Find out what’s sprouting up in backyards! {Market Report} July 20th

I’ve been telling you about low mortgage interest rates for a while, and you’ve probably even heard me say “historically low rates” before.

Now, a weekly industry survey by Freddie Mac, the government-sponsored mortgage enterprise, is reporting an average 2.98% on a 30-year fixed-rate mortgage. That’s the lowest average rate in the 49-year history of their data collection and the first time their reported average rate has dropped below 3.00%. Of course, actual rates depend on many factors, from credit and income to property type and occupancy.

If you want to learn more about the rate that may be available to you for a purchase or refinance, please reach out to me. I’ll be glad to help you take advantage of the rates of a lifetime!

There’s no worse feeling than that millisecond you’re sure you are going to crack your skull after leaning your chair back a little too far.

That awkward moment when you ran up the stairs and now you’re trying to hide your heavy breathing like it’s no big deal, but you are actually pretty winded and wow, you really need to work out.

The fridge is a perfect example of what matters is on the inside.

Is it really necessary for the first square of toilet paper to be glued down?

Here I am, standing in front of a salad, asking it to be a donut.

Now The Market Report . . .

With the reopening of businesses, consumer prices rebounded in June after 3 straight monthly declines. Inflation growth remains muted overall, though, which is good for rates.

Retail sales also rebounded in June. However, the budding economic recovery is threatened by a resurgence in new COVID-19 cases and continuing high unemployment.

Freddie Mac’s weekly market survey showed 30-year fixed-rate mortgages averaged 2.98% last week. This is the lowest average rate in the survey’s 49-year history.

The NAHB reports homebuilder sentiment jumped 14 points in July, reaching 72. That’s exactly where it was in March before the pandemic hit the economy.

Home offices are sprouting up in backyards, as remote working grows more common. With space being tight and the indoors often noisy, the backyard office is a growing trend.

Bidding wars are continuing to heat up with low rates and limited inventory. 60% of agents surveyed said bidding wars are on the rise, as reported in REALTOR® Magazine.

“If the plan doesn’t work, change the plan but never the goal.”
Author Unknown

This week’s potential market moving reports are:

Monday, July 20th:           None Scheduled
Tuesday, July 21st:           None Scheduled
Wednesday, July 22nd:    MBA Mortgage Applications, Existing Home Sales
Thursday, July 23rd:         First Time Jobless Claims, Continuing Jobless Claims
Friday, July 24th:               New Home Sales

Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.