Talk about a wallop to the wallet: the typical homebuyer’s monthly mortgage payment has climbed $337 (15%) over the past six weeks, according to a report from Redfin, Seattle.
Tag: Taylor Marr
Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level
With mortgage interest rates pushing well above 6 percent—even approaching 7 percent—a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
Record Share of Homebuyers Relocate, Driven by Moves Away from Expensive Coastal Areas
A record 33.9% of Redfin.com users nationwide looked to move from one metro to another in July and August, up from 32.6% in the second quarter and 26% before the pandemic.
Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level
With mortgage interest rates pushing well above 6 percent—the Mortgage Bankers Association on Wednesday reported 30-year rates up by 24 basis points to 6.25%–a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
Nearly 1/3 of Homes Bought All-Cash as Buyers Gain Upper Hand
Redfin, Seattle, reported nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July, near the eight-year high reached in February and up from 27.5% a year earlier. In a separate report, Redfin said higher interest rates have given home buyers the upper hand after several years of a “sellers’ market.”
2nd Home Hotspots See Outsized Growth in Rental, Home Prices
As remote work prompted many Americans to relocate during the pandemic, housing costs soared in second-home hotspots even more than the rest of the country, according to Redfin, Seattle.
Redfin: U.S. Housing Market ‘Reverses Course’
In little more than a month, the coronavirus pandemic sent the housing market from a promising spring to a national emergency, said Redfin, Seattle.