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Jason Hagen President MSI Lending of Lexington Phone: (859)253-5363 Fax: (859)252-0929 License: 6151 jhagen@msilending.com https://www.msilending.com/jasonhagen/get-a-quote |
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March 2020
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The Good News for Housing The Census Bureau recently reported that the homeownership rate rose to 65.1% at the end of 2019, the highest level since December 2013. The Fannie Mae Home Purchase Sentiment Index is near all-time highs reflecting that it is a good time to both buy and sell a home. The New York Federal Reserve announced that $750 billion in new mortgages were originated in Q4 2019, more than any quarter since Q4 2005. And why have these positive factors come into play? A strong labor market! Those factors alone would be enough to keep the housing market running on all cylinders, but throw in ultra-low mortgage rates and you have a recipe for sustained momentum as we move further into 2020 and approach the all-important spring homebuying season. But don't be complacent. There is a sense of urgency to capture these rates while they remain at historically low levels because rates can move up fast. In its recent report, Realtor.com says this spring homebuying season may be the last to see gains to affordability in quite a while. "The low mortgage rate environment continues to spur homebuying activity, with applications to purchase a home up 15% from a year ago," said Sam Khater, Freddie Mac's chief economist in its latest mortgage rate survey. "We've seen new residential construction surge over the last few months, on pace to reach the highest level in more than a decade. This is a good sign for the inventory-starved housing market and is a promising indication for the spring homebuying season." If you or anyone you know has questions about home loan rates or products, please reach out. I'm always happy to help. Enjoy this month's issue of YOU Magazine. | ||||||||||||||||||||||||||||||
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