The past several years have been tough on the U.S. housing market, with fluctuating conditions putting pressure on real estate professionals to help clients find their perfect homes, all while a favorable climate was scarce.
However, that has changed, and today many positive trends have emerged that can help make homebuying and selling an easier proposition. According to Freddie Mac, mortgage rates remain close to historic lows, with both fixed-rate variants decreasing on a weekly basis for the seven-day period ending Aug. 14.
The 30-year FRM ticked down slightly week-over-week, with a new average of 4.12 percent compared to 4.14 percent. The 15-year FRM dropped from 3.27 percent to 3.24 percent during that time. For adjustable-rate mortgages, the changes were more subtle, but both remain reasonable options for homebuyers.
"Mortgage rates were down slightly amid a week of light economic reports," said Frank Nothaft, vice president and chief economist at Freddie Mac. "Of the few releases, retail sales were virtually unchanged in July after a 0.2 percent increase in June, ending five months of increases. Excluding motor vehicles and parts, retail sales were up 0.1 percent last month."
Interest in real estate starts to climb
As the U.S. housing market becomes more affordable, thanks in part to lower mortgage rates, interest in buying real estate will start to increase.
This has already begun, according to a recent report from the Mortgage Bankers Association. Its Builder Application Survey found that mortgage applications for new homes rose by 2 percent from June to July. The most interest was for conventional loans, making up almost 69 percent of the total applications. The average size of a new home loan was $297,253 in July, up from $296,078 in June.
While this is good news for those involved in the industry, professionals still need access to high quality information in order to succeed. With CRS Data, it is easier than ever to acquire mortgage records, warranty deeds and much more. To learn more about the CRS Data Real Estate Suite, click here.