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Mortgage rates hit another record low as new purchase home loans soared. Here’s a summary of what’s been happening in the mortgage world this week.
After a brief hiatus, demand for new purchase mortgages is up once again. With rates remaining low, that makes sense, but inflated home prices may be a barrier to homeownership.
Climbing debt is usually a bad thing — unless we’re talking about mortgages. The fact that housing debt is up means more people are gaining the stability that comes with homeownership.
Offering a seller more money could help you avoid a bidding war. And in today’s housing market, that could translate into major savings.
Borrowers can turn to forbearance to pause their mortgage payments during the pandemic. The fact that fewer are doing so could be a sign that the economy is starting to recover.
Buying in a co-op could be a solid investment. But co-ops can be restrictive, and you’ll need to make sure you’re in a strong enough position to own a home before diving in.
Whether you’re looking to buy a new home, refinance, or simply keep up with the housing market, be sure to check out The Ascent’s mortgage coverage each week. We’re busy gathering all of the top news so you can stay informed.