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Graphic showing the 8 week trends of mortgage rates up to September 27, 2020

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

  • Last week’s economic data appeared to point to one clear trend: the housing market is rocking.
  • Existing Home Sales’ annualized number jumped to 6.0%, with inventories squeezing downward to a measly three-month supply and notching an 11.4% price increase for homes sold in August versus ones sold last August.
  • New Home Sales climbed over the one million mark, its first time since 2006. Of course, part of the data may reflect pent-up demand but still points to welcome strength in one segment of the market.
  • The labor market continues to recover, but the pace appears to be slowing. Initial claims moved upward, but Continuing Claims drifted lower again.
  • This coming week is jam-packed with critical economic data. Consumer Confidence, GDP data, PCE Prices, the ISM Manufacturing Index, and monthly employment data are due. All of these vital data points may converge with renewed efforts in Washington to negotiate the next stimulus package.
  • If we get a deal announced and good economic data, we’ll likely see rates move 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.

Work From Home Opens Options for Moving

A recent survey releases by FlexJobs revealed that office workers’ number one benefit of working from home was not having to commute. Before the pandemic, 20% of survey respondents spent over 3 hours a day driving to and from work, and 37% had commutes of 1 to 2 hours. With the option to work from home, many people are looking at their homes and lifestyles and deciding to move.

 

 

Graphic showing the 8 week trends of mortgage rates up to September 27, 2020

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

  • Last week’s economic data appeared to point to one clear trend: the housing market is rocking.
  • Existing Home Sales’ annualized number jumped to 6.0%, with inventories squeezing downward to a measly three-month supply and notching an 11.4% price increase for homes sold in August versus ones sold last August.
  • New Home Sales climbed over the one million mark, its first time since 2006. Of course, part of the data may reflect pent-up demand but still points to welcome strength in one segment of the market.
  • The labor market continues to recover, but the pace appears to be slowing. Initial claims moved upward, but Continuing Claims drifted lower again.
  • This coming week is jam-packed with critical economic data. Consumer Confidence, GDP data, PCE Prices, the ISM Manufacturing Index, and monthly employment data are due. All of these vital data points may converge with renewed efforts in Washington to negotiate the next stimulus package.
  • If we get a deal announced and good economic data, we’ll likely see rates move 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.

Work From Home Opens Options for Moving

A recent survey releases by FlexJobs revealed that office workers’ number one benefit of working from home was not having to commute. Before the pandemic, 20% of survey respondents spent over 3 hours a day driving to and from work, and 37% had commutes of 1 to 2 hours. With the option to work from home, many people are looking at their homes and lifestyles and deciding to move.