According to the mortgage finance provider Freddie Mac, the 30-year fixed mortgage rate inched up to 2.87% from 2.86% the previous week. Mortgage rates will likely rise in the following months; NAR forecasts the 30-year fixed mortgage rate to average 3.2% from October through December 2021.
A preference for cash sales has increased in a market where buyers are competing to make the best offer. Instant buyers or iBuyers and fin-tech companies are increasingly stepping into the market, not only making cash offers for their own account but also providing cash financing for buyers.
As of the second quarter of 2021, the largest metro areas (with populations of at least 2 million) are experiencing the toughest commercial market conditions compared to smaller markets.
Where do people move a year into the pandemic? Are suburbs and small cities gaining even more movers? As companies look beyond the pandemic, many are deciding whether to bring employees back to offices or allow them to work remotely and move away permanently.
Affordability declined in June compared to one year ago as the median family incomes rose by 2.3%, while the monthly mortgage payment increased 21.5%.
Mortgage rates showed little movement this week, with the 30-year fixed mortgage rate falling slightly to 2.86% from 2.87% the previous week.
Rents will be soaring in the coming months, especially for apartment units, as homebuilding retreated in July.
Retail sales recorded a seasonally adjusted total of $617.7 billion in July, a 1.1% decrease from the prior month.
The year started off with strong home price growth and continued for the second quarter of 2021, with 94% of the markets showing double-digit home price appreciation. National median prices rose 22.9% year over year to $357,900.
A strong labor market and higher consumer and producer prices overshadowed COVID-19 concerns, raising yield and mortgage rates. The 30-year fixed mortgage rate increased to 2.87% from 2.77%, but even with this increase, mortgage rates are still near historic lows.
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