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Mark Hemingway

Mortgage Market Update for November 19th

Thursday, November 19, 2020 - Article by: Mark Hemingway - Security Financial Services, LLC - Message

Home borrowing costs hit records lows in the latest survey and continue to buoy the housing market. Freddie Mac reports that the 30-year fixed-rate mortgage fell to 2.72% this week from 2.84% last week with 0.7 in points and fees. A year ago at this time, the rate averaged 3.66%. Sam Khater, Freddie Mac's Chief Economist. "While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy."

Americans filing for first-time unemployment benefits increased in the latest week by 33,000 to 742,000 though well below the early March highs. Continuing claims, which measures those receiving benefits for at least two weeks straight, fell to 6,372,000 from 6,801,000. The sector was decimated by the pandemic-induced shutdowns in March, April and May and now the fears are increasing that additional lockdowns will take place in certain parts of a country.

The NAR reports that Existing Home Sales rose for the fifth straight month in October by 4.3% to an annual rate of 6,850,000 versus the 6,490,000 expected. Sales were up nearly 27% from a year ago. All four major regions of the country saw increases. The median existing-home price rose 15.5% annually to $313,000. All wasn't rosy within the report. Inventory is at an all-time low 2.5-month supply, down down from 3.9 in October 2019. The NAR is forecasting that Existing Home Sales will rise by 10% to 6 million in 2021.

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