With most of the USA on lockdown due to the Coronavirus pandemic, according to the Mortgage Bankers Association (MBA) mortgage application activity remains strong in early March.
Mortgage Activity Remains Strong During Coronavirus Outbreak
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The Impact of Coronavirus on the Housing Market
There is a multitude of information on every media outlet about the coronavirus impact on our lives and businesses. And there is a lot of misinformation included in some of what we are reading and hearing.
Refi Applications Hit Seven-Year Highs
According to a February 12, 2020 article, written by Jann Swanson for Mortgage News Daily, “Refinancing was up for the third straight week, adding 5 percent to that index which is now 207 percent higher than on an annual basis. The share of applications that were for refinancing grew to 65.5 percent; 1 percentage point higher than the prior week.”
Interest Rates are at Historic Lows
Mortgage rates were low in January and continued to fall to historic lows in February. According to many sources, now is a great time to refinance a home, or get a great mortgage on a home purchase.
How Builders are Courting Millennials to Buy
Millennials have a different approach to life than previous generations, including how they view the home buying process.
Home Purchase Sentiment Index on the Rise
Fannie Mae’s November National Housing Survey rose 11 percentage points to a net of 32 percent, 9 points higher than in November 2018 and its highest point since March 2018.
Millennial Home Refinance Boom Reaches New Heights
With interest rates dropping, and home values increasing, millennials have taken action and are a driving force in the home refinance market.
2020 Housing Forecast Still on the Rise
Want a peak into the 2020 housing market? An article from CalculatedRiskBlog.com provides a convenient table that combines 2020 housing forecasts from Fannie Mae, Freddie Mac, and NAHB.
Prices are Still Rising
When you are ready to buy or sell, Notary Near You provides a business platform that allows you to request a public notary at the touch of a button, anytime and anywhere.
Residential Real Estate prices are on the rise according to many news sources. In a HousingWire.com article they reference Redfin data: “Redfin’s data also determined that only 6 of the 85 largest metros saw a year-over-year decline in their median sale price.”
Refinance and Save Money on Your Mortgage
If you haven’t refinanced lately, it is time to consider taking advantage of low rates. According to an article on Mortgage News Daily there were over 8 million properties that are considered to be refinanceable in June 2019.