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Real Estate Market Updates

Mortgage Rates Drop Again, Falling to Average 2.93%

Inflation hasn’t pushed mortgage rates higher because the market believes it’s only temporary, says Freddie Mac chief economist. MCLEAN, Va. – This week’s average mortgage rates fell a bit more, to 2.93% from last week’s 2.96% for a 30-year, fixed-rate loan, according to Freddie Mac’s weekly update. In times of rising inflation, mortgage rates begin to rise. However, that hasn’t...

Real Estate Economy: It’s Not a Bubble Unless it Pops

A bubble, by definition, pops and prices plummet. Look at buyer demand. Look at homeowner equity. Prices could stop going up for a bit – but it’s not a bubble. NEW YORK – Record home prices, bidding wars and other factors show a real estate market that appears eerily similar to the 2006 bubble market, although mortgage loans are much harder to get today than they were 15 years ago. A mortgage...

30 Year Mortgage Rates Average 2.96% Last Week

Mortgage rates dropped again last week and have now remained below 3% for the last eight weeks, opening further opportunities for home buyers to lock in historically low rates. “The economy is recovering remarkably fast and as pandemic restrictions continue to lift, economic growth will remain strong over the coming months,” says Sam Khater, Freddie Mac’s chief economist. Freddie Mac reports...

Surging Home Prices Are Set for a Cooldown

The U.S. median home price continued to post double-digit appreciation in May and reached a record high of $380,000, realtor.com® reports. But the rate of price growth has shown signs of slowing for the second time in 13 months (15.2% year-over-year in May compared to 17.2% annually in April), realtor.com®’s Monthly Housing Trends Report shows. Prices have been rising due to high buyer demand and a...

In Florida, 7 People Move in for Every 1 Person Who Leaves

Redfin: People across the U.S. are moving to states with lower taxes. Fla., with the 7th-lowest tax rate, gained more residents than all but 4 states from 2013-2020. MIAMI – A new report from Redfin indicates that states with lower taxes are attracting people from all over the country. Over the last eight years, an average of four people moved into low-tax states from other parts of the country for...

30 Year Mortgage Drops After Hitting 3% Last Week

Rates last week averaged 2.95% – roughly the same level they’ve seen for a few months. One year ago, a 30-year, fixed-rate loan averaged 3.15%. WASHINGTON (AP) – Mortgage rates declined last week, pushing the benchmark 30-year home loan back down below the 3% mark. Signs continued of the economy’s recovery from the pandemic recession. Mortgage buyer Freddie Mac reported Thursday that the...

Why the Buyer Frenzy? Fear of Missing Out (FOMO)

What if today’s tight inventory gets even tighter? What if mortgage rates go up? NAR’s chief economist says strict lending laws keep a real estate bubble at bay. NEW YORK – Lawrence Yun, chief economist of the National Association of REALTORS® (NAR), summed up the current state of the housing market in one word to NPR recently: “Incredible.” Homes for sale are, on average, getting 5.1...

Apr 2021 Real Estate Market Update: Broward County

“Broward County closed sales skyrocketed in April! We saw an 80.9 percent increase to 1,782 year-over-year. It’s amazing to see how the market has developed since the COVID-19 pandemic struck America. When faced with adversity and uncertain times, Realtors® came together to help buyers and sellers reach their real estate goals. I’m proud of the resiliency shown by the real estate community and...

What Can Condo Boards Still Do Under the Latest Mask Rules?

Condo associations became COVID-19 cops during the pandemic, and their powers, so far, aren’t diminished much even if the CDC and Fla. say it’s OK to go without masks. FORT LAUDERDALE, Fla. – For more than a year, condo associations had to become COVID-19 traffic cops for hundreds of thousands of Floridians in high-rises and sprawling complexes. They had to enforce the use of masks, social...

Experts: Mortgage Rate Declines Won’t Last

The average for the 30-year fixed-rate mortgage remained below 3% this week, but economists warn that rates in the 2% range likely won’t stick around much longer. Still, mortgage rates will continue to be historically low, and slight increases aren’t likely to spook home buyers, experts said. The 30-year fixed-rate mortgage averaged 2.94% this week, down from 2.96% the week prior, Freddie Mac...

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