Mortgage rates below 3% have brought homeowners stampeding back to the refinance market. A sharp rise in refi demand is driving an increase in overall mortgage applications, a new report shows. Refinancing to take advantage of mortgage rates that remain far below historical averages can be a smart play. Because with the economy recovering and over 116…

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A decade after the housing market emerged from a deep downturn, housing is hot again. Indeed, home values are soaring to new highs. With its double-digit appreciation and rampant bidding wars, the latest real estate party has some eerie similarities to the last one. “It’s clearly the strongest housing market that we’ve seen since the global…

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Following an incredible year for refinances that mostly benefited wealthier borrowers, the Federal House Finance Agency announced it is implementing a new refi product that targets low-income borrowers with single-family mortgages backed by Fannie Mae and Freddie Mac. According to the regulatory agency, this new product will assist borrowers who were less likely to take advantage of 2020’s historically low rates. Under the…

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More than four in 10 millennials refinanced their mortgage in the past year, according to a report from LendingTree. Record-low mortgage rates fueled the number of refinances which nearly doubled the overall average. During the pandemic, 26% of homeowners refinanced their mortgage, according to the report. Additionally, LendingTree reported that millennials were more likely than any other…

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Incentivizing current owners to sell is key Homes listed for sale midweek sell for an average of 1.6 days faster than homes listed on weekend A new report from Redfin shows that homes listed midweek sell for an average of $1,700 more than homes listed on the weekend, based on homes sold above their list price from July 2020…

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Incentivizing current owners to sell is key As the US population becomes older and more diverse, lagging homeownership rates for young households and households of color should cause concern. Homeownership is the primary way American families have built financial security—through long-term accumulated benefits of loan repayment, appreciation, and fixed housing costs. The resulting wealth can open opportunities for homeowners’…

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Incentivizing current owners to sell is key The U.S. housing market is in the midst of an inventory crisis. The number of homes for sale in the U.S. is hovering near record lows, caused by a pandemic-induced housing inventory death-spiral. At the same time, home sales have soared close to record highs, suggesting the housing market suffers…

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