Norris Bruce
Feb 13, 2020

Refi’s Boom But Home Buyers Don’t Reap The Same Benefits

Today’s News Synopsis:

Low mortgage rates won’t help home buyers much.  Home prices increased 7% last month as housing supply decreased by 7%.  Mortgage rates increased slightly with 30-year rates now at 3.47% and 15-year rates at 2.97%

 

In The News:

Freddie Mac “Mortgage Rates Tick Up Slightly” (2-13-2020)

“Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing that the 30-year fixed-rate mortgage (FRM) averaged 3.47 percent.”

Redfin “Home Prices Rose 7% in January, Housing Supply Fell 11%” (2-13-2020)

“Imbalance between demand from homebuyers and supply of homes for sale is heating up many markets across the U.S.”

Zillow “The Major Role Work-Life Balance Plays in Decisions About Home” (2-13-2020)

“Commute times and working remotely are top of mind for those making decisions about where to live, what home to buy or rent and what job to accept.”

MarketWatch “OK, boomers and millennials: This next wave of home buyers is coming up fast” (2-13-2020)

“Millennials are now the largest group of U.S. home buyers — 37% of all buyers in 2018, per the National Association of Realtors.”

Apartment Therapy “10 Things from Your Grandparents’ Kitchen That Are Actually Cool Again” (2-13-2020)

“What was once old is new again, and this time around, the interior design world is gathering inspiration from—wait for it—your grandparents’ kitchen.”

Economist “Technology is poised to upend America’s property market” (2-13-2020)

“From far enough away most houses look the same.  At cruising altitude over Dallas, Los Angeles and even much of New York, most dwellings are nondescript: beige- or grey-roofed, laid out in neat patterns.”

MarketWatch “Mortgage rates rise slightly from three-year lows – here’s why low rates won’t help home buyers very much” (2-13-2020)

“Ultra-low interest rates have sparked another boom in mortgage refinancing activity, but homebuyers may not reap as much benefit.”

Curbed “More seniors are living alone.  Stop blaming them for the housing crisis” (2-13-2020)

Ask housing policy experts why housing costs are at or near all-time highs in most cities in America and you’ll get one primary answer: There aren’t enough houses and apartments for people to buy or rent.”

 

California Real Estate Investor Events

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with OC FIBI on Tuesday, March 3.

Bruce Norris will be presenting his newest talk 6 Things To Succeed In 2020 with NorcalREIA on Wednesday, March 11.

Bruce and Aaron Norris will be presenting their latest Florida Buying Bootcamp 2020 Thursday-Friday, March 19-20.

 

Looking Back:

Welcome home honey!  The Mortgage Bankers Association reported mortgage applications decreased 3.7% in their latest survey.  Why did the newly-built apartment buildings in America all seem to look the same?

 

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