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2021 Conforming Loan Limits
Conforming Loan Limit Increases to $548,250 Which loans does this apply to? Conventional, conforming loans (those sold to or securitized by Fannie Mae and Freddie Mac, which is a vast majority of the market), both refinances and purchases.Does this apply to FHA/VA/USDA loans? Not immediately, and not equally. FHA will use the new number to…
Are Home Prices Going To Drop?
I think this is the question that all home buyers are asking themselves in this market. Consider the following when buying today: Fist off “Housing wealth accumulation takes time and is built up by paying off the mortgage debt and by price appreciation. And while home prices can fall, home prices tend to recover and…
Three tips for when you find the perfect home.
As we enter the final months of 2020 and continue to work through the challenges this year has brought, some of us wonder what impact continued economic uncertainty could have on home prices. Looking at the big picture, the rules of supply and demand will give us the clearest idea of what is to come.…
Home Values Still On The Rise!
Homeownership is one of the best ways to invest in your financial future, especially as your home equity grows. Home equity is a form of forced savings that can work to your advantage as the value of your home appreciates. Across the country, home equity was increasing before the health crisis swept our nation, and…
Low rates offset rising home prices.
Get Pre Approved Today! The year 2020 will be remembered as one of the most challenging times of our lives. A worldwide pandemic, a recession causing historic unemployment, and a level of social unrest perhaps never seen before have all changed the way we live. Only the real estate market seems to be unaffected, as…
U.S. homeownership rate rose again
So far, it’s been quite a ride this year, and our nation has truly seen its fair share of hurdles. From COVID-19 to record unemployment and then the resulting recession, just to name a few, the second quarter of 2020 has had more than a few challenges. Amidst the many roadblocks, however, the U.S. homeownership…
Mortgage Rates Hit Record Lows for Three Consecutive Weeks
Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below 4/1971 – 4/2020): What does this mean for buyers? This is huge…
A Historic Rebound for the Housing Market
A Historic Rebound for the Housing Market Pending Home Sales increased by 44.3% in May, registering the highest month-over-month gain in the index since the National Association of Realtors (NAR) started tracking this metric in January 2001. So, what exactly are pending home sales, and why is this rebound so important? According to NAR, the Pending Home Sales Index (PHS)…
Just When You Thought They Were Gone, All-Time Low Rates Are Back
Just When You Thought They Were Gone, All-Time Low Rates Are Back Mortgage rates plunged well into new all-time lows this week, which is a striking turn of events given the vastly different outlook at the end of last week. Specifically, a series of strong economic reports led to significant losses in the bond market…