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January 2020

Found 3 blog entries for January 2020.

It was a seriously strong start to 2020 in the mortgage business for new home loans and refinances.

Total mortgage application volume surged 30.2% last week from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Refinancing led the surge, thanks to a drop in mortgage rates. Those applications jumped 43% for the week and were 109% higher than a year ago. The refinance share of mortgage activity increased to 62.9% of total applications from 58.9% the previous week.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($510,400 or less) decreased to the lowest level since September, 3.87%, from 3.91%, with points decreasing to 0.32 from 0.34 (including the

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Despite seeing a dip at the start of 2019, housing prices increased in the Puget Sound region in 2019, all while supply continued to dwindle.

“Inventory shortages persisted throughout 2019,” said the Northwest Multiple Listing Service in a newly-released report on 2019’s housing market.

The NWMLS reported the addition of 110,040 listings in 2019, a 5.3 percent decrease over the previous year. All while the median price of single-family homes sold by NWMLS brokers jumped from $410,000 to $435,000 between 2018 and 2019.

According to a recent report from Redfin, that trend persisted in Seattle city limits as well, punctuated by a 6 percent increase in the median price of a home year-over-year, while seeing a 39.7 percent decline in available

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The interest rate for the 30-year fixed-rate mortgage averaged 3.9% for 2019, the fourth lowest annual average since 1971, according to Freddie Mac. For 2020, Freddie’s outlook mirrors that of the real estate industry’s top economists, who discussed their predictions at the National Association of REALTORS®’ first-ever Real Estate Forecast Summit earlier this month: Low mortgage rates and an improving economy will help drive steady home sales, construction, and increases in home prices.

“While the outlook for the housing market is bright, worsening housing affordability is no longer a coastal phenomenon and is spreading to many interior markets, and it is a threat to the continued recovery in housing and the economy,” says Freddie Mac Chief

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