In today's Mortgage Minute Jeff Farnham talks about the uncertain housing market amidst COVID-19.
Good morning, i?m jeff farnham in recent weeks, initial jobless claims have showed a slight decrease.
In the same time frame, continuing jobless claims have also decreased by 14%, which is the first significant improvement we?ve seen.
The mortgage bankers association states that mortgages in forbearance have decreased from 8.47% to 8.39%.
Covid-19 has caused much uncertainty in the housing market.
However, consumers are returning with a more positive outlook.
The mba stated that purchase apps were up 5% the last week of june with a year over year increase of 33%.
Refinance applications made up 60% of all transactions and were up 0.4% with a year over year increase of 111%.
Fannie mae?s home purchase sentiment index states that approximately 61% of consumers believe now is a good time to purchase a home.
Another 41% agree that it is a good time to sell a home.
Home prices are anticipated to increase, but the desire to purchase a home is the highest it has been in five years.
With rates being as low as they are right now, the housing market is proving to be the extra push the economy needed.
If you are ready to purchase a new home, getting prequalified is the first step.
You can visit our site, text jts to 33655 or call us for more information.
As the economy continues to recover, we cannot forget back to school season is almost here.
Though there is debate on schools reopening, you can still prepare for the possible effects reopenings may have.
For example, if you have older kids moving away for college, you may find yourselves being empty nesters.
Having too much home can be a lot of responsibility, so it may be the time to right size.
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Give us a call and let us help you prepare for your next chapter.
Whether you are purchasing, refinancing or right-sizing your home, jts & co.
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Thank you for joining me today, be sure to tune in next week!
Toaster
With interest rates falling for the sixth straight month, homeowners continued to grab the chance to purchase or refinance in June.
