What will Joe Biden do to mortgage rates? See what experts say

When that big change happens at the White House this Wednesday, on Inauguration Day, what will it mean for America’s other houses — and the mortgage rates used to finance them? As the country entered 2020, 30-year fixed-rate home loans were averaging 3.72%. Since then, mortgage rates hit historic lows more than a dozen times,…
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December New Home Purchase Mortgage Applications Up 42% From Year Ago

The Mortgage Bankers Association’s Builder Application Survey data for December shows mortgage applications for new home purchases edged up by just 0.2 percent from November but improved by 42.2 percent from a year ago. The survey does not include any adjustment for typical seasonal patterns. By product type, conventional loans composed 73.3 percent of loan…
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Mortgage refinance demand spikes 20% as borrowers fear missing out on record-low rates

After setting more than a dozen record lows last year, mortgage rates began 2021 on an upward climb, and that lit a fire under borrowers, fearing they might miss the last of the lowest rates. Mortgage applications to refinance a home loan spiked 20% last week compared with the previous week, according to the Mortgage…
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Veros: Home Prices Set to Increase Nearly 6% in 2021 as Nation Emerges From Pandemic

Veros Real Estate Solutions, Santa Ana, Calif., released its Q4-2020 VeroFORECAST data, projecting home price appreciation will increase significantly during the next 12 months in the 100 most-populated markets. The overall average forecast is 5.9% by Q4 2021, an additional increase of 0.9 percentage points compared to 5% just a quarter ago. This level of change from one…
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Could 2% define mortgage rates for the next decade? Mortgage rates have fallen from 12% in the 1980s

The end of 2020 won’t necessarily mean saying goodbye to the favorable 2% mortgage rates that hit historically low levels 16 times over the past 12 months. In fact, most industry observers believe rates will remain at the same low levels in 2021 as the Federal Reserve uses low rates as a weapon to combat the economic effects of the COVID-19 pandemic. This…
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Bidding Wars Strong for 7th Straight Month; Homes Selling at Fastest Pace in 8 Years

The national median home price rose 14% year over year to $335,519 in November, according to Redfin, Seattle. And in many housing market hotspots, bidding wars persist for more than half of home sales. The Redfin report (https://www.redfin.com/news/november-housing-market-update-14-pct/) said the huge jump in home prices marked the second-largest annual increase since at least 2012, bested…
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