Following four weeks of rate increases, fixed-rate mortgages posted a drop this week. Rates remain well below their averages from a year ago, and Freddie Mac predicts that will be a boon to home sales over the next couple of months. This comes after the Federal Reserve voted Wednesday not to increase its benchmark rate.“Slightly weaker inflation and labor economic data caused mortgage rates to dip this week,” says Sam Khater, Freddie Mac
Corporate relocation volumes and budgets are increasing, helping employees to more easily make a move for a job. In particular, 60% of mid-size firms with 500 to 4,999 salaried employees reported relocation budget increases, according to national moving company Atlas Van Lines’ Corporate Relocation Survey. For comparison, about 40% of small firms (fewer than 500 salaried employees) and 40% of large firms (5,000-plus) saw employee relocation inc
Homeowners have been less transient in the last few years. In the first quarter of 2019, homeowners who sold their homes had owned them an average of 8.05 years, down slightly from a record high of 8.17 in the fourth quarter of 2018, reports real estate research firm ATTOM Data Solutions. Still, that's up a 7.75-year average recorded a year ago.Prior to the Great Recession, from the first quarter of 2000 to the third quarter of 2007, homeownershi
The median list price in the U.S. reached $310,000 in April—another record high that surpassed March’s high, realtor.com® reported in its April 2019 housing trend report this week. Listing prices continue to grow, despite an uptick in For Sale signs and home seller competition.“The U.S. median listing price set another record this month, which we expect it to continue to do through summer when prices typically hit their seasonal peak,” s
Mark your calendar: Certain times of the year can offer seller premiums of 10 percent or more, and a majority of those days are during summer months.ATTOM Data Solutions analyzed more than 28 million single-family home and condo sales over the past eight years to find the best time of year to sell. They found that the summer tends to be hot in real estate for more reasons than just the weather.“Since summer is a time for vacations and outi
The Federal Reserve voted unanimously on Wednesday to leave borrowing costs unchanged and says it will continue to be “patient” about making any moves to its benchmark rate. The Fed’s vote came despite increased calls from the White House to cut interest rates. But the central bank left rates unchanged on Wednesday, citing the lack of inflation pressure.The Fed’s closely watched benchmark rate will remain in a range of between 2.25% and 2
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Another state is allowing home buyers and sellers to bypass having to be present at the closing table. Iowa this week becomes the latest state to allow fully digital closings for mortgage transactions, allowing 100% of the closing process to go digital. Iowa Gov. Kim Reynolds signed an electronic notary law, SF 475, into effect on Monday.Fully digital closings are gradually growing in the housing industry. But many state restrictions still surrou
Selling a home is often the largest financial transaction a person will make, but that doesn’t mean homeowners want to devote a lot of time to it. More than half—58%—of homeowners who recently sold a home say they spent less than three hours researching the method and professional they chose to sell their home, according to a new survey of 1,000 homeowners conducted by SOLD.com.A separate survey from the National Association of REALTORS® s
Pending home sales were back on track last month, reversing course after last month’s drop. Three of the four major regions saw an uptick in contract signs in March, the National Association of REALTORS® reported Tuesday.NAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.8 percent last month over February, and contract signings reached a reading of 105.8. Still, contract signings are down 1.2
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