Was it a case of pre-election jitters about the housing market’s direction and interest rates poised to move higher? That could have been a factor behind the release of pent-up demand that pushed up sales of existing homes in October to a near 10-year-high annualized rate.
An historic sell-off in the Treasury market has pushed the average 30-year fixed rate to 3.94 percent, up from 3.57 percent last week, Freddie Mac says.
For now, average mortgage rates stayed in mostly historically low territory this week, but they could be creeping higher in coming weeks.
The bad news: The bond market is anticipating a Federal Reserve rate increase later this year.
A total of 39,775 investors — both individuals and institutions — completed at least one home flip in the second quarter of 2016, the highest number of home flippers since the second quarter of 2007 — a nine-year high.
San Jose, California has become the first U.S. metro area with a median single-family home price above $1 million, Realtors say.
Ongoing fallout from the Brexit vote abroad is pushing down U.S. mortgage rates closer to their all-time lows, and as a result, mortgage refinancing applications are surging.
The 30-year fixed-rate mortgage is now only 17 basis points above its November 2012 all-time record low of 3.31 percent.
Now, the prospect of more turbulence and a flight to safety among global investors to U.S. treasuries could spell another dip into historic territory for the 30-year fixed mortgage.
The 30-year fixed-rate mortgage this past week averaged 3.54 percent, its lowest point since it reached 3.51 percent in the week of May 16, 2013, according to Freddie Mac’s weekly updates.