This article is about recent trends in the US housing market and mortgage rates. Mortgage rates dropped recently to their lowest levels since 2016. This drop occurred in the wake of economic uncertainty as job losses and market volatility continue amid the ongoing pandemic. Despite the continued economic difficulties, housing demand remains strong and there is evidence that the market is shifting from being a seller’s market to a buyer’s market.
Homeowners wishing to refinance their loans amid the current market conditions are in a particularly enviable position; they can benefit both from low mortgage rates and the option of a “no-appraisal” refinance. Fannie Mae made the no-appraisal option available to homeowners in response to the coronavirus pandemic, allowing them to refinance without taking on the cost and processing time of a traditional appraisal.
Another area of the market that has seen strong demand is real estate investment. Many investors are viewing real estate as a more secure investment than the stock market, as the housing market has not seen the same level of volatility that the stock market has. As a result, despite the current economic uncertainty and job losses, investors are still pursuing real estate investment opportunities.
Overall, the US housing market remains strong in spite of the ongoing economic difficulties. Low mortgage rates, in particular, have the potential to benefit both current and prospective homeowners by reducing refinancing costs and making purchasing more affordable. The no-appraisal refinance option has also been a boon for homeowners, and the real estate investment sector has seen an influx of capital due to investors seeking more secure investments in a volatile market.
You can read this full article at: https://www.housingwire.com/articles/housing-market-tracker-mortgage-rates-drop-almost-1/(subscription required)
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