Realty Updates | Mortgage Rates, Housing Economy & Median Prices

Purchase activity has outpaced year-ago levels for 17 consecutive weeks, with a stronger growth in loans with higher balances pushing MBA’s average loan size to a new survey high of $370,200.”

-Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting

“On an aggregated level, the housing economy remains rock solid despite the shock and awe of the pandemic.”

– Frank Martell, President and CEO of CoreLogic

“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery…These low rates have ignited robust purchase demand activity.”

Sam Khater, Chief Economist at Freddie Mac

“[low mortgage rates] is good news for buyers who are in the market. It’s going to make monthly payments lower than they otherwise would be. Buyers need that right now, because prices are rising.”

-Danielle Hale, Chief Economist, realtor.com

The suburban shift for home building is keeping builders busy, supported on the demand side by low interest rates. In another sign of this growing trend, builders in other parts of the country have reported receiving calls from customers in high-density markets asking about relocating.”

-Robert Dietz, chief economist for the National Association of Home Builders

“Housing continues to be an outlier in that the sector has rebounded strongly after a reopening of the economy. This has occurred even as the labor market remains weak and the economic outlook uncertain.”

-Rubeela Farooqi, Chief U.S. economist at High Frequency Economics