For the fifth week, fixed-rate mortgages reached new all-time lows. The 15-year fixed-rate mortgage dipped below 3 percent, settling into uncharted territory, according to Freddie Mac’s weekly mortgage market survey. Thirty-year fixed-rate mortgages also reached new record lows, continuing to stay under 4 percent and pushing home buyer affordability even higher.
Potential home buyers are emerging from the sidelines and taking a renewed interest in real estate. So which housing markets are most being eyed online? Realtor.com recently released its rankings from April on its top-searched housing markets.
Forty-seven percent of Generation Yers say they plan to purchase a home within five years or less, according to a new study released by Western Union. That tops the general population, 29 percent of which say they plan to buy a home in the next five years or less.
With lending standards extra stringent, some borrowers applying for a mortgage may be tempted to bend the truth slightly so that they can qualify for a mortgage. But lenders have a word of caution to those would-be borrowers: They’re watching you even more carefully nowadays.
Studies have suggested that staged homes sell faster, and as such, more sellers may be willing to give it a try.
The Consumer Financial Protection Bureau (CFPR) is delaying publication of its final “qualified mortgage” rule, which will set standards for lenders to ensure borrowers have the ability to repay mortgage loans they’ve been given. Release of the rule was expected late this summer, but the agency said it’s reopening the process for comment because it wants the public to look at new data that’s pertinent to the proposed “ability to repay” standards.
Best Apps for Real Estate?
Apps can unleash the power of a smartphone, but which ones make these devices a practical tool for real estate? We’d like your input on your favorite apps, and why, for our next buyer’s guide.