Daily Rate Update: July 20th-24th

Friday – July 24, 2020 The Census Bureau reports that New Home Sales rose nearly 14% in June from May to an annual rate of 776,000, the highest level since 2007. Sales increased by almost 7% from June 2019. The … Read More

We Will Not See a Housing Crash Anytime Soon

Even with the pandemic, we will not see a housing crash anytime soon like we did in 2006-2008. Here’s why: The U.S. economy started the year off in an expansionary mode. Retail sales were positive year-over-year, job openings were roughly … Read More

Daily Rate Update: July 13th-17th

Friday – July 17, 2020 The housing sector has rebounded from the brief dip it took during the pandemic induced shutdown. June Housing Starts jumped 17% from May to an annual rate of 1,186,000 units versus the 1,180,000 expected. Starts … Read More

Home Buyer Competition Is Heating Up

With low inventory on the market and low mortgages rates, many buyers are entering into bidding wars to get the home of their dreams. According to Redfin, more than half of all offers were part of bidding wars in the … Read More

Daily Rate Update: July 6th-10th

Thursday – July 9, 2020 Mortgage rates continued to hit record lows in the latest survey which is spurring on homebuyer demand. Freddie Mac reports that the 30-year fixed-rate mortgage fell to 3.03% with 0.8 in points and fees. A … Read More

Mortgage Rates Hit ANOTHER Record Low!

The average rate for a 30-year fixed mortgage is now at 3.07%. That’s down from 3.13% just last week, according to Freddie Mac. Why do mortgage rates continue to drop? Investors are piling into the bond markets right now because … Read More

Daily Rate Update: June 29th – July 3rd

Wednesday – July 1, 2020 The labor markets continue to hear positive news as many states have reopened and Americans slowly return to work. ADP Private Payrolls rose by 2.37 million in June versus the 3.5 million expected. The May … Read More

What The Federal Reserve Is Doing To Help Our Economy

BUYING ASSETS – The Fed is projected to buy $3.5 trillion in Treasury securities by 12/31/20.  Technically, the Fed does not buy Treasuries directly from the government, but rather it buys previously issued Treasury securities from 21 “primary dealers,” i.e., … Read More

Daily Rate Update: June 22nd-26th

Friday – June 26, 2020 Consumer Sentiment continues to rebound in June after the steep decline seen in April from March. After the 89.1 seen in March, April fell to 71.8 while June hit 78.9. The numbers in the second … Read More

It’s Just The Facts: June 2020

FED ACTION – When the Federal Reserve cut short-term interest rates to near zero on 12/16/08 during the global real estate crisis, they did not raise rates again until 12/16/15 or 7 years later. The Fed has once again cut … Read More

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