Record low rates: There is at least one bright spot amid the economic mayhem brought on by the novel coronavirus. Average mortgage interest rates have fallen to new record lows, a boon to both potential buyers and homeowners who may want to refinance. It adds up over the life of that 30-year loan. – realtor.com
GSE boost: With unemployment making mortgage payments tough, many investors have shied away from buying mortgage backed securities (MBS), but Fannie Mae and Freddie Mac are now permitted to buy these riskier loans in forbearance. That’s boosting investor confidence and driving up prices due to demand. – realtor.com
Demand returns: Home-buying demand is making a speedy recovery, within 15% of pre-pandemic levels as of April 27 after plummeting as much as 34% in March. In the seven days ended April 24, almost 53,000 new homes hit the market. Still, there were fewer than 700,000 homes for sale, the lowest inventory level in five years.
– Redfin
