All homeowners should be aware of the housing market as it could affect the value of one your largest investments. As well, if you are thinking of selling or refinancing or know someone who wants to buy, sell or refinance this information is helpful.
Here is the latest information you should know about the housing and mortgage industry:
Home Prices Are Up
This is great news! According to Realtor.com, median home prices have increased 4.3% year over year for the week ending June 6, 2020. Why? The total number of listings are down. If any of your neighbors, family or friends are thinking of selling let them know now is a good time to list their home.
Refinances Are Surging
A significant number of people are refinancing because rates have fallen to historic lows. For those who are eligible, if you need to take cash out of your equity, now is a good time. If you’ve completed a mortgage loan within the past 6 months, a refinance may not be possible. Anyone can have a conversation with a lender simply to be informed on when to refinance and how the process works. Call your Angel Oak Home Loans’ advisor for more details.
Unemployment Is Down
According to the Department of Labor, unemployment is down 13.3% for the month of May. This is the largest one month surge in employment since 1939. This creates optimism in the market, prompting people to move forward with home purchases and listings which is good for the housing market – and your neighborhood!
Decline In Forbearance
Forbearance has dropped by 47,000 week over week since the peak the week of May 22, 2020 according to Fannie Mae and Freddie Mac. Why is this good to know? The economy is getting a little stronger and less people need assistance paying their mortgages. That is a great step towards market recovery and a healthy mortgage industry.
We hope you find this information helpful! Share with your friends and family and if they need a lender to talk to please refer them to us! Also, we are here for YOU to answer any questions you have about your loan or refinance needs. It is our pleasure to extend service past the closing table.
When we say, “Built for Speed. Driven by Service.
Close Quickly With Angel Oak Home Loans,” we mean it!