Is now a good time to refinance my home?
Due to the Corona Virus outbreak housing prices have been forecasted to drop 2% in Dallas and 1.3% nationwide by April 2021.
The North Texas market however is remaining competitive with most new listings being sold within an average of just 41 days. According to recent surveys for mid-July a 30 year fixed rate mortgage in the United States is now at an average of 2.98% leading many Americans to take advantage of the lowest mortgage and refinancing rates in 50 years.
If you are saying to yourself, " I've heard about that. It's been all over the news." and u're a homeowner with a mortgage — then why not take advantage? Today's low mortgage rates have made nearly 18 million mortgage holders refinance candidates who could save hundreds of dollars each month, according to a new report from mortgage data firm Black Knight.
New home sales rose a much needed 13.8% in June to a seasonally adjusted annual rate of 776,000 units. This is the highest level since July 2007, as reported by the Commerce Department on Jul 24, 2020. The increase follows a 19.4% jump in May.
The back-to-back sales gain in May and June follows two months of steady decline in sales in March and April as much of the country went into lockdown due to the pandemic. Job losses prevented people from risking their money in new homes. New home sales have now rebounded from the losses suffered when non-essential businesses were boarded up in mid-March to contain the spread of coronavirus.