Mortgage and real estate news this week

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Cooler temperatures may be on the horizon, but the housing market is showing little sign of heat loss. Mortgage rates remain low and house prices remain high. Here is the latest industry news from Bankrate.

1. Mortgage interest goes down

The average rate on a 30-year mortgage fell for a second week, to 3.04 percent on average. Market conditions remain favorable, particularly for existing homeowners looking to refinance. For buyers, the math is a bit more hazy, with low interest rates boosting borrowing power, but high house prices and limited supply making it more difficult to close.

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2. House prices keep rising

The average price of a real estate sale has increased at an all time high over the past year, excluding many buyers from the market and contributing to an exceptionally competitive season in real estate. As new construction struggles to keep pace, this trend is expected to continue, especially in California, which is home to the five most expensive markets in the country. Buyers should look to the Rust Belt for the best deals.

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3. When to sell to an iBuyer

Home sellers have more options than ever before in this market, and for some, perhaps the best solution is to sell through an app. IBuyers are increasingly making offers superior to the market and avoiding much of the hassle of a traditional real estate transaction. If you are thinking of selling your property this way, here’s what you need to know.

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4. What determines mortgage rates?

If you’re too busy to click history, the answer is: COVID-19, rising inflation, robust economic recovery and chaos in Afghanistan. But really you should click, because you should want to know how these elements fit together to form the current pricing environment.

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5. Making your mortgage work for you is a real flex

If you’re having trouble meeting your monthly mortgage obligation, you may be able to update your terms to make them more workable. Fannie Mae and Freddie Mac, who own about two-thirds of mortgage debt in America, offer a Flexible Modification Program (FMP), which allows late borrowers to extend their loan repayment period, adjust their rates. of interest or to modify other aspects. from their debt to something that is more affordable. This is how it works.

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