MORTGAGE RATES HIT NEW LOW ONCE AGAIN EXPERTS SAY THE'LL STAY THERE
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.”
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.”
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
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Grilled Corn and Poblano Chile Salad
Vegetable oil (for grill)
2 tablespoons fresh lime juice
¾ teaspoon hot sauce
4 ears of corn, in husk
2 small poblano chiles
3 tablespoons unsalted butter
2 scallions, chopped
Prepare a grill for medium heat; oil grate. Whisk lime juice and hot sauce in a medium bowl; season with salt. Set dressing aside.
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.
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.
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