Lower mortgage rates are making for a rosy spring selling season, even if the economy is starting to show some sluggishness, economists note in Freddie Mac’s March forecast.“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence—two of the most important drivers of home sales,” says Sam Khater, Freddie Mac’s chief economist. “Rising sales demand coupled with more inv
Many housing markets have recovered since home prices plunged during the housing crisis more than a decade ago. HSH.com’s Home Price Recovery Index—which culls data from the Federal Housing Finance Agency’s Home Price Index—shows which markets have fared best since the crisis ended.The 10 metro areas that have recovered the most are:1. Denver-Aurora-Lakewood, Colo.: 88.28% (amount above previous peak)Peak value: $276,000Current value: $51
Mortgage rates edged lower to kick off the start of the spring homebuying season this week. Borrowing costs are now lower than what they were a year ago.“Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the home buyer affordability front,” says Sam Khater, Freddie Mac’s chief economist. “The combination of improving affordability and more inventory than t
The number one obstacle facing home shoppers this spring is their own budget, according to a new study from realtor.com®. Nearly half of home buyers this spring say they’re looking for homes priced at or under $200,000—the segment of the housing market that has seen the largest year-over-year declines, according to a recent survey by realtor.com®, based on responses from about 1,000 buyers who plan to purchase a home in the next 12 months.
Existing-home sales surged last month, posting their largest month-over-month gain since December 2015, the National Association of REALTORS® reported Friday. Sales jumped 11.8 percent in February compared with the previous month, reaching a seasonally adjusted annual rate of 5.51 million. Three of the four major regions of the U.S. posted gains, while the Northeast remained unchanged.“A powerful combination of lower mortgage rates,
About Katie Katie Raffaele has lived in Texas for over 20 years, having lived in the Dallas and Austin areas. She started her real estate career in property management. Starting sales in 1999 she quickly became a multi million dollar producing buyers agent. iPro currently deals throughout the states of California, Texas, Florida, and New York. We continue to strive and broaden opportunities for real estate professionals and consumers. Vis
Mortgage applications set a record for the third consecutive week as lower rates drew out more refinancers and home buyers, according to the Mortgage Bankers Association’s seasonally adjusted application index.Total mortgage application volume rose 1.6 percent last week compared to the previous week, and applications are now 1.8 percent higher than a year ago, according to the MBA. Many of those gains have come from refinancers, but more p
The Federal Reserve announced Wednesday after its March meeting that it will leave its short-term interest rates unchanged and also signaled that it likely will not raise rates for the remainder of the year. This marks a sudden change to what had been five consecutive quarters of rate increases. Not only that, the Fed also did not rule out the possibility of a future rate cut.The Fed’s key benchmark rate is now in the range of 2.25 to 2.5 perce
Different age demographics are having a significant impact on reshaping housing. Millennials—who’ve faced delays into homeownership from student debt and high prices—are finally entering homeownership and increasingly forgoing the starter homes in favor of more expensive properties. Baby boomers, on the other hand, are showing an unwillingness to downsize in their retirement years and are holding on to larger houses well into their empty ne
A growing number of Americans believe now is a good time to purchase a home as the real estate market heads into what is traditionally its busiest season of the year. In the first quarter of 2019, 37 percent of consumers said they “strongly believe” that now is a good time to buy, up from 34 percent in the last quarter of 2018, according to the National Association of REALTORS®’ latest Housing Opportunities and Market Experience Surve
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