Justin J. DuPré
CENTURY 21 Cascade


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Mortgage rates hit another record-breaking low this week, dropping to a mere 3.13% on the average 30-year, fixed-rate loan. That’s the lowest rate recorded since 1971, according to Freddie Mac—and the third time a new low has been set this year.

Buyers and homeowners have noticed, too. Applications to purchase a home were up 21% over the year this week, and refinancing activity clocked in at 106% higher than last year’s numbers.

According to Sam Khater, Freddie Mac’s chief economist, Americans are just “in the buying mood.” 

If you weren’t one of the many who took advantage of the recent low rates, you might be in luck. According to most experts, bargain-basement rates may be the norm for a while.

“In the first week of June, many were concerned that the good news from the May jobs report would result in rising mortgage rates,” says Mark Fleming, chief economist at First American. “While rates did jump up briefly, they have since fallen back to historic lows. The consensus among real estate and mortgage finance economists is that mortgage rates may fluctuate, but are likely to remain near historic lows through 2021.”

Freddie Mac’s economists are among those experts. The company’s latest quarterly forecast predicts 2020 to average a 3.4% rate, while 2021 will see rates drop to just 3.2%. Fannie Mae’s economists are even more optimistic, predicting a 3% rate by year’s end and a meager 2.9% at the close of 2021.
The Federal Reserve’s recent announcement to continue buying mortgage-backed securities, as well as keeping its funds rate at zero, are both contributing to this optimism. 

Here’s what Litic Murali, an economist at the National Association of Home Builders, had to say about it: “With the Federal Reserve’s recent announcement of an accommodative monetary stance in order to aid recovery efforts, a low-interest-rate environment is bound to continue for the short-term, effectively benefiting housing demand.”
ARTICLE: Forbes.com
Homeownership Opportunities Website Northwest
HOWNW.com™ contains a searchable, multi-lingual database of homebuying programs available in Multnomah, Washington, and Clackamas counties. Potential homebuyers enter the area they wish to live in, number of people in their household, and their annual income to discover financial programs and resources available to help them become homeowners. HOWNW.com™ is strictly an Information Without Obligation resource. Absolutely no personal information entered is saved, shared, retained or published in any way.
Existing-Home Sales Fall 9.7% in May
While NAR Expects Strong Rebound in Coming Months
WASHINGTON (June 22, 2020) – Existing-home sales fell in May, marking a three-month decline in sales as a result of the coronavirus outbreak, according to the National Association of Realtors®. Each of the four major regions witnessed dips in month-over-month and year-over-year sales, with the Northeast experiencing the greatest month-over-month drop.

Total existing-home sales, https://www.nar.realtor/existing-home-sales, completed transactions that include single-family homes, townhomes, condominiums and co-ops, slumped 9.7% from April to a seasonally-adjusted annual rate of 3.91 million in May. Overall, sales fell year-over-year, down 26.6% from a year ago (5.33 million in May 2019).

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lockdown and hence the cyclical low point,” said Lawrence Yun, NAR’s chief economist. “Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”
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DOWNLOAD:  https://homesforsale.century21.com/app/justin.dupre@century21.com
MARKET STATISTICS - SOLD DATE 06/01/2020 TO 06/29/2020

Property Category = RESIDENTIAL   County = Multnomah   Status = SLD   Sold Date = 06/01/2020...06/29/2020   City = Portland   Property Type = CONDO, DETACHD

Contact me for a full and/or customized report for your area.
One tool that is very helpful is the Altos Report that I have access to. This shows a snapshot at any time for any of these areas and zip codes. Contact Me for a report in your area.

Would you like to know what your home could sell for right now? I am happy to look at market data and current trends to come up with a Comparative Market Analysis that is customized for your home.
Grilled Corn
and Poblano Chile Salad
  • Vegetable oil (for grill)
  • 2 tablespoons fresh lime juice
  • ¾ teaspoon hot sauce
  • Kosher salt
  • 4 ears of corn, in husk
  • 2 small poblano chiles
  • 3 tablespoons unsalted butter
  • 2 scallions, chopped
  1. Prepare a grill for medium heat; oil grate. Whisk lime juice and hot sauce in a medium bowl; season with salt. Set dressing aside.
  2. Grill corn (still in husks) and chiles, turning occasionally, until corn is charred all over (husks will be nicely blackened and some of the kernels will become deeply browned in spots) and chiles are blackened in spots and crisp-tender, 10–12 minutes for corn and 8–10 minutes for chiles. Transfer to a platter and let cool slightly before shucking corn.
  3. Slather corn with butter, then cut kernels from cobs into bowl with reserved dressing. Remove seeds from chiles and chop. Add to corn along with scallions. Toss to combine; season corn salad with salt.
Justin J. DuPré
Licensed Broker in Oregon
CENTURY 21 - Cascade
12901 SE 97th Ave Ste 220
Clackamas, OR 97015
O: 503.652-2260
C: 503.389.3251
Copyright © 2020 CENTURY 21 - Cascade, All rights reserved.

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This is not intended as a solicitation if your property is currently listed with another agent. These materials contain information and articles obtained from third parties. Century 21 - Cascade or it's agent's do not endorse the recommendations of any third party nor guarantee the information provided is complete or correct.