Mortgage rates are not the only contributor to rising home prices, says Lawrence Yun, chief economist at NAR. Low inventory across the country is also helping to keep home prices up as demand stays elevated. This perfect storm is good news for homeowners and sellers who might have otherwise seen a drop in prices amid the coronavirus pandemic.
Only 59.6% of families earning the adjusted U.S. median income of $72,900 could afford new and existing homes between April and the end of June. This is the lowest reading since the fourth quarter of 2018, according to the report. Tariffs on Canadian lumber, which average just over 20%, are being passed on to families, which is making it more difficult to build, Howard says.
The lack of skilled labor—once a major problem in new construction—now seems to be moving in the right direction. In May, 679,000 workers were hired in construction, according to the Bureau of Labor Statistics, with another 498,000 added in June, which is up by 75,000 jobs in June 2019.Mortgage Refinance Activity Rises But Could Be Stymied By a New Fee
” to offset risks posed by an uncertain economy for all refinances that close on or after Sept.1. The fee is 0.5% of the total loan amount, which could add hundreds or thousands of dollars to the cost of refinancing. For borrowers who are currently in the process of refinancing but have not yet locked in a mortgage rate, they could end up owing this fee if their loan doesn’t close by the start date.
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Source: BusinessInsider - 🏆 729. / 51 Read more »
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