Record-low rates continue to fuelactivity, which rose by 5% in a week-over-week gain last week, outpacing refinance volume by 122% from the same week one year ago. Meanwhile, real estate is hot, as buyers shake off the pandemic and its impact on the economy.
Lack of inventory, low mortgage rates and no shortage of fervent homebuyers have kept home prices up, even with the historic levels of unemployment and economic dislocation. The homebuyers who were poised to buy before the coronavirus are still able to buy, says Lawrence Yun, chief economist for the National Association of Realtors .
The Midwest came in third place, with an 11.1% lift in sales from the previous month, putting the annual rate at 1.1 million. Median prices in the midwest crept up by 3.2% to $236,900. The strangest news this week is that interest rates for 5/1 adjustable-rate mortgages jumped higher than the 30-year fixed-rate, breaking from the norm.
I knew mortgage rates were going to go back up sooner than everyone predicted.
Short term measures. If the pandemic continues, the mortgage companies may have to extend the 30 year period to 40 or 50 in order to reduce payments.
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