Earlier this year, Fannie Mae and Freddie Mac enacted new policies that limited the number of second home and investment property mortgages each of the companies could acquire as part of a government effort to allow the companies to retain more capital. Those limits are now no more.
Considering what's been going on in the world for the last several months, there are probably quite a few people who are considering selling their homes and finding one that better suits their needs.
Given the rise of remote work over the last 18 months, it can be argued that vacation homes have never been more popular than they are right now. A recent report from the National Association of Realtors showed that vacation home sales were up by more than 16% last year and were up by an astonishing 57.2% in the first four months of this year.
A recent report showed that cash-out refinances hit a 15-year high in the second quarter. That trend shows no signs of slowing down.
With prospective homebuyers finding it a little easier to find a house thanks to inventory finally rising, interest in buying a home is now at the highest level in four months.
It appears there may be an answer to the eternal question of 'When is the best time to buy a home?'. As it turns out, the answer may be right now.
Newly released data shows that mortgage credit availability increased in August, meaning it got a little easier to get a mortgage last month.
With available inventory slowly increasing and the bidding wars seemingly beginning to dissipate, it appears that prospective homebuyers are starting to feel a small sense of relief.
Thanks in large part to the consistent rise in home prices, homeowners are tapping into their growing home equity more often than they have in more than a decade.
It's the same song, different verse when it comes to home prices these days. They keep going up and up and up.