Mortgage and real estate news this week

It’s the weekend. Not really! It’s not Tuesday anymore.

Read on for an update on the real estate and mortgage sectors, which, like everything else, seemed to be eagerly awaiting the end of the election saga.

Here are the best stories from our neck of the woods.

1. More owners have equity, but it’s harder to operate

The booming real estate market has driven home prices up, so many current homeowners now have higher equity than last year, if not last quarter. But even if it’s good for your ledger books, it can be more difficult to operate this fairness than in the past. Many lenders have temporarily stopped offering home equity lines of credit, and others are simply facing delays in entering into new loans due to the high volume of mortgage refinancing.

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2. Mortgage rates hit new highs

That subtitle might appear in this roundup virtually every week at this point, but that would be really cheating. This week, however, Freddie Mac announced a 30-year average fixed rate that has fallen to 2.78%. This is the first time that the benchmark mortgage has posted an average interest rate below 2.80%.

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3. Update on Housing Affordability

If you’re looking to get moving, you should check out a swing state, not just put your thumb on the scales. Four of the five most affordable housing markets in the United States are currently in Pennsylvania and Michigan – the fifth is Albany, New York. California, meanwhile, continues to monopolize the board of trustees of the country’s most expensive real estate.

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4. A reminder on mortgage rates and the Federal Reserve

Contrary to popular belief, the Fed does not directly dictate mortgage rates. However, its policies influence the evolution of rates in the mortgage market. Bankrate offers you a brief introduction on the complex interactions between monetary policy and your monthly mortgage payments. It’s easier to understand than you might think.

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5. How to finance a home renovation

The coronavirus pandemic has led to an increase in home renovations, as home workers spend more time looking at their own rooms, thinking about ways to make them more pleasant. If you are considering a renovation, check out our tips for how to finance the project. With the low interest rates on the whole, now is a good time to consider various loan products to help you get the job done.

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