Average 30-Year Mortgage Rate Rises to 2.84%
A robust stock rise fueled by the possibility of a pandemic vaccine pushed mortgage rates slightly higher, up from 2.78% in last week’s survey.
Fla.’s Housing Market in 3Q 2020 Shows Strength Amid Pandemic
Florida Realtors’ data: Single-family home sales up 13.7% year-over-year, condo sales up 13.5%; 3Q median sales price up 13.2% in both categories. Chief Economist O’Connor cites pent-up buyer demand and record-low mortgage rates as “driving factors.”
FHA Proposes Private Flood Insurance Option
It would allow lenders to accept private flood insurance policies for single-family mortgages instead of NFIP insurance if coverage is required for FHA loan approval.
Real Estate Stocks Surge on Hopes for a COVID-19 Vaccine
The news prompted investors to get bullish on several real estate stocks, including retail and hotel sectors hit hard in the pandemic. Some share prices rose 20%.
NAR Coalition, Lawmakers Pressure Congress for Rental Relief
NAR and others sent a Nov. 9 letter on this to congressional leaders. Separately, some lawmakers are pushing for COVID money to be reprogrammed to help rental owners.
Opportunity Zone Home Price Gains Below Nearby Metro Areas
ATTOM’s 3Q Opportunity Zone report found that home prices rose in 74% of the zones and by double digits in about half of them. But surrounding metros did a bit better.
Encourage Tenants to Seek Rental Assistance
A CDC-led eviction moratorium ends on Dec. 31, but NAR considers an extension likely because “No president wants to have people forced on to the streets in Jan.”
NAR: A Divided Government Might Be Good for Real Estate
In a divided government, lawmakers must find a way to work together. Joe Ventrone, NAR’s vice president of federal policy and industry relations, says the goal then will be to bring both parties to the middle on real estate issues, such as rental assistance and GSE mortgage reform.
NAR Sends 2nd Letter to Law Firm that Issues FHA Demand Letters
It asked the firm to stop “attempts to intimidate our members” after the firm responded to a first letter by saying NAR denigrates efforts to help the disabled.
Mastering the Art of Real Estate Referrals
The most important part for getting referrals? Do a great job the first time. But there are also ways to get referrals before actually working with customers.