Existing-home sales soared 24.7% in July, outpacing their record growth of 20.7% in June, when the nation’s economic reopening ignited homebuying activity, the National Association of REALTORS® reported Friday. Now 8.7% higher year over year, the strong rise in existing-home sales—including single-family homes, townhomes, condominiums, and co-ops—is fueling optimism in the real estate market through the rest of the year.
“The housing market is well past the recovery phase and is now booming with higher home sales compared to the pre-pandemic days,” says NAR Chief Economist Lawrence Yun. “With the sizable shift in remote work, current homeowners are looking for larger homes—and this will lead to a secondary level of demand, even into 2021.”
Continue… https://magazine.realtor/daily-news/2020/08/21/july-home-sales-show-recovery-is-sticking

https://www.housebeautiful.com/lifestyle/cleaning-tips/a22652916/fall-home-maintenance-checklist/

The pandemic has undoubtedly reshaped the workplace, and many experts believe the changes will be long-lasting. Commercial real estate will see a number of sweeping changes, according to JLL’s Top 10 Global CRE Trends report.“The long-term societal and real estate implications could be felt for years to come, changing our ways of living and working,” the report notes. “While approaches like remote working, sustainability initiatives and integration of technology could be fundamentally altered by this global health crisis, it also presents opportunity for CRE teams and leadership to unlock potential and drive value.”JLL’s report spotlights the following top 10 global CRE trends in 2020:Continue… https://magazine.realtor/daily-news/2020/08/18/10-ways-the-workplace-is-changing

Lending Giant Rolls Out 1.99% Mortgage Rate

August 13, 2020

Remember when 3% mortgage rates seemed low? Last week, Freddie Mac reported a new record low average for the 30-year fixed rate mortgage: 2.88%. United Wholesale Mortgage now wants to take rates even lower—nearly a full percentage point below Freddie Mac’s all-time low, according to reports on HousingWire and Motley Fool. UWM is touting a loan program that allows borrowers to lock in rates as low as 1.99% for both home purchases and refinances.

The rate is available only through independent mortgage brokers, the company said in its announcement this week. Other lenders may be tempted to follow suit to compete.

“I never thought I would see a rate starting with a ‘1,’ but I also never thought I would see a worldwide pandemic—and that’s what it took,” Matt Rasetta, owner of Superior Rate Mortgage of New England, told HousingWire’s Kathleen Howley. “It means mortgage brokers like me are going to make a lot of money because so many people will refinance, but it’s the silver lining of a not-too-great situation for the rest of the world.”

So, how feasible is it to get a mortgage rate under 2%? UWM has released limited details so far on qualifications to snag that 1.99% interest rate. UWM is also offering 15-year fixed-rate mortgages as low as 1.875%, for which the company is requiring a FICO score of at least 640 to qualify. The low rates are only for owner-occupied properties.

The Motley Fool reports that borrowers likely will have to pay more up front in closing costs and points on their mortgage to get rates below 2%. Mortgage points are where you essentially pay a fee to a lender at closing to snag a lower rate. So, borrowers will want to check how much they will be required to pay up front in points to know whether a 1.99% rate is truly the best deal for them. Usually, financial experts say you’ll need to factor how long you plan to stay in the property to determine if it’s worth paying for those points.Source: “UWM Announces 1.99% Rate for 30-Year Fixed Mortgage,” HousingWire (Aug. 11, 2020) and “This Lender Just Launched a 1.99% Mortgage,” The Ascent/Motley Fool (Aug. 12, 2020)

30-Year Mortgage Rates Stay Below 3% This Week

August 14, 2020

Mortgage rates inched up slightly this week but still remained near historical lows. The 30-year fixed-rate mortgage averaged 2.96% this week, up from last week’s record low of 2.88%, Freddie Mac reports.

“Home buyer demand remains strong, especially for those in search of an entry-level home, where the improvement in affordability via lower mortgage rates has a material impact,” says Sam Khater, Freddie Mac’s chief economist. “Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”

The National Association of REALTORS® predicts that mortgage rates should continue to remain low and even drop as monetary policy keeps the benchmark Treasury yields under 1%.

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 13:

• 30-year fixed-rate mortgages: averaged 2.96%, with an average 0.8 point, rising from last week’s 2.88% average. Last year at this time, 30-year rates averaged 3.60%.
• 15-year fixed-rate mortgages: averaged 2.46%, with an average 0.8 point, rising from last week’s 2.44% average. A year ago, 15-year rates averaged 3.07%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.90%, with an average 0.4 point, unchanged from last week. A year ago, 5-year ARMs averaged 3.35%.

Freddie Mac reports average commitment rates along with average fees and points to reflect the total upfront cost of obtaining the mortgage.Source: Freddie Mac

Appraisal issues can be common hangups in a real estate transaction. In June, appraisal issues were blamed for causing delays in 18% of transactions (the second highest reason behind issues related to obtaining financing) and for terminating 9% of contracts, according to the REALTORS® Confidence Index.
While appraisal issues may be unavoidable if home prices are escalating too quickly and not matching offers, homeowners can still prepare for an appraisal to help ensure their home is presented in its best possible light.
Forbes.com emphasizes three main areas of a home in preparing for an appraisal: the kitchen, bathroom, and curb appeal.
Continue… https://magazine.realtor/daily-news/2020/08/12/3-ways-to-improve-chances-of-a-favorable-appraisal

• 1990 The largest dinosaur fossil is foundAmerican palaeontologist Sue Hendrickson found the fossilised remains of a Tyrannosaurus rex in the state of South Dakota. Sue, as the dinosaur are now informally called after its discoverer, is thought to have been 14 feet tall when alive.
• 1981 The IBM Personal Computer is stocked in stores for the first time Known as the IBM PC or the IBM 5150, the computer had no disk drives and sold for about $1500.

To learn more about Today in History visit https://www.timeanddate.com/on-this-day/august/12

Let’s talk windows: Home buyers care about them more than you may have considered.
In a recent survey conducted by Homes.com, consumers said the most important exterior feature of a home is the size and amount of windows, followed by a porch or patio, when sizing up curb appeal.
Homes.com surveyed more than 5,000 U.S. adults to learn their favorite home features, architecture, and more. (View consumers’ favorite architecture picks by state.)
For the interior, consumers ranked the home’s layout as the most important feature by far.
Continue…https://magazine.realtor/daily-news/2020/08/07/home-features-americans-consider-crucial

New Record Low for 30-Year Mortgage Rate: 2.88%

August 7, 2020

For the eighth time this year, the 30-year mortgage rate hit an historic low. Home buyers and refinancing homeowners could now potentially lock in the lowest rates Freddie Mac has recorded since it began tracking such data in 1971.

“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” says Sam Khater, Freddie Mac’s chief economist. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.”

The National Association of REALTORS® predicts that rates could fall further over the next few weeks, since 10-year Treasury yields, which mortgage rates tend to follow, also have retreated slightly.

Jumbo mortgages, on the other hand, cannot be sold to Fannie Mae and Freddie Mac and do not carry a government guarantee. Therefore, they are more difficult to obtain, with lenders requiring higher down payments and stellar credit. “The housing market is hot because of the lower mortgage rates, but the luxury market may remain soft due to jumbo loan issues,” NAR economists say.

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 6:

• 30-year fixed-rate mortgages: averaged 2.88%, with an average 0.8 point, falling from last week’s 2.99% average. The lowest average for the 30-year fixed-rate mortgage had previously been set in July at 2.98%. A year ago, 30-year rates averaged 3.60%.
• 15-year fixed-rate mortgages: averaged 2.44%, with an average 0.8 point, falling from last week’s 2.51% average. A year ago, 15-year rates averaged 3.05%.
• 5-year hybrid adjustable-rate mortgages: averaged 2.90%, with an average 0.4 point, falling from last week’s 2.94% average. A year ago, 5-year ARMs averaged 3.36%.

Freddie Mac reports average commitment rates, along with average fees and points, to reflect the total upfront cost of obtaining a mortgage.Source: Freddie Mac