The National Association of Home Builders (NAHB) coupled with Wells Fargo 35 years ago to create the Housing Market Index (HMI). NAHB.org defines the NAHB/Wells Fargo Housing Market Index (HMI) as based on a monthly survey of NAHB members designed to take the pulse of the single-family housing market. The survey asks respondents to rate market conditions for the sale of new homes at the present time and in the next six months as well as the traffic of prospective buyers of new homes.
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Outcome of Recent Federal Reserve Policy Meetings included the intent to hold rates low until inflation increases
A recent article on CNBC.com, written by Jeff Cox, and Titled: Fed holds rates steady near zero and indicates it will stay there for years, includes the following statement “Projections from individual members also indicated that rates could stay anchored near zero through 2023. All but four members indicated they see zero rates through then. This was the first time the committee forecast its outlook for 2023.” The article details the projections and expectations of the policymaking Federal Open Market Committee.
With Mortgage Rates at Record Lows, How Can Buyers Know When To Pounce?
The year of 2020 will be remembered by many people and for many reasons. The year was rocked by a pandemic with a ripple effect that created an economic recession; complex social unrest; and a highly polarized presidential election. Oh, and let’s not forget it was also a year of historically damaging wildfires and hurricanes!
Builder Confidence Index Matches All Time Record High
The Builder Confidence Index has been in existence for 35 years as a gauge of Builders confidence in the future of single-family home sales. The Index matched the all time record high from 1998.
Have You Heard about 1.99% Mortgage Rates? There’s a Catch!
The mortgage industry has been offering incredibly low rate loans with low or no fees. Recent weeks have seen some mortgage lenders promoting their new 1.99% fixed rate loans, but it’s important to understand the fees involved in these loans. They might be a very good choice for some borrowers but are also a very wrong choice for many.
June 2020 Hit Historic High Increase in Existing Home Sales
A recent article by CNBC.com provides an excellent overview of the details that report a historic increase in existing home sales in June over May. The key points they present include respected sources like the National Association of Realtors:
Mortgage Rate Market a New Reality Since Coronavirus
The world is filled with news about the many impacts the pandemic has had on our lives, and most are negative: social distancing, wearing masks, education impacted by school closures, loss of jobs, and health challenges, even death.
Mortgage Rates Plunge to All-Time Lows
Home owners and home buyers across the nation are thrilled to have an opportunity to secure a mortgage rate that is the lowest rate ever offered in the US. During a year that has seen a pandemic and civil unrest, the nation also enters a time where the average lender is offering mortgage rates that are below 3%.
Pandemic Affects! April new home purchase mortgage applications down 25% from March
The impacts of the current Pandemic social distancing orders and essential only travel bans has affected all of our lives in different ways.
Facing a “Lock vs Float” Decision?
MortgageNewsDaily.com says we will need to wait and see if mortgage rates will drop back into all-time lows. The impact of the pandemic has had it’s affect on bond markets which are driving mortgage rates.