Mortgage interest rates ticked a bit higher in February, but remain below their February 2020 levels.
January Monthly Skinny Video
A robust increase in housing starts in December points to an active year for new construction, but higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
December Monthly Skinny Video
December is normally one of the slowest months of the year, but strong buyer demand across most segments of the market, buoyed by near record-low interest rates, continues to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening job market.
Mortgage Rates Move Down
January 28, 2021
As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly. Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong given the low inventory that exists across the country. The fact that there are not enough homes to meet demand is going to be an ongoing issue for the foreseeable future.
Information provided by Freddie Mac.
Mortgage Rates Reach Another Record Low
December 3, 2020
Despite persistently low mortgage rates, home sales have hit a wall. While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.
Information provided by Freddie Mac.
October Monthly Skinny Video
Mortgage Rates Hold Steady Heading into the Thanksgiving Holiday
November 25, 2020
Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower-and middle-income borrowers are leaving money on the table by not taking advantage of low rates. On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.
Information provided by Freddie Mac.
Mortgage Rates Drop, Hitting a Record Low for the Thirteenth Time this Year
November 19, 2020
Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low. While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.
Information provided by Freddie Mac.
Mortgage Rates Rise
November 12, 2020
Mortgage rates jumped this week as a result of positive news about a COVID-19 vaccine. Despite this rise, mortgage rates remain about a percentage point below a year ago and the low rate environment is supportive of both purchase and refinance demand. Heading into late fall, the housing market continues to grow and buttress the economy.
Information provided by Freddie Mac.
Mortgage Rates Decrease Again
November 5, 2020
Mortgage rates hit another record low, the twelfth time this year, due to economic and political ambiguity. Despite the uncertainty that we’ve all experienced this year, the housing market, buoyed by low rates, continues to be a bright spot.
Information provided by Freddie Mac.
