Average 30-year mortgage rate dips as spring season opens
The average long-term U.S. mortgage rate dipped for the fourth straight week, a good sign for potential home buyers and a real estate market that has been mostly cold since the Federal Reserve began raising interest rates more than a year ago.
Sales of new homes plunged 18.2% in February
Sales of new homes plunged 18.2% in February as severe winter weather in many parts of the country and a lack of supply took a toll on the housing industry. (AP Photo/Nam Y. Huh)WASHINGTON โ Sales of new homes plunged 18.2% in February as severe winter weather in many parts of the country and a lack of supply took a toll on the housing industry. Sales of single-family homes dropped to a seasonally adjusted annual rate of 775,000 last month, the Commerce Department reported Tuesday, the slowest sales pace since May of last year. The same weather disruption was evident in the existing homes market, for which the U.S. released data Monday. The report Tuesday marked the first decline in sales of new homes in two months.
US long-term mortgage rates slip; 30-year at 2.73%
U.S. long-term mortgage rates slipped this week as the economy remains burdened by the coronavirus pandemic. (AP Photo/Steven Senne, File)WASHINGTON โ U.S. long-term mortgage rates slipped this week as the economy remains burdened by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.73% from 2.77% last week. The damage from the coronavirus pandemic on the U.S. and global economies suppressed home loan rates through most of 2020. AdEconomists forecast modest increases in mortgage rates this year.
Houston-area realtors use new technology to sell homes during COVID-19 pandemic
But times are changing, thanks to COVID-19 and so are realtorsโ approaches to selling. Irma Jalifi is an agent with Redfin Realty and says the pandemic is one of the toughest things to hit Houstonโs housing market. So Redfin is now using new technology to keep business moving along while adhering to all of the social distancing standards. The program allows prospective buyers to safely tour homes without having to meet an agent at the property, and without having to come into contact with anyone. You download the Redfin app on your phone and enter some information about yourself โ your phone number, and email address.