In today’s housing market update, I discuss the latest real estate market news and I also share the latest housing update regarding mortgage interest rates.
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Fannie Mae released their most recent home buying sentiment survey today. They found that an increasing share of consumers believe it’s a BAD time to BUY a home, while the majority believe it’s a GOOD time to SELL.
According to the National Association of Realtors (NAR), compared to one year ago, affordability declined in July as the median family income only rose by 2.3% while the monthly mortgage payment surged by 16%. This may be one of the reasons why homebuyer sentiment is low.
Also, due to a recent uptick in mortgage rates, the total number of mortgage applications nationwide decreased by almost 7%. The main driver of this dip was from a drop in refinance applications.
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is 3.15% for the current mortgage rates (at the time of filming this video). This is mixed news if you’re a homebuyer right now or if you’re a homeowner looking to refinance.
Comment below: what’s your housing market 2021 forecast and housing market forecast 2021? Do you think a housing crash 2021 will happen and there will be a housing crash due to a housing bubble, a 2021 housing market crash 2021 or are your housing market predictions that the real estate market 2021 and home prices 2021 will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento Realtor/Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
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Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video – it is for entertainment purposes only.
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