August 2020 Update- Time to Refinance?

August 2020 Market Update

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2020 has experienced unstable times, changes and unforseen events in many aspects, including real estate and lending. Fortunately, the real estate market has not seen the negative effects and continues to be strong and very busy. Right now, market times are very low and prices continue to rise. 

July 2020 Inventory level is only .8 months. Not even one month of inventory for readily available purchased and occupied homes per the RMLS market action report. This means demand is extremely high, while supply is low. 

Interest rates are fantastic and if you are looking to buy a home, now is a great time. If you own a home and have a higher interest rate, you may want to consider refinancing. Talk with a loan specialist and contact me if you need a recommendation for a great lender. Her info is also below. 

Last Thursday the following statement was released regarding the Federal Housing Finance Agency’s (FHFA) announcement to implement a new 0.5% fee on the loan amount for the majority of Fannie Mae and Freddie Mac refinance loans.  FHFA is who regulates FNMA and FHLMC.   Perfect time to get refinance before this happens!

 

There are so many questions I receive on a daily basis regarding the market, pricing, inventory and predictions for 2020 and 2021. If you ever need anything, please always feel free to reach out anytime.

Posted on August 21, 2020 at 5:30 pm
Jenna Wynand | Category: Uncategorized

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