The 30-year fixed-rate mortgage posted a big drop this week, falling to a 3.05% average, Freddie Mac reports.“The market volatility resulting from the COVID-19 omicron variant is causing mortgage rates to decrease,” says Sam Khater, Freddie Mac’s chief economist. “As the year comes to a close, the housing market is proceeding steadily. However, rates are expected to increase in 2022 which will impact home buyer demand as well as refinance
In a new report, the real estate firm Walker & Dunlop calls it “the golden age for multifamily.”High rents in the apartment sector are expected to continue in the new year as demand remains strong. Potential home buyers who have been shut out from the competitive housing market are turning to rentals in swarms. Property owners are expected to see record profits in 2022, predicts Green Street, a commercial real estate analytics firm.Strong
Home buyers may have felt more determined in November to purchase before 2021 comes to an end and mortgage rates and borrowing costs increase, as largely is forecasted to happen.Existing-home sales, which include completed transactions for single-family homes, townhomes, condos, and co-ops, rose 1.9% in November compared to October, the National Association of REALTORS® reported Wednesday. Sales, however, are down 2% compared to a year ago.
The nation’s hottest rental market in 2021: Eugene, Ore., according to a new end-of-the-year report from RentCafe. The city has been attracting new residents and boasts a rapidly growing tech sector. San Diego, Calif., and Knoxville, Tenn., were number two and number three on RentCafe’s list.In 2021, the most competitive rental markets tended to be smaller metros that are within close proximity to nature and allow for a more affordable lifest
Mortgage rates rose this week after the Federal Reserve announced it would accelerate its bond tapering and that three rate hikes would come in 2022. The 30-year fixed-rate mortgage rose to 3.12% this week, Freddie Mac reports.Rates are largely expected to continue to rise due to the Fed’s recent announcement. But National Association of REALTORS® Senior Economist Nadia Evangelou says home buyers shouldn’t panic. By historical standards
Many of the housing markets to watch in the new year are located in the South, says the National Association of REALTORS®, which released its top picks for the markets that likely will see some of the strongest price appreciation in 2022—the “hidden gems,” as the association says.NAR released its top 10 list during its third annual year-end Real Estate Forecast Summit on Wednesday, where economists weighed in on the trajectory for the 2022
Rising inflation is pressing on Americans across the economic spectrum with costs for groceries to gasoline increasing. In November, consumer prices increased by 6.8% compared to a year ago, the largest annual gain in the past 40 years.Some of the highest increases have occurred for energy, shelter, cars, and food—these comprise about 61% of consumer purchases and account for 81% of inflation over the past 12 months, MarketWatch reports.Renters
Homeowners continue to build wealth. Home price growth is reaching the highest level in more than four decades, pushing equity gains to a record high.The average home equity gained between the third quarter of 2020 and the third quarter of 2021 is about $57,000, CoreLogic reports.“Not only have equity gains helped homeowners more seamlessly transition out of forbearance and avoid a distressed sale, but they’ve also enabled many to continue bu
For the last four consecutive weeks, mortgage rates have generally held stable. But that could soon change, with inflation, action from the Federal Reserve possibly quickening its pace to taper its bond purchases, and other financial activity triggered by the ongoing pandemic all playing a role, economists say.“Mortgage rates have moved sideways over the last several weeks, fluctuating within a narrow range,” says Sam Khater, Freddie Mac’s
Expect the nation’s hottest markets next year to be centered largely in tech hubs in the Midwest and Mountain states, which offer affordable alternatives to pricier coastal regions. Realtor.com® recently released its forecast of the top-performing markets for 2022. “Our top housing markets are attracting remote-minded workers, possibly interested in snagging a big-city salary while still enjoying the quality of life that these generally smal
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