The 30-year fixed-rate mortgage reached a new record low for the second consecutive week, falling to an average 2.80% from 2.81% the previous week.
The new September 2020 NAR Sentrilock Home Showings Report indicates a slight decrease in nationwide foot traffic, but showings remain at historically elevated levels as home showings for three of the four regions saw increases in year-over-year activity.
A gain of 8.1% from a year ago to 1.415 million new unit production (annualized) is good but far more units are needed.
New claims have hovered near 800,000 in the last 5 consecutive weeks. However, the number of people filing for unemployment benefits rose significantly last week.
Mortgage rates sharply fell this week reaching a new record low. Following the trend of the 10-year Treasury yield, the 30-year fixed-rate mortgage dropped to average 2.81% this week from 2.87% the prior week
NAR compared some of the characteristics of Hispanic Americans with those of other Americans to evaluate the socioeconomic status and the effects of COVID on this group.
Amid the job losses, business closures, and about 40% to 50% of office workers still working from home, office occupancy suffered its biggest loss yet in the second quarter of 2020.
At the national level, housing affordability declined in August 2020 compared to a year ago and fell compared to July.
While the housing market has undoubtedly had a V-shaped recovery, the labor market hasn’t rebounded yet to its pre-pandemic levels.
Mortgage rates fell slightly this week as mortgage applications rose. Specifically, the 30-year fixed-rate mortgage ticked down to average 2.87% this week from 2.88% the prior week.
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