The average adjustable rate mortgage (ARM) rate decreased to an average rate of 3.03% in July 2020, down from 3.47% a year earlier. ARM rates have decreased as a direct result of the Federal Reserve’s (the Fed’s) action to pull back short-term rates to combat the 2020 recession ...

National Market Update

Black Knight reports that despite home prices rising 97 months in row, affordability is the highest since 2016. For the same monthly payment, buyers can now afford almost $32,000 more home than they could a year ago.

The report notes that thanks to low mortgage ...

National Market Update

The V-shaped housing recovery continues. New Home Sales soared in June to a level higher than the one they reached before the shutdown--up 13.8% for the month, posting their highest annual sales rate since 2007!

Existing Home Sales spiked 20.7% in June, their ...

The California Buyer Purchasing Power Index (BPPI) figure was +10.5 in June 2020. This positive figure tells us a homebuyer with the same income is able to borrow 10.5% more today than a year ago. The BPPI figure has remained positive throughout 2019-2020 as a result of ...

National Market Update

The National Association of Realtors reports more than nine in ten Realtors say the market is recovering, as they embrace “technology and business practices to ensure the home buying process continued in a safe manner.”

And that recovery is V-shaped. Purchase mortgage applications are up ...

The average 30-year fixed rate mortgage (FRM) rate descended to another record low in the week ending July 17, 2020, now at 2.98%.The 15-year FRM rate also decreased to 2.48%. FRM rates have descended to historic lows due to efforts to stimulate lending during today’s unstable economic ...

NATIONAL MARKET UPDATE

Fannie Mae’s June Home Purchase Sentiment Index (HPSI) revealed 61% of respondents think now is a good time to buy a home and 41% feel it’s a good time to sell--big rebounds from the survey’s record lows two months ago.

Also rebounding: realtor.com ...

National Market Update

The National Association of Realtors Pending Home Sales index of contracts signed on existing homes surged 44.3% in May, its biggest gain since 2001. All regions were up, though the overall index is still down a smidge annually.

The NAR chief economist: “The outlook has significantly ...