Mortgage Rates Fall to the Lowest Level Since February on Virus Concerns
Mortgage rates are falling because of "uncertainty" caused by a resurgence of the pandemic, Freddie Mac's chief economist said.
August 5, 2021 2 MIN
Mortgage rates are falling because of "uncertainty" caused by a resurgence of the pandemic, Freddie Mac's chief economist said.
An inventory shortage and high standards for mortgages will keep the U.S. from a repeat of the housing bust that occurred in 2008, Wells Fargo economists said.
The Federal Reserve on Monday announced guidelines for a $10 billion program aimed at keeping people with non-traditional mortgages in their homes.
Home prices are surging as low mortgage rates allow borrowers to get bigger mortgages, making it possible to bid higher on properties in a market where listings are scarce.
New-home sales fell 6.6% in June, the third consecutive decline, as the lack of properties remained a hurdle for house-shoppers who sought to take advantage of low mortgage rates.
Homeowners with mortgages backed by the departments of Housing and Urban Development, Agriculture or Veterans Affairs could get their monthly payments reduced under new guidelines aimed at avoiding foreclosures.
Sales of existing homes rose 1.4% and prices surged in June as an uptick in listings helped buyers find properties.
Mortgage rates dropped this week to the lowest level in five months as bond market investors worried a pandemic resurgence could slow the economy.
Beyond the cleaning and sprucing up you’ll need to do to prepare for listing, there are financial chores you'll need to do before selling your home, such as checking your credit reports and applying for your next mortgage.
Housing starts rose in June but the number of permits dipped, reflecting the roadblocks homebuilders continue to face such as elevated lumber prices and supply chain issues.
