Is The Housing Market Finally Bouncing Back?
Mortgage rates have dropped significantly since October, reaching the lowest levels in 4 months. This is due to improvement in the bond market and changes in fees imposed by regulators.
It's been a tough year for the housing market. Sales have been sliding, interest rates have been climbing, and there's a general sense of unease in the air. But it looks like things might be turning around. The just-released Pending Home Sales data from the National Association of Realtors shows that the glass is more full than it was last month - a glimmer of hope for those who depend on housing for their livelihoods.
In fact, this significant increase in pending home sales indicates that buyers and sellers are becoming more active in the market again. This could be due to a number of factors, including recent drops in mortgage interest rates and loosening credit standards. It may also reflect increased consumer confidence as the overall economy begins to stabilize after months of volatility.
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However, there is still some uncertainty surrounding these positive developments. It remains to be seen whether or not these signs of improvement will continue into 2021, or if this uptick is only temporary. To get a better understanding of what lies ahead for the housing market, we'll need to look at additional data points as they become available over time.
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What we do know right now is that pending home sales suggest an optimistic outlook for the future of real estate - one that could be essential in helping buoy economic growth during these trying times. Whether or not this optimism will translate into tangible results remains to be seen; however, our current data provides an encouraging starting point for what could potentially lay ahead for homeowners and buyers alike in 2021.
Lock / Float Advice
If I were considering financing / refinancing a home & it was closing in the timeframes listed below, I would...
Lock
< 15 Days
Float Cautiously
15-30 Days
Float
30 + Days
These are my professional opinions and not those of Homespire Mortgage Company. I formulate these opinions with the help of various experts in the real estate, mortgage, & finance communities. This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.