Urban areas have benefited in recent years from an influx of younger workers seeking high-paying jobs. At the same time, land-use regulations have constricted supply, helping drive up prices. While the wealthiest homeowners had a rocky ride during the past decade, their homes have recovered most or all of the value they lost during the … [Read more...]
Shifting Demographics: A New Norm
The quickening pace of home sales over the past year included a small rebound from two key segments of buyers who have been missing in action in recent years: first-time buyers and single women. A new normal means interest rates will be staying low – well below 5% for the next several years – amid shifting demographics bringing homebuyers to the … [Read more...]
The Fed's Possible Interest Rate Increase
The Federal Reserve's path to a rate increase is a treacherous one: a path paved with easy money from other global central banks and lined with a gauntlet of possible hazards. The markets may not believe the Fed will actually raise interest rates this year, but it may surprise them with at least one hike late in the year. In fact, there could be … [Read more...]
Spring Buying Season & The Millennial Shift
Millennials are the first generation to come of age in the post-recession housing market in a relatively positive light. Yet the No. 1 barrier to entry for young, would-be homebuyers? Credit."The mortgage industry is poised to experience a monumental shift as more millennial homebuyers begin to enter the market," said Joe Tyrrell, executive vice … [Read more...]
Millennials and the Housing Market
A lot has been said about the millennial generation and the housing market. CoreLogic recently finished a two-part series in which they looked into younger buyers and first time homebuyers and their habits. In addition, the National Association of Realtors recently published their results for Home Buyer and Seller Generational Trends survey. Their … [Read more...]
San Diego Interest Rates
On Thursday the National Association of Realtors said the share of first-time buyers is at the second lowest level in over 30 years. The 2015 Profile of Home Buyers and Sellers reveals a home buying market driven by repeat buyers within two income households. Historically, first-time buyers constitute nearly 40 percent share of primary home … [Read more...]
San Diego Refinancing Options
Application Volume Up, Down, Up, Down...The results are in: the Mortgage Bankers Association said today that applications during the week of October 23rd decreased by roughly 3.5% – adjusting seasonally from the previous week.Granted the accounted for data increased 7% on an unadjusted basis, taking into account for Columbus Day. While this … [Read more...]
Mortgage Rates and Home Prices on the Rise
Prices and Rates Head in Same DirectionAccording to Redfin, home sales across the U.S. in April surged 5.4% from 2014. And sales of newly listed homes increased at least 10% for the third straight month, posting a 10.7% gain.However, sales weren’t the only thing to rise.Last month, home prices throughout most of the country rose an average of … [Read more...]
2015 Mortgage Rates Start At A 20-Month Low
2015 Mortgage Rates Start At A 20-Month Low The year 2015 has kicked off with some great news for people looking to get mortgage to buy a new home. Mortgage rates have further depreciated, making it their 20-month lowest since 2013 in May. With the average thirty-year fixed rate mortgage hovering at 3.73 percent, now is the best time to get your … [Read more...]
Why 96% of Consumers Think That Mortgage Rates Have Bottomed Out
Why 96% of Consumers Think That Mortgage Rates Have Bottomed Out According to recent statistics, mortgage interest rates have reached their lowest level in a long, long time and this goes not only for conventional mortgage loans, but for VA loans (loans guaranteed by the Department of Veterans affairs) and FHA mortgages (insured by the Federal … [Read more...]