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Weekly Mortgage Watch July 26, 2020

To find out if now is the time to buy, check out this week’s mortgage highlights:

  • Mortgage rates held relatively stable last week as economic data revealed definite improvement, but fears remain.
  • Existing Home Sales skyrocketed upward by 20.7%, and New Home Sales grew 13.8%. In many ways, markets have moved into a holding pattern.
  • We know that more effective treatments and vaccines are very likely in the future, but just how soon remains unknown.
  • This week could be a seriously turbulent week for markets, individuals, and companies as the data and events could significantly shape the future.
  • The Federal Reserve meets again, and while it is not expected to change policy much, soothing words could calm jittery markets.
  • On Monday, Senate Republicans are expected to unveil their next round of stimulus. The exact shape of the package and the Democrats’ reaction is likely to dictate financial markets.
  • If it appears that it will take a long period of negotiation and reshaping to pass, then rates are likely to move downward. Conversely, if the path to passage appears short, we’ll all be relieved, but mortgage may move slightly upward.
  • So is now the time to buy for you? Purchasing a home is about finding the perfect time in YOUR life. Click here to start your home search and see what’s available in today’s real estate market that fits your needs.

What “The Jones” Upgraded During COVID

A survey from Porch.com of 1,000 homeowners revealed that more than 75% of them tackled at least one home improvement project. 78% are still planning on completing a project within the next 12 months. The most popular projects were upgrades to garden, patio, or renovating the structure of the house, followed by interior improvements, including repainting walls, adding new flooring, or renovating a bathroom. The median amount spent so far is $17,140.