The housing market makes different road turns with some on the downside, while others are giving surprisingly unusual deals. Some expect that the value of homes will decline by around 5% this year. The US housing starts dropped 22% in the month of March. Nonetheless, lower interest rates and lower prices in some states make the housing market unusual in some ways. The mortgage refinance originations are expected to increase this year. Moreover, the refinance originations are forecasted to jump 36.7% to about $1.23 trillion. The refinancing share of mortgages was 76% of all types of mortgages in the week of middle of April.
April YTD 2020
DOW 24,345.72 +11.08% -14.69%
The interest rates are currently going down the stairs. Continuing with the interest rates their declines bring the few attention grabbing options in the current environment. In the middle of April, the average interest rate for 30-year fixed-rate mortgage was at 3.45%. The 30-year rate on fixed mortgage was at 3.23% near the end of the month. The 30-year fixed mortgage rate was above 4% few months ago. This was the lowest rate since 1990 when the Mortgage Bankers Association began taking such statistics. Fannie Mae has predicted that the 30-year rate may fall to 2.9% by 2021.
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