Demand Doubles for ARMs
Lower intro rates from adjustable-rate mortgages may entice more buyers now. The increase coincides with a 1.5 percentage point rise in the 30-year fixed rate.
Lower intro rates from adjustable-rate mortgages may entice more buyers now. The increase coincides with a 1.5 percentage point rise in the 30-year fixed rate.
Houzz: Renovation activity and spending hit their highest rate since 2018. Homeowners report a 20% increase in the median renovation spend, reaching $18K.
Cloud-based options and software like Dropbox or Microsoft365 offer automatic backup and recovery – files are available even if a device is lost or damaged.
NAR recognized 4 winners for making a difference in their businesses and communities as they help expand homeownership to buyers of all backgrounds.
Fla.’s population may grow by 3.5M residents to reach 26M by 2030. A chamber report predicts 1.6M jobs more will be needed and 3M more cars will be on roads.
Americans were slightly less optimistic about current conditions in April, but their attitudes remain more positive about the short-term outlook.
After 7 weeks of increases, the average rate on a 30-year mortgage dipped to 5.1%; a year ago, it was 2.98%. Last week, it was 5.11% – highest since April 2010.
The index has dropped for 5 straight months; it fell 8.2% year-over-year. Chief Economist Yun: It may signal “calmer and normalized market conditions” soon.
New-home sales down 8.6% in March; sales are down nearly 13% from a year ago. Only 14% of March’s new-home sales were below $300K; a year ago, it was 34%.
Reinsurance, the Office of Insurance Regulation and changes to Fla.’s Building Code to improve insurance affordability are among topics for the May 23-27 session.