“As inflation endures, consumers are seeing higher costs at every turn, causing further declines in consumer confidence this month,” Khater explained in a statement. “In fact, many potential homebuyers are choosing to wait and see where the housing market will end up, pushing demand and home prices further downward.”
Read MoreFor the 13th time this year the mortgage interest rates have reached the lowest point in recorded history. Freddie Mac reports 30-year, fixed rate loans were as low as 2.72% over the past week. That is down from their previous low of 2.78% earlier in the month.
Read MoreAre you tired of renting? Are you considering purchasing your first home? Do you dream of owning a house that can provide both you and your family a sense of stability and community?
For many Americans, home ownership is an important part of the American dream. Being a homeowner means having a space to call your own and a place where you belong. It also means being a part of a community. Owning a home may provide other financial benefits, such as the ability to build wealth through home equity, and potentially lower housing costs and savings over the cost of renting.
Read More
Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):
This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low-interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:
“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”
In addition, move.com notes:
“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com® daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”
Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.
A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.
If you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low.
Mortgage rates have fallen by over a full percentage point since Q4 of 2018, settling at near-historic lows. This is big news for buyers looking to get more for their money in the current housing market. Here’s what you need to know about 2019 interest rates.
Read MoreInvestors account for over 10% of all home purchases. That number is only continuing to rise. Who are these investors?
Read MoreThe best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.
Read MoreAmericans can expect an estimated average tax refund of $3,143 according to the IRS. This is down slightly from the average refund of $3,436 last year. Tax refunds can be considered extra money to use toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!
Read MoreMany have written about the millennial generation and whether or not they, as a whole, believe in homeownership as part of attaining the American Dream.
Read MoreRecently, David Greene, co-host of the BiggerPockets podcast and a nationally renowned author and speaker, wrote an article in Forbes explaining how investing in real estate could help build family wealth. Many of the points he made also apply to a family owning their own home. Here are a few:
Read MoreOver the course of the last thirty years, a shift has happened. An entire generation has been raised to believe that a college education (often accompanied with student loan debt) is their key to unlocking opportunities that were not available to their parent’s or grandparent’s generations.
Read MoreMortgage interest rates have increased by more than half of a point since the beginning of the year and will likely increase by an additional half before 2019. With this increase in rates, some are guessing that home prices will depreciate. However, some prominent experts in the housing industry disagree.
Read More(303) 396-8178
hello@sheltercares.com
(203) 231-1236
hello@sheltercares.com
(914) 365-7575
hello@sheltercares.com
