Mortgage refinance applications are up 11%, while total mortgage application volume is up 7.2%. Refinances are up nearly 60% from a year ago. Rates remain at a 3-year low, and there is strong buyer activity in the real estate markets for Seattle, Portland, Oregon, Denver and Austin, Texas. More, here.
Justin Pierce has a piece in The Washington Post about securing investment properties for the best possible price. Among his recommendations—and one we wholeheartedly endorse—is partnering with a good Realtor: “I recommend you get a good Realtor to do market analysis and assist you with the contract and closing process. A Realtor can also help you create mailing lists. Many Realtors send out postcards.” Read more, here.
Bankrate reports on mortgage rates dropping even further, despite positive job growth in June. Employment increased by 287,000 last month, which could have led to an increase in mortgage rates. However, that clearly was not the case. Read more, here.
Krishna Thakker has a piece on The Street on the Federal Aviation Administration’s approval of small drones to take video and pictures. Individual states will develop their own sets of rules, but access to this technology will enhance prospective buyers’ understanding of the neighborhood surrounding a house, and of the house itself. More, here.
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Bankrate has an article on current rates with the hyperbolic title: Mortgage Rates Plummet. Rates have not actually plummeted, but 30-year loan rates are at an impressive low. With rates expected to increase over the coming weeks, it’s a good time explore your options. More, here.
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Edward L. Golding, principal deputy assistant secretary with the Department of Housing and Urban Development, in a piece from the New York Times, restated the agency’s commitment to struggling homeowners, and pledged to offer every assistance available to help them avoid foreclosure. HUD has ensured that new rules are in place to protect homeowners from unscrupulous investors. More, here.
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The vote affirming Great Britain’s departure from the European Union has caused major division within Britain and elsewhere, but it could have a positive impact on mortgage rates. Rates are already at 3-year lows, and experts forecast another potential decrease. More, here.
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Realtor.com published a list of the 20 hottest real estate markets in the U.S. for June 2016. Overall, homes for sale are moving off the market 2% faster then they were a year ago. Dallas and San Diego broke into the top 5 this month, while Los Angeles and Grand Rapids, Mi. have moved into the top ten. Full details, here.
Diana Olick with CNBC reports that mortgage application volume was up nearly 3% last week, compared to the previous week. This makes applications almost 35% higher when compared to the volume from a year ago. Rates remain at a 3-year-low. More, here.
