Mortgage Rates Hit Another Record Low Under Weight of Mounting Coronavirus Cases
Mortgage rates fell back to all-time lows this week as the market continues to weigh the economic risks posed by recent surges in COVID-19 case counts.
Market Trends
April Case-Shiller Results and May Forecast: Housing Continues to Cruise
The S&P CoreLogic Case-Shiller U.S. National Home Price Index® rose 4.7% year-over-year in April (non-seasonally adjusted), up from 4.6% in March.
Homes Are Being Snatched Off the Market at Their Fastest Pace in 2 Years
Homes sold in the U.S. during the second week of June typically stayed on the market for 22 days, the fastest pace since June 2018.
Mortgage Rates Stable as Investors Wait on Coronavirus Data
For now, a stable week in rates suggests that investors are waiting to react until they see more definitive coronavirus data from emerging hotspots.
May New Home Sales: Poised for Continued Improvement
May new home sales were up 16.6% from April and 12.7% from May 2019, to 676,000 (SAAR), according to the U.S. Census Bureau.
May Existing Home Sales: A Measurement from a Different Time
May existing home sales were down 9.7% from April and 26.6% from a year ago, to 3.91 million sales, according to the National Association of Realtors.
Zillow Weekly Market Report: Data Through June 13, 2020
Home buyer demand continues to grow, but their choices became slimmer last week. Newly pending sales rose, but new listings and total listings fell.
U.S. Home Value Growth Slows, Signalling Potential Price Decline to Come (May 2020 Market Report)
The typical U.S. home value grew 4.3% year over year in May, to $251,598. But monthly growth slowed noticeably from April.
Mortgage Rates Fall Slightly, But Where do They Go From Here?
After falling sharply for about a week, mortgage rates leveled off in recent days and ultimately finished the last seven days down just slightly.
May Housing Starts: Slowly Coming Back
May housing starts rose 4.3% from April, to 974,000 (SAAR), and were down 23.2 percent from a year ago, according to the U.S. Census Bureau.
