Summer unofficially starts this weekend, which means you might be looking for a new place to put your grill. As the warmer weather approaches, there is something you should know about the mortgage and real estate industries this week.
1. The real estate market is still hot …
There is madness in home buying all over the country, but some places are more hectic than others. Bankrate is quarterly Housing heat index shows that Utah, South Dakota, Montana, New Hampshire and Idaho were the top five states for shopping earlier this year.
2. … and it shows no signs of cooling.
If you want to buy a house, don’t expect it will be a lot easier soon. Real estate prices rose 12.6 percent in 2020 compared to 2019 and continue to rise. The ongoing low inventory problem won’t be resolved overnight, so competition is likely to remain fierce for a while.
3. A good time to refinance your mortgage
Most experts assume that mortgage rates will rise this year, but a week later Withdraw interest That said, now is really the time to consider refinancing if you’re still holding out. Prices are unlikely to get much lower than they are now. So start with your records to maximize your savings.
4. What you should know about the 3% interest threshold
Although prices fell below 3 percent They were above this benchmark early towards the end of this week. Remember, 3 percent for mortgage rates is still historically low, but it is an important psychological threshold for homeowners and buyers. Since interest rates fluctuate around this mark, it is a good idea to get your mortgage finances in order before the interest rates return solidly to the 3s.
5. Skip the chapel and go straight over the threshold
Netflix ‘new reality show “Marriage or Mortgage” shows how many young couple forego a lavish wedding in favor of a real investment in their future: buying a house.