie Mac began tracking such records more than 50 years ago.“Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices,” says Sam Khater, Freddie Mac’s chief economist. “However, the forc
Mortgage rates may be at all-time lows, but mortgage affordability continues to worsen due to higher home prices, according to a new analysis by Point2 Homes, an online real estate marketplace.The share of income needed to afford housing continues to rise and monthly mortgage payments are becoming a financial burden in an increasing number of cities nationwide. In 2010, homeowners in 13 large cities were paying more than 30% of their income to co
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