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New listings rise above pre-pandemic levels; rates still at historic lows

  • Aug 17, 2020
new listing sign

New listings climb for the first time since the pandemic's start

The National Association of Realtors reported on August 14 that “buyers are finding greater selection in their house hunt as new listings increase above pre-pandemic levels, according to realtor.com®’s latest Weekly Recovery Report, reflecting the week ending August 8. The increase in new listings now brings all four major components of housing activity tracked on the index—also including housing demand, asking prices, and pace of sales—above the pre-pandemic baseline of January 2020.”

Homebuyer demand remains strong

Freddie Mac reported on August 13 that mortgage rates rose just slightly. “Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” said the article. “Even with this week’s uptick, very low rates are providing a significant boost to the housing market that continues to hold up well during this time of uncertainty.”

Rates are still at historic lows, so now is a great time to refinance or buy, in spite of the new refi fee

You may have read or seen that Fannie Mae and Freddie Mac recently announced that refinance loans sold to them after September 1 will include a new fee (the fee doesn’t apply to purchase loans). If you have concerns about how this might affect your refinance, please give me a call—I’d be happy to explain it and answer any questions you have. But the big news in the mortgage market is that rates are still at historically low levels—possibly the lowest rates we may see in our lifetime. So now is a great opportunity to refi or buy the home of your dreams at big savings.

 

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