Another record low mortgage rate just caused mortgage demand to jump

Mortgage interest rates have set record lows more than a dozen times this year, and last week there was yet another. That caused mortgage application volume to increase 3.9% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Refinance applications led the way, climbing 5% for the week to the highest pace since last April. Volume was 79% higher than the same week one year ago. The refinance share of mortgage activity increased to 71.1% of total applications from 69.8% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to a survey low of 2.92% from 2.99%, with points falling to 0.35 from 0.37 (including the origination fee) for loans with a 20% down payment.

“Weekly mortgage rate volatility has emerged again, as markets respond to fiscal policy uncertainty and a resurgence in Covid-19

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Condos Are Selling for a Record 17% Discount to Single-Family Homes as the Coronavirus Fuels Demand for Space

SEATTLE, Nov. 25, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The typical single-family home that sold in the U.S. this year was purchased for an average of 17.3% more ($58,000) than the typical condo, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. That’s up from 15.4% last year and represents the largest premium since at least 2013, when Redfin began recording this data.

The U.S. housing market has been on fire this year, with record-low mortgage rates and remote work prompting scores of Americans to relocate. But the condo market has missed out on much of the gains as homebuyers have left dense cities in search of more space and privacy—AKA single-family homes—during the coronavirus pandemic.

The median sale price of single-family homes surged 15.5% year over year in October, outpacing the condo market’s 9.9% growth. Condos are also taking longer to sell—the

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Home Prices Gain Most on Record as Low Rates Drive Demand

(Bloomberg) — Home prices surged the most on the record in the third quarter, according to a report Tuesday from the Federal Housing Finance Agency.



a dog sitting on a chair in front of a window: A worker at a home under construction in Dublin, Ohio.


© Photographer: Bloomberg/Bloomberg
A worker at a home under construction in Dublin, Ohio.

With record-low mortgage rates fueling demand for housing, prices jumped 3.1% compared to the prior quarter. That was the biggest gain in records dating to 1991, according to FHFA.

Compared to 2019, prices were up 7.8% in the three months through September, the biggest jump since 2006.

The housing market has been booming during the pandemic in the U.S., with cheaper borrowing costs and the desire for more space to spread out fueling a surge in purchases.

Prices for homes have soared across the U.S. despite the economic uncertainty from Covid-19. The gains have been driven in part by low inventory of houses for sales.

Video: The real turning point for markets

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Dow 30,000 makes history, S&P hits fresh record on Yellen, vaccine optimism

U.S. equity markets rallied sharply Tuesday, catapulting the Dow Jones Industrial Average to above the 30,000 level for the first time as the S&P 500 also booked a fresh record.

Vaccine optimism combined with another solid read on U.S. home prices drove a broad market rally led by Dow members Chevron, JPMorgan and IBM.

Ticker Security Last Change Change %
CVX CHEVRON CORP. 95.65 +4.58 +5.03%
IBM INTERNATIONAL BUSINESS MACHINES CORP. 124.42 +4.33 +3.61%
JPM JP MORGAN CHASE & CO. 123.32 +5.45 +4.62%

President Trump, speaking at the White House, called the level a “sacred number.”

The rally was also supported by the likelihood that projected President-elect Joe Biden will formally appoint former Federal Reserve Chair Janet Yellen as his would-be Treasury secretary.

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US home prices climb record 3.1% as low mortgage rates fuel housing-market boom

  • US home prices gained a record 3.1% in the third quarter as historically low mortgage rates boosted demand through the summer, the Federal Housing Finance Agency said in a Tuesday report.
  • Prices jumped 7.8% from their year-ago period. A seasonally adjusted index of prices rose 1.7% in September from the prior month.
  • The Federal Reserve’s lowering of interest rates in March has pushed mortgage rates to several record lows throughout the pandemic and fueled a housing boom.
  • Robust demand and low borrowing costs “will remain important tailwinds” and signal the housing market’s strength will continue through the end of the year, Barclays economist Blerina Uruçi said.
  • Visit the Business Insider homepage for more stories.

US home prices climbed the most on record in the third quarter as historically low mortgage rates drove outsized demand, the Federal Housing Finance Agency said in a Tuesday

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Covid-19 outbreaks in nursing homes hit record high

The latest surge of coronavirus cases is fueling a record number of nursing home outbreaks, as the virus is spreading quickly inside long-term care facilities in the Midwest and the Great Plains while also re-emerging in facilities swamped by the first wave of the virus.

More than 1,300 nursing homes across the U.S. reported having three or more confirmed Covid-19 cases during the first week of November — the highest number ever reported in a single week, according to an NBC News analysis of federal data. The figure does not include outbreaks at assisted living facilities, which the federal government does not track.

Many of the new nursing home infections are emerging in the Midwestern states where the virus is besieging the broader community, including Illinois, Ohio, Missouri, Indiana, Wisconsin and Iowa, which reported some of the country’s biggest weekly increases in suspected and confirmed cases among residents, the data

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Arizona’s Luxury Real Estate Market Shaping Up To A Record Year

When a home in the Silverleaf community of Scottsdale, Arizona, sold for $24.1 million in September, it set a new record as the highest-priced home sale in the state’s history. Sitting on 17 acres, the 15,000-square-foot mansion has eight bedrooms, 10 bathrooms, an indoor basketball court, and a 7,500-square-foot guest house.

That sale broke the record set in November 2019, when Phoenix Suns owner Robert Sarver sold his 28,000-square-foot, seven-bedroom, 11-bathroom home in Cameldale Estates for $19.25 million. When that same property sold again in October 2020 for $20.9 million, it set another record—the

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U.S. Home Prices Soar To Record Amid Housing Shortage : NPR

A for sale sign is displayed in front of a house in Westwood, Mass. Home prices hit a new record in October as the number of homes for sale hit an all-time low.

Steven Senne/AP


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Steven Senne/AP

A for sale sign is displayed in front of a house in Westwood, Mass. Home prices hit a new record in October as the number of homes for sale hit an all-time low.

Steven Senne/AP

There are fewer homes for sale in the U.S. today than ever recorded in data going back nearly 40 years. That’s a big part of what’s driving up home prices much faster than incomes, and making homeownership less affordable for more and more Americans.

“We are simply facing a housing shortage, a major housing shortage,” says Lawrence Yun, the chief economist at the National Association of Realtors which tracks home sales. “We need to

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Home Sales Surge 24%, the Biggest Gain on Record, Prices up 14% in October

SEATTLE, Nov. 19, 2020 /PRNewswire/ — (NASDAQ: RDFN) — The national median home price posted the second-largest annual increase on record in October, when it rose 14.2% year over year to $335,900, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. These near-record gains are fueled by an extreme imbalance between homebuying demand and the supply of homes for sale. Home sales surged 24% from a year earlier—the largest gain on record—while new listings were up just 12%.

“October very well may have been the hottest the housing market gets this year,” said Redfin chief economist Daryl Fairweather. “Buyers who stepped away from the market at the beginning of the pandemic had been making up for lost time, which sent prices skyrocketing. But given that we are entering a winter wave of the pandemic, housing demand will likely lose a bit

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Canadian homes prices rise again in record October: Teranet

A real estate sign is seen in front of a house for sale in Ottawa, Ontario, Canada, August 15, 2017. REUTERS/Chris Wattie

OTTAWA (Reuters) – Canadian home prices rose 1.3% in October from September, the strongest gain for an October in the index’s 22 years, led by robust growth in the regions of Ottawa-Gatineau and Hamilton, Ontario, data showed on Wednesday.

The Teranet-National Bank Composite House Price Index, which tracks data collected from public land registries to measure changes for repeat sales of single-family homes, showed prices at new peaks in eight of the 11 markets.

Prices were up 2.7% in the capital region of Ottawa-Gatineau and 2.1% in Hamilton, with Montreal up 1.8% and Victoria, British Columbia, up 1.7% in October from September.

On a year-over-year basis, the index was up 8.1% in October, posting the biggest 12-month gain since February 2018. The Ottawa-Gatineau region, which straddles Ontario and

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