-More Americans are planning to move this year due to the flexible work from home lifestyle that the Covid-19 pandemic has ushered in, market researcher The NPD Group said.
-Twenty percent more consumers are planning to move this year compared with the prior year.
-Consumers are relocating for a variety of reasons during the pandemic such as lowering their cost of living or being closer to family, NPD Group said.
-Sales of moving supplies and services have shot up during this time.
-The 10-year U.S. Treasury yield topped the 1.49% level on Thursday.
-The move higher in rates is unnerving investors fearing it could be driven by inflation rather than economic recovery.
The rate on 10-year bonds issued by the U.S. government keeps climbing, a reversal that seems all but certain to push mortgage rates higher. The 10-year Treasury is closely tied to 30-year mortgage rates, which have been climbing from the record lows of recent months.
The rate on 10-year Treasury bonds reached a new post-pandemic high. Last week, the rate topped 1.3 percent for the first time since February 2020. The surge reflects investor optimism about coronavirus vaccines and about Democrats’ proposed new round of economy-boosting stimulus.
The sustained rise in 10-year Treasurys means homeowners who have been considering a refinance should pull the trigger now, says Greg McBride, Bankrate’s chief financial analyst.
Interest rates are rising because of expectations for better economic growth, and they should continue to move up but moderately.
-Inflation is a fear in the market, but strategists do not yet see it as a main catalyst for interest rates.
-The 10-year Treasury yield, which impacts mortgages and other loans, rose to 1.33% early Wednesday morning and could go as high as 1.5% in the near term.
“Home sales continue to ascend in the first month of the year, as buyers quickly snatched up virtually every new listing coming on the market,” said Lawrence Yun, NAR’s Chief Economist. “Sales easily could have been even 20% higher if there had been more inventory and more choices.”
The median existing-home price for all housing types in January was $303,900, up 14.1% from January 2020 where prices averaged $266,300, with prices increasing in every region. January’s national price jump marks 107 straight months of year-over-year gains.
“Home sales are continuing to play a part in propping up the economy,” Yun said. “With additional stimulus likely to pass and several vaccines now available, the housing outlook looks solid for this year.”
Mortgage applications for new home purchases increased 18.9% in January 2021 from the same period one year ago, according to the Mortgage Bankers Association (MBA)’s Builder Application Survey (BAS).
The results—consistent with the increasing pace of single-family housing starts and permitting activity—represent a strong start to 2021, according to industry experts.
Applicants crowded, metaphorically, into line with requests for money from Oregon’s landlord compensation fund after the queue went live last Wednesday. More than 260 applications were submitted, according to a spokeswoman for Oregon Housing and Community Services, the agency working on the fund approved by state lawmakers last December.
The pool is supposed to compensate landlords for 80% of their tenants’ unpaid rents, though they have to forgive the leftover 20%. If the landlord receives funds from the state, the tenant is relieved of their obligation to pay that money to their landlord.
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