Deep inside the fortresslike headquarters of the Federal Reserve Bank of New York in lower Manhattan, a group of market specialists on Monday re-started the bond-buying program that during the financial crisis was known as quantitative easing, or QE.
|Mortgage rates fall to an all-time lowThe average U.S. rate for a 30-year fixed mortgage fell to 3.29% this week, the lowest ever recorded by Freddie Mac in a series that goes back to 1971.|
|Federal Reserve makes emergency rate cut amid coronavirus fearsThe Federal Reserve unexpectedly cut its benchmark rate by half a percentage point in an effort to bolster the economy and calm coronavirus fears.|
|How much you need to make to own a home in the nation’s 15 biggest marketsIf a homeowner lived in one of the nation’s 15 largest cities, they would have to make $68,440 on average, to cover home payments. And that’s assuming the person doesn’t owe additional non-mortgage debt, according to the latest study from SmartAsset.|
America’s housing market is undersupplied by 3.3 million units, and the shortage is getting worse every year, Freddie Mac said in a report on Friday.
What a week for home sales data! New Home Sales spiked 7.9%, to a 764,000 annual rate in January, the hottest sales pace since 2007. Single-family home sales are now a healthy 18.6% higher than a year ago.
For existing homes, the National Association of Realtors index of Pending Home Sales rose 5.2% in January, “due to the good economic backdrop and exceptionally low mortgage rates,”according to their chief economist.
Yet price gains continue to slow. The FHFA price index for homes bought with conforming mortgages is up 5.1% annually, down from 5.9% a year ago, and the Case-Shiller price index is up only 3.8% from a year ago.
|This is where iBuyers dominated the market in 2019While Phoenix was seen as the petri dish as an experimental iBuyer market, it was Raleigh, North Carolina that had the most iBuyer purchases last year. According to Redfin, the nation’s top iBuyers purchased one out of every 100 homes that sold in 2019 across the more than 200 U.S. metro areas the company tracks.|