Mortgage rates continue at record lows
Freddie Mac reported on August 27 that mortgage rates fell again last week. “These rates continue to incentivize potential buyers, and the homebuying season, which shifted from spring to summer, will likely continue into the fall,” said the article.
Sales of new homes in July surpass 13-year high
HousingWire reported on August 25 new home sales for July were the highest reported since December 2006, based on U.S. Census data. “The housing market continues to blow past expectations and continue its strong 2020 well into the summer,” said Zillow economist Matthew Speakman.
July pending home sales rise for third month in a row
“U.S. pending home sales rose 5.9% in July, the third consecutive month of gains, fueled by low mortgage rates and unprecedented demand from consumers,” according to an August 27 HousingWire article. “Home sellers are seeing their homes go under contract in record time, with nine new contracts for every 10 new listings,” said Lawrence Yun, chief economist of the National Association of Realtors. He said there is no indication that contract activity will decrease in the immediate future.
Fannie Mae and Freddie Mac delay new refinance fee until Dec. 1
You may have heard that Fannie Mae and Freddie Mac announced a few weeks ago they were raising the cost of refinancing starting on Sept. 1. However, they just announced they are delaying the new refi fee until Dec. 1. Refi loans below $125,000 are exempt, and the fee will not apply to loans made through Fannie Mae’s HomeReady and Freddie Mac’s Home Possible affordable refi programs, which are aimed at first-time homebuyers and lower-income buyers. Please call your Academy Loan Officer for more information.