appreciation

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Purchase mortgage rates increased for the second consecutive week but at a slower pace as the market chewed on the latest U.S. inflation data, the expectation of a tightening Federal Reserve’s monetary policy, and its economic impacts.  

After jumping 20 basis points last week to 5.50%, purchase mortgage rates increased this week to 5.54%, according to the latest PMMS survey from Freddie Mac. The index compile rates reported by lenders during the past three days.   

“The housing market remains sluggish as mortgage rates inch up for a second consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand. As a result of these factors, we expect house price appreciation to moderate noticeably.” 

Mortgage rates tend to align with the 10-year U.S Treasury yield, which increased 13 basis points in one week to 3.15% Wednesday. The federal funds rate doesn’t directly dictate mortgage rates, but it does steer market activity to create higher rates and reduce demand.

The 10-year benchmark reflects that, in June, the consumer price index rose 9.1% on a year-over-year basis, far above Wall Street’s estimate of 8.8% and the fastest pace since November 1981. 

Wall Street observers believe the Federal Reserve will increase rates by 75 or 100 basis points later this month to reduce inflation, generating concerns that a recession is just around the bend. 

How auction buyer data foreshadows housing market shifts

The retail housing market data, released by Redfin at the end of June, shows the median asking price for newly listed homes for sale in the four weeks ending June 26 dropped 1.5% from an all-time high in the previous month even while a record share of all homes for sale saw price drops.  

Presented by: Auction.com

Weakening economic outlook, high inflation and affordability challenges have taken a toll on buyer demand. 

According to the Mortgage Bankers Association (MBA), the market composite index, a measure of mortgage loan application volume, declined 6.3% for the week ending July 15. The refinance index dipped 4% from the previous week, and the purchase index decreased 7%.

On HousingWire’s Mortgage Rates Center, Black Knight’s pricing engine Optimal Blue had 30-year conforming rates at 5.789% on Wednesday, slightly up to 5.782% the previous week. 

Meanwhile, the 30-year fixed-rate jumbo was at 5.245% Wednesday, down from 5.322% the previous week. The Optimal Blue index includes some refinancing data — but excludes cash-out refis to avoid skewing averages.

According to Freddie Mac, the 15-year fixed-rate purchase mortgage averaged 4.75% with an average of 0.8 point, up from last week’s 4.67%. The 15-year fixed-rate mortgage averaged 2.12% a year ago. 

The 5-year ARM averaged 4.31% this week, down from 4.35% the previous week. The product averaged 2.49% a year ago. 

Source: housingwire.com

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As you enter the world of improving your life, countless thoughts fill your head. You are afraid that you will not succeed, you will fail over and over again, and it will just be a waste of time.

You wonder how people can be successful? Deep down, you want to prove to others you will be prosperous with money or fame. Your goal isn’t to be revengeful, you just want to prove you can do it.

Well, maybe being successful is not about making money or becoming popular; it’s about having something to say and sharing those secrets with others so they too—can use their smarts to make themselves successful.

As quoted by Frank Sinatra, “the best revenge is success.”

When wanting to succeed, it’s easy to be discouraged and think that your goals are unobtainable or too far away.

You can beat those feelings of doubt by reminding yourself how hard you’ve already worked for what you have today-and who knows where your life will be in a few short years if all goes well?

You deserve to feel why success is the best revenge.

Success can be a powerful motivator, and revenge can be the perfect way to achieve it.

Many people believe that success is defined by achievement or wealth, but this isn’t always the case. Success is a feeling, and it’s often determined by how hard you work and how dedicated you are.

Here are motivation tips to begin your steps of starting your thoughts of thriving.

Why Success Is the Best Revenge

Success is the best revenge because it gives you the opportunity to prove exactly what you’re capable of.

Most successful people are a lot more focused on themselves and achieving their dreams than on truly seeking revenge. You are more focused on proving your naysayers wrong.

Do You Want Success or Revenge?

Revenge can provide a sense of satisfaction and some control over events that have happened in the past.

Satisfaction from achieving success often lasts longer than the satisfaction from achieving revenge.

At the end of the day, most people just want success more than finding revenge. It is just a nice kicker to have success as well.

Is Success the Best Revenge?

Retribution can be a motivating factor to achieve success.

Revenge can indeed be sweet, as the saying goes, but it can also be profitable. However, revenge is often more costly, both emotionally and financially when the end result is hurting others.

Success is the best revenge for those who have faced many enemies along their way to the top. It serves as a form of motivation and proves that hard work and dedication will pay off in the end.

Should You Use Success as the Best Revenge?

Success is not the answer to all of life’s problems, but it can be an alternative that works for some people.

Revenge may not be the ultimate way to get back at those who have hurt you in some way, but it can be a powerful motivation.

You need to take time for self-reflection on yourself and your situation.

For many, they view this when they become financially independent.

Who said the best revenge is success?

Success can be a great motivator.

Frank Sinatra is quoted as saying “the best revenge is success.”

On the surface, we remember Frank Sinatra for being one of the best-selling music artists of all time. However, his early successes were stalled and he needed to find a way to make a comeback that we all watch unfold.

Don’t try to seek revenge on others.

Figure out what success means to you and go after it.

How to Make Success The Best Revenge

When you are focused on success, it consequentially will become the best revenge. You stop caring about what others think or say about you and start focusing on what you can control. This will help you achieve your income and be successful.

There are many different ways to achieve success in life.

What works for one person might not for another, so it is important to find what makes you happy and go for it. Success is attainable by anyone who sets their mindset to it and toils hard for it. Don’t let anyone tell you that you can’t do something-success is the best revenge!

Motivation Tip #1: Make a list of your goals and dreams.

Start with the long-term ones, then build on those that are within reach.

The most important goal is to find your dream.

To find success in life, one must first set their mindset to it and grind hard for it. Success is attainable by anyone who sets their mind to it and labors hard for it.

Motivation Tip #2: Be very specific in what you want

You must be specific about your dreams and how you’ll achieve them. Staying safe with just general feelings and ideas will not perform true success.

This is the best kind of motivation because it leads you to make tiny, personal steps that are not only achievable but will also prepare you for a life that may vary unexpectedly in the future. This motivates you to achieve your current modest goal and also grants you the self-confidence necessary to conquer bigger ones.

For example, I want to earn double my current annual income in three years.

Motivation Tip #3: Take action with visible goals

Make sure you write down your ambitions and dreams in a place where you can see them every day.

This may mean writing your goals down on a piece of paper and carrying them with you. Maybe have sticky notes around your computer. Or on your mirror, when you get up in the morning.

This will help keep them top of mind and motivate you to take the actions you need to achieve them.

Motivation Tip #4: Silence Is Wisdom

Successful people let their achievements do the talking.

One of the reasons to avoid social media is because you don’t want to attract fakers, posers, and “wantrepreneurs.” These people are only going to waste your time and energy.

Success can be achieved through organic methods or by word of mouth- you don’t need the extra noise that naysayers will create.

Motivation Tip #5: Uncover Your True Self Motivation

Revenge can be the fuel to drive you to accomplish great things, but it’s important to be kept in mind WHO you are doing this for.

Don’t make your success, just about revenge. That is not the person you strive to be.

However, if your only motivation for success is revenge, it can consume you and make you lose sight of what you’re working for.

If you are wondering why you want success, then it is important to identify your true motivation. You need to be able to answer this question in order for you to understand your true purpose and understand how to stay on track.

Motivation Tip #6: More Time Freedom

Time freedom, as a measure of success, is subjective and difficult to put into words.

Some people may define it by saying they are able to do what they love while maintaining their job or they have enough time to pursue their passions while still maintaining a stable income. Other people may define it by saying they are able to spend more time with family and friends or have fewer bills and stress.

You need to uncover time freedom as motivation in your path to success.

Motivation Tip #7: Show Gratitude For The Important Things

Appreciation for the important things in life is key to success.

Having a gratitude journal can help you keep track of all the people, places, and events that have had an impact on your life. You can also take pictures of these things and write a list of why you appreciate them.

It takes a lot of hard work to achieve success and it’s important to remember that not everyone will appreciate it as you do. People may be jealous or resent your success, but the only way you can change that is by continuing to labor hard and showing them what you’ve accomplished.

Saying I appreciate you is important.

Motivation Tip #8: Perseverance is Key

It is important to not give up on your ambitions and always keep going, no matter what.

Achievement is sweet-tasting because of perseverance.

When someone has to turn around and give up, the achievement they finally accomplish is all the sweeter because it was only possible through their own efforts.

That is the high value of achievement is that it’s a result of hard work and perseverance.

Motivation Tip #9: Life Will Throw You Curveballs

The path to success is a narrow road filled with obstacles and checkpoints that test your willpower.

It’s up to you to tell yourself that quitting is an option, and only you can decide if you accept or reject the obstacles on your way to success.

Especially if you are looking to double 10k quickly, your path will be anything but linear.

Motivation Tip #10: Be Prepared for Unmotivation Thoughts

When you feel unmotivated, pull out your dream goals and look at them. It will give you a boost of energy to get back on track.

Failure should be motivated to keep pushing your dream and actually achieve it.

Also, realizing who you are is important in achieving success.

Success is the product of unlocking your mindset and being open to achieving prosperity.

Why they say success is the best revenge?

It is said that success is the best revenge.

The reason behind this is that the people who have succeeded in life have had a lot of problems to go through. Therefore, they would have been very angry at the world and would have wanted to make the world pay for what they did to them. Therefore, when they succeed, they are taking revenge on the world for all the suffering they had to go through.

Success is all about you. Revenge is a waste of time.

Success is the best revenge because it gets you focused back on your mission.

Part of the reason the 100 envelope challenge has skyrocketed in popularity is due to others wanting to prove themselves on social media.

What revenge is massive success?

Massive success is when you achieve a lot of things in your life. Success should be the goal you pursue, not revenge.

Revenge can be a strong motivator, but it should not be the only thing that drives you.

The promise of success is often enough to keep people going, and when they finally achieve their goals, it’s a great feeling.

However, using this sense of accomplishment as revenge against those who have wronged you in the past can backfire in the long-term.

Instead, focus on your own success and let that be your motivation.

Take a look at the billionaire morning routines to set you up for quicker success.

Successful is the Best Revenge with Money

Revenge can be a very powerful motivator, but it should not be the goal you pursue in life. Instead, focus on achieving massive success so that you can feel vindicated.

Success is the best revenge, and it is also more rewarding and satisfying than any other form of retribution.

Focus on what you can control and what will help you achieve your goals.

One of the best ways to motivate yourself is to remind yourself of all the times you felt like giving up, but finally succeeded in your success. By reminding ourselves of this on an ongoing basis, we find enjoyment for the lesson, and a desire to help others succeed as well.

The idea of success is an idea that many people want.

Success means achieving the things you want or the goals you set out to accomplish in life.

Success creates rewards and financial, personal, and even health benefits. Sometimes, depending on the lifestyle of your goals and pursuits, there might be no better feeling than realizing your search for a particular reward has been successful.

Know someone else that needs this, too? Then, please share!!

Source: moneybliss.org

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Welcome to the bustling metropolis of Atlanta, GA, where history, culture, and Southern charm converge in a captivating blend. As one of the most vibrant cities in the United States, Atlanta is a treasure trove of fascinating stories and hidden gems waiting to be discovered. In this Redfin article, we invite you to test your knowledge and embark on a journey through 15 fun facts about Atlanta. Whether you’re a long-time resident or you’re considering renting an apartment in Atlanta, prepare to be captivated by the city’s rich heritage, iconic landmarks, and surprising trivia. So, fasten your seatbelts and join us as we unravel the secrets of Atlanta, GA—your gateway to Southern hospitality and urban excitement.

1. It’s the birthplace of Martin Luther King Jr.

Atlanta holds significant historical importance as the birthplace of civil rights leader Dr. Martin Luther King Jr. The Martin Luther King Jr. National Historic Site, which includes his childhood home, the Ebenezer Baptist Church where he preached, and the King Center, his final resting place, honors the life of the civil rights icon. These sites are a must-visit bucket list item in Atlanta and offer a chance to connect with the legacy of one of America’s most influential figures.

2. Atlanta’s residents take pride in their Southern hospitality

Expect warm smiles, friendly gestures, and a genuine eagerness to make newcomers feel welcome. You’ll often find strangers striking up conversations, lending a helping hand, or sharing recommendations, creating a sense of community that is truly heartwarming.

3. Coca-Cola was invented and founded in Atlanta

Did you know that another? The World of Coca-Cola museum offers an interactive experience, taking visitors on a journey through the history, production, and global impact of this iconic soft drink. Sample over 100 beverages from around the world and marvel at the impressive collection of Coca-Cola memorabilia.

4. Lights, camera, Atlanta: The Big Peach is a film and television hub

Atlanta has emerged as a major hub for film and television production, earning the nickname “Hollywood of the South.” Thanks to its diverse range of landscapes, favorable tax incentives, and world-class production facilities, the city has attracted numerous blockbuster movies and popular TV shows, such as Stranger Things and The Blind Side. Keep an eye out for familiar filming locations while exploring Atlanta’s neighborhoods.

5. Atlanta is home to vibrant neighborhoods

Atlanta is renowned for its neighborhoods, each with its own distinctive charm. From the historic streets of Grant Park and Inman Park to the trendy vibes of Midtown and the upscale ambiance of Buckhead, there’s a neighborhood to suit every taste. Explore their unique shops, restaurants, parks, and cultural offerings to find your perfect corner of the city.

6. Atlanta is one of the few cities that has a professional team for almost every sport

For sports enthusiasts, Atlanta offers a thrilling experience. The city is home to professional sports teams like the Atlanta Braves (baseball), Atlanta Falcons (football), Atlanta Hawks (basketball), and Atlanta United FC (soccer). Catching a game at the state-of-the-art Mercedes-Benz Stadium or the iconic Truist Park is an exhilarating way to immerse yourself in Atlanta’s vibrant sporting culture.

7. From hip-hop royalty to soulful rhythms, Atlanta’s music scene won’t disappoint

Atlanta has made significant contributions to the music world, particularly in the genres of hip-hop, R&B, and gospel. The city has nurtured numerous talented artists, including Outkast, TLC, Usher, Ludacris, and many more. Explore the Atlanta Music Hall of Fame, visit iconic recording studios, and catch live performances at legendary venues like The Tabernacle and the Fox Theatre to immerse yourself in the city’s vibrant musical heritage.

8. You’ll experience festivals galore

Atlanta hosts a wide range of cultural festivals and events throughout the year, offering residents an opportunity to celebrate diversity and engage with different communities. From the Atlanta Jazz Festival and the Atlanta Film Festival to the Atlanta Dogwood Festival and the Dragon Con parade, there’s always something exciting happening in the city. These events showcase Atlanta’s artistic talents, culinary delights, and multicultural fabric, creating a vibrant and inclusive atmosphere for all.

9. Dive into the wonders of the deep at the largest aquarium in the world

One fun fact about Atlanta is that the city is home to the Georgia Aquarium, one of the largest aquariums in the world. This spectacular attraction allows visitors to immerse themselves in an underwater wonderland, featuring thousands of marine creatures, including beluga whales, manta rays, and whale sharks. You can also participate in unique experiences like swimming or diving with the aquarium’s gentle giants. The Georgia Aquarium offers an awe-inspiring journey into the depths of the ocean without having to leave the city.

10. You don’t have to leave the city to get your nature fix

Despite its urban nature, Atlanta boasts an abundance of green spaces and parks. Piedmont Park, located in the heart of the city, offers picturesque walking trails, beautiful views, and numerous recreational activities. The Atlanta BeltLine, a former railway corridor turned pedestrian-friendly trail, connects several neighborhoods and provides a fantastic space for outdoor enthusiasts.

11. Atlanta’s flavorsome fusions will surely delight

Atlanta’s culinary scene is a delightful fusion of traditional Southern flavors and innovative gastronomy. From down-home barbecue joints like Fox Bros. Bar-B-Q to fine dining establishments such as Marcel, food enthusiasts will find an array of mouthwatering options to satisfy their cravings. Don’t miss the chance to savor classic Southern dishes like fried chicken, biscuits, and peach cobbler while exploring the city.

12. Centennial Olympic Park serves as a legacy to the 1996 Summer Olympics

Atlanta played host to the 1996 Summer Olympics, and as a result, Centennial Olympic Park was created as a lasting legacy. This beautiful park spans 21 acres in downtown Atlanta and serves as a gathering place for locals and tourists alike. It features fountains, green spaces, walking paths, and the iconic Olympic Rings fountain. The park also hosts various events and concerts throughout the year, providing entertainment and recreational opportunities for all.

13. High Museum of Art unveils a world of masterpieces in Atlanta

Art enthusiasts will find a haven in the High Museum of Art, one of the leading art museums in the Southeast. The museum houses a diverse collection of artwork from around the world, including American art, European art, African art, and contemporary pieces. The striking architecture of the museum itself is a sight to behold. Visitors can explore the permanent collections, rotating exhibitions, and participate in educational programs that offer a deeper appreciation of the arts.

14. Ponce City Market, now a popular dining and shopping venue, was formerly a Sears

Located in the historic Sears, Roebuck & Co. building, Ponce City Market is a vibrant mixed-use development that seamlessly blends retail, dining, and entertainment. This trendy destination features an array of shops, local boutiques, artisanal food stalls, and rooftop bars with panoramic city views. From delectable cuisine to unique shopping experiences, Ponce City Market offers a lively atmosphere that showcases the city’s creative spirit.

15. Atlanta’s street art scene paints the city in beautiful murals

Atlanta is home to a thriving street art scene, with captivating murals adorning buildings and walls throughout the city. The Atlanta Street Art Map highlights numerous vibrant artworks created by local and international artists. A unique activity to do in Atlanta is to take a walking tour or explore the neighborhoods to discover these remarkable displays of creativity and self-expression that contribute to the city’s vibrant visual landscape.

Atlanta, GA, is a city that continues to captivate residents with its rich history, diverse culture, and dynamic lifestyle. From its historical landmarks and world-famous attractions to its welcoming communities and thriving arts scene, there are countless reasons to move to Atlanta. Embrace the charm of this Southern gem and explore the countless fun facts that make Atlanta a truly unique and delightful place to call home.

Source: redfin.com

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While rising property values have continued to defy expectations, could it be the end for home price appreciation after nearly a decade of gains?

There’s been talk of frothy home prices for years now, with affordability stretched even as mortgage rates hit new all-time lows.

One new forecast says the good times in the red-hot real estate market might finally be over.

At least, that’s the call from data analytics firm CoreLogic, which is predicting a 1.3% drop in home prices from April 2020 to April 2021.

Home Prices Expected to Post an Annual Decline in 2021

  • Home prices were up 5.4% in April compared with April 2019
  • Property values increased 1.4% month-to-month from March to April
  • Month-to-month gain expected to be just 0.3% from April to May
  • Annual price decline of 1.3% predicted from April 2020 to April 2021

While home prices have still gone up both year-over-year and month-over-month lately, the gains are projected to decelerate and eventually turn negative.

Home prices rose 1.4% from March to April of this year, contributing to the 5.4% annual gain, but the CoreLogic HPI Forecast calls for just a 0.3% gain from April to May.

That could represent one of the few remaining (or last) of the monthly gains for a while since they expect home prices to decline 1.3% by April 2021.

If CoreLogic is right, it would mark the first yearly drop in more than nine years, when home prices bottomed around 2011/2012.

The good news is it’s only a small annual decline, and that’s if they’re right to begin with. The pundits have been predicting higher mortgage rates and lower home prices for years now.

And they’ve been wrong year in and year out, which again speaks to how difficult it is to call a bottom or a top.

Further throwing their forecast into question is the fact that the typical spring home buying season has been pushed back a few months, so we could see home prices rise in coming months.

Cities Driven by Tourism or Oil Industry Expected to Fare Worst

  • Miami and Las Vegas hurting due to less travel and fewer visitors
  • Houston and West Virginia suffering from oil/gas industry slowdown
  • Home prices expected to be down in 41 states by next April
  • One winner is Philadelphia thanks to NYC migration related to COVID-19

CoreLogic chief economist Frank Nothaft said their forecast has home prices down a year from now in 41 states, despite record low mortgage rates and limited housing inventory.

He added, “If unemployment remains elevated in early 2021, then we can expect home prices to soften.”

As always, when looking at home prices you have to consider the local market, not just the nation as a whole.

CoreLogic expects some metros to be hit more than most, and others may actually buck the trend and see even more gains thanks to shifting demographics.

For example, already overvalued markets such as Las Vegas and Miami are expected to decline by 7.2% and 4.4%, respectively, by April 2021.

The same goes for Cape Coral-Fort Myers and North Port-Sarasota-Bradenton in Florida, and Prescott, Arizona.

In these tourist-rich destinations, the economy has taken a big hit thanks to COVID-19, which could lead to increased foreclosures and fewer eligible home buyers.

And perhaps less appetite for investment properties if not as many individuals are vacationing or moving to those cities.

CoreLogic expects a decline in property values in these metros as visitors decide instead to stay home, which could lead to the sale of vacation rentals at discounted prices.

Similarly, home prices are under pressure in Huntington, West Virginia and Houston, Texas, both of which have suffered from a collapse in the oil and gas industry.

On the other side of the coin, Philadelphia has seen a boom as New Yorkers relocate “in search of more space and privacy,” thanks to the distancing effects of the coronavirus.

The Philly metro exhibited the biggest year-over-year increase in single-family detached home prices, which surged 10.6%.

Nationwide, homes price gains are outpacing condo price gains, with single-family attached units (condos, duplexes) up 4.3% year-over-year in April 2020 compared to a 5.7% increase for single-family detached properties.

This plays to the new trend of wanting/needing more space, just like why the suburbs are apparently hot again after falling out of favor with home buyers.

Zillow seem to be on the same page regarding 2021 home prices, though they expect a drop this year followed by a recovery in 2021 resulting in no real material change.

It’s too early to tell what’s going to happen, though if you’re modeling home price gains and losses based on COVID-19, assume it’s flimsy since the pandemic still presents many more questions than answers.

I still think this housing market has legs, possibly for several more years, even if there are some expected (or unexpected) hiccups along the way.

The cyclical prediction is home prices peaking around 2024, which continues to makes sense.

While it may feel close to a top, it always takes longer to play out than anticipated. Just look at home prices on the way down, or the meteoric stock market rise over the past several years.

In the meantime, enjoy the ride up, hopefully.

Source: thetruthaboutmortgage.com

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Boasting a magical blend of culture, history and academia, Wisconsin is home to some of the finest college towns in the country.

From bustling city centers to quaint rural communities, these towns brim with youthful energy and a passion for learning. Let’s embark on a journey to explore some of the best college towns in Wisconsin, where we’ll discover Madison, Appleton, De Pere, Milwaukee and Eau Claire.

As Wisconsin’s capital city, Madison is also home to the University of Wisconsin-Madison, making it the epicenter of collegiate life in the state. This picturesque city benefits from a stunning location nestled between two sparkling lakes and is home to a diverse community teeming with creativity and innovation. As one of the best college towns in Wisconsin, Madison caters to the needs of students, residents and visitors alike, with an abundance of restaurants, shops and entertainment options. From biking and kayaking along the miles of shoreline to perusing the eclectic shops and eateries on State Street, there’s always something to do in this bustling city.

The heart and soul of Madison’s college scene is the iconic Memorial Union Terrace (pictured above), a lakeside gathering spot where students and locals alike can enjoy live music, outdoor movies and delicious local fare. If art and culture are more your speed, don’t miss the Chazen Museum of Art or the Wisconsin Historical Museum. Madison’s rich history and progressive atmosphere make it one of the top college towns in Wisconsin and is perfect for students seeking a well-rounded college experience.

Home to Lawrence University, Appleton is a charming city that harmoniously blends its history with a modern atmosphere. This college town is nestled along the Fox River, where the abundant natural beauty provides a serene backdrop for the city’s bustling downtown area. Appleton’s arts scene, supplemented by the Fox Cities Performing Arts Center and Trout Museum of Art, makes it one of the best college towns in Wisconsin for students with an appreciation for culture and creativity.

Appleton’s picturesque downtown is lined with unique shops, delicious dining options and lively entertainment venues, ensuring there’s never a dull moment. In addition to its thriving downtown, the city’s historic sites, such as the Hearthstone Historic House Museum and the Atlas Science Center, offer a fascinating glimpse into the area’s past. Appleton’s commitment to preserving its heritage while embracing the future makes it a standout among college towns in Wisconsin, perfect for students seeking a blend of old-world charm and contemporary activity.

Located just south of Green Bay, De Pere is a quaint and idyllic college town that’s home to St. Norbert College, a private liberal arts institution. The Fox River meanders through the heart of this cozy community, providing a picturesque setting for students and locals to enjoy outdoor activities like walking, biking and fishing. De Pere’s small-town charm and friendly atmosphere undoubtedly make it one of the most inviting college towns in Wisconsin.

De Pere’s historic downtown district is a treasure trove of boutique shops, cozy cafes and unique eateries, where seasonal students and year-round locals alike can indulge in unique flavors and discover one-of-a-kind finds. The De Pere Riverwalk and Wildlife Viewing Area offers a peaceful retreat from the hustle and bustle and the community’s commitment to the arts is evident in the events and performances hosted at the charming St. Norbert College. If you’re looking for a college town in Wisconsin that offers a tight-knit community and a serene environment, De Pere is the perfect fit.

Affectionately known as ‘Brew City,’ Milwaukee is Wisconsin’s largest city and home to several higher education institutions, including the University of Wisconsin-Milwaukee, Marquette University and Milwaukee School of Engineering. This bustling metropolis is a diverse environment that caters to students seeking an exciting, city-based college experience. Milwaukee’s lively arts and culture, combined with its beautiful lakefront location, make it one of the best college towns in Wisconsin for students craving a dynamic atmosphere while they pursue their degrees.

Milwaukee has a plethora of entertainment options, from the iconic Harley-Davidson Museum to the historic Pabst Theater and so much more. Foodies will find no shortage of delectable dining options, as the city boasts a wide variety of restaurants, breweries and food trucks, serving up everything from traditional Wisconsin fare to global cuisines. Milwaukee’s unique blend of urban excitement and Midwestern charm makes it a standout among college towns in Wisconsin, perfect for students eager to experience city life during their college years.

As a bonus, we’ll introduce you to Eau Claire, a vibrant city that’s home to the University of Wisconsin-Eau Claire. Known for its strong arts and music scene, Eau Claire boasts a rich cultural heritage that permeates the entire community. From the stunning Pablo Center at the Confluence to the numerous music festivals held throughout the year, Eau Claire’s creative spirit makes it a standout among Wisconsin college towns.

The city’s lively downtown area offers a wide variety of shopping, dining and entertainment options for students and locals alike. Outdoor enthusiasts will appreciate the city’s extensive network of parks and trails, including the beautiful Chippewa River State Trail and Putnam Park. Eau Claire’s thriving arts scene, coupled with its commitment to sustainability and community engagement, make it a top choice for students seeking a well-rounded college experience in Wisconsin.

Welcome to your Wisconsin college town

With their rich histories, youthful communities and top-notch educational institutions, these college towns in Wisconsin offer an unforgettable college experience. From bustling cities like Milwaukee to charming small towns like De Pere, there’s a perfect fit for every student in the Badger State.

Source: rent.com

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It’s almost mid-December, which means it is time for another round of mortgage and real estate predictions for the upcoming year.

I think it’s safe to say that 2021 has been another stellar year for both the mortgage industry and the housing market.

But it’s going to be hard to top or even match what we’ve experienced this year in terms of mortgage origination volume and home price gains.

However, the party might not be over yet, with additional home price gains on the horizon due to similar factors in play.

Let’s see what 2022 might have in store as we once again look into the crystal ball.

1. Mortgage rates will go up, but only slightly.

Experts have been calling this for years to no avail. We have been told year in and year out that the low mortgage rates are leaving the station.

But year after year, they remain. In 2022, I do expect them to rise somewhat, but not by a meaningful amount.

Sure, your 30-year fixed rate may go from 3% to 3.5%, but that’s not a huge jump. And any 30-year fixed in the 3s is generally very favorable.

It will put pressure on prospective home buyers who also have to grapple with rising home prices and a lack of inventory.

And it will certainly dent mortgage refinance demand, as most existing homeowners have already locked in a lower rate.

However, as I said in my 2022 mortgage rate predictions post, there will likely be opportunities during the year to snag a very low mortgage rate.

Why? Because the economy continues to be a bit of a mess and we’re still sorting out COVID. Until we put that stuff behind us, interest rates could swing in both directions.

2. Home prices will continue to rise a lot

Don’t be fooled by the old mortgage rates up, home prices down fallacy. There’s not a negative correlation, despite what everyone plainly assumes.

Both can go up at the same time, and that’s exactly what I expect to happen in 2022. Granted, mortgage rates will probably only rise slightly, while home prices will continue to surge.

For some reason, a new year gives folks new hope that a trend will simply come to an end.

But why would home prices just stop going up because it’s a new calendar year? The answer is they won’t.

As I’ve said before, the same fundamentals that have been at play for some time, continue to be in play.

There’s a severe lack of inventory and a surplus of would-be home buyers out there. It doesn’t take a genius to figure out what happens with prices.

When there’s a shortage of something people want/need, a premium must be paid until production ramps up.

Unfortunately, production (new home building) is still way behind and won’t catch up for a while.

In the meantime, expect more of the same, and higher 2022 home prices across the board.

The only difference is that estimates are all over the place, with some calling for just a 2.5% increase (CoreLogic) and others saying 11% (Zillow) or even 16% (Goldman Sachs) .

Personally, I’m bullish and going with the higher figures out there, but recognize gains will probably be lower in 2022 than they were this year.

3. Cash out refinances will finally get hot

Housing pundits have been talking about the massive pile of collective home equity we’ve been sitting on for years now.

And it has only grown even larger since then, with equity levels the highest on record.

In short, American homeowners have a ton of equity in their properties that is ripe for tapping via a cash out refinance or a second mortgage, such as a HELOC.

But we have yet to see a massive cash out boom like the one experienced in the early 2000s housing market.

I expect cash out refis and HELOCs to have their day in the sun in 2022 as more and more homeowners realize how much their properties have appreciated.

Per Freddie Mac, about 42% of refinances resulted in cash out this year, which is up a bit from prior years, but nowhere close to the 80%+ share seen in 2006 and 2007.

Despite slightly higher mortgage rates, it may still be worth unlocking this valuable equity to pay for upgrades, college tuition, and other expenses.

After all, a 3% 30-year fixed rate is still phenomenal, and many homeowners can take out a large sum of money while keeping their loan-to-value (LTV) ratio very low.

And you can expect mortgage lenders to aggressively pitch this product now that rate and term refinances have mostly been exhausted.

4. The bidding wars will remain (and may even worsen)

It won’t get any easier buying a home next year. Even if mortgage rates are slightly higher, this won’t “bring prices down to earth.”

I keep hearing that line and it just doesn’t make any sense. Financing has never been the problem here. It’s always been a lack of supply.

And there will continue to be a lack of supply well into 2022, so why should competition be any less?

If anything, I could see more desperation fueled by these expected higher interest rates as buyers won’t want to miss out on their low rate too.

If you think about the last few years, at least mortgage rates were rock bottom. Now that you’ve got to worry about a rising rate and finding a home, the panic could be even more pronounced.

As always, prepare yourself adequately, start looking for a home immediately, and be aggressive if you want to win the bidding war.

Oh, and make sure you use an experienced real estate agent who knows how to get the job done.

5. Home sales volume will be flat or even lower next year

While Redfin believes new listings will hit a 10-year high next year, I’m not so sure.

As much as there is motivation to sell a home due to sky-high asking prices, there remains the dilemma of where to go next.

Sure, you might be able to move to a different state, but those “cheap states” aren’t so cheap anymore.

At the same time, supply chain issues and a lack of workers is making it hard for home builders to ramp up supply of new homes.

Collectively, this will make it difficult for home sales to increase next year, as much as we all want to make a mint selling our homes.

This also reinforces the idea that home prices will continue to go up, and that the housing market will remain super competitive.

That being said, it will be a very lively housing market in 2022, just not one that necessarily sees a lot of growth.

6. Home buyers will continue to flock to new states

Yes, the cheap states aren’t so cheap anymore. But that won’t stop people from getting out of town.

Many young, prospective home buyers have been priced out of their local markets in California and other hot spots.

This, combined with the work-from-home new normal (sprinkle in some politics), will fuel a continuation of migration seen in recent years.

This means more folks from the Golden State will make the move to nearby states such as Arizona, Idaho, Nevada, Texas, and Utah.

While more affordable for them, it will exacerbate those local markets and make them more expensive for the people who already rent there.

Some of the hottest housing markets of 2022 include Salt Lake City, Utah, Boise, Idaho, Spokane, Washington, Indianapolis, Indiana, and Columbus, Ohio.

Basically any metropolitan area that was/is considered cheap and desirable will be less so next year as the out-of-state home buyers storm in.

So no matter where you happen to be, expect a fierce seller’s market.

7. First-time home buyers will purchase a second home or investment property (first)

This is an interesting one that I’m borrowing from Zillow because it’s seemingly odd, yet kind of savvy. And so 2021 and beyond.

Typically, a first-time home buyer will purchase a home to live in nearby where they work.

But because the real estate market is so hot and in such short supply, high-earning, cash-rich Millennials and Gen Zers may actually buy a second home or investment property instead.

The thinking is that they can get in on the real estate market by making an investment, even if it’s not in their overpriced backyard.

For example, a well-earning Gen Zer who lives in Santa Monica that may be priced out there could purchase a more affordable second home in Phoenix, Arizona, or an investment property in Las Vegas, Nevada.

Of course, this isn’t necessarily for the faint of heart, and this is exactly the type of thing that leads to trouble down the road.

But as long as mortgage lenders don’t get too careless with underwriting standards, it doesn’t signal the start of a housing crisis.

It does tell you just how crazy real estate has gotten though.

8. Home buyers will return to the city

While the suburbs have been hot in our post-COVID-19 world, I do believe more buyers will start to consider the city life again.

We will get through this pandemic, and once life returns to mostly normal, lots of folks will wish they owned in an urban center.

Prices in many once-hot areas close to lots of cool restaurants, bars, etc. have been deflated, but I expect that to reverse course in 2022.

The urban living trend isn’t going to disappear, even if more people work from home, or desire abundant outdoor space.

So look out for condo prices to see more price gains in 2022 and beyond, and play catch up with single-family residence gains.

There’s already proof in data here – Redfin noted that users filtered searches to single-family homes only (excluding condos/townhomes) in just 28% of searches in September.

That was down from a high of 37% in July 2020, when living in a city seemed unthinkable.

Condos also tend to appreciate the most at the tail end of a housing boom, which we could be approaching, so it all kind of makes sense.

9. There will be more layoffs, closures, and mergers

While there is some hope that cash out refis and home purchase loans will keep mortgage volumes afloat, it won’t be enough for all mortgage lenders out there.

For example, Freddie Mac is forecasting $2.1 trillion in home purchase origination in 2022, up from $1.9 trillion this year.

But also expects refinance origination volume to fall from $2.5 trillion to $995 billion. That’s gonna be a problem for the shops that specialize in refinances.

Ultimately, total volume dropping from $4.5 billion to $3 billion will be an issue and there’s no way around it.

As a result, you can expect more mortgage layoffs, similar to the Better.com layoffs, along with some outright closures.

I also believe there will be more consolidation in the fragmented mortgage market, with bigger banks and lenders swallowing up smaller ones.

10. The housing market won’t crash in 2022

I already said home prices will go up, but I’ll reiterate that the housing market won’t crash in 2022, either.

There is a large group of people who believe the housing market is due for a correction, mostly just because home prices have gone up a ton.

Sure, it’s easy to raise eyebrows these days when looking up what your house is worth, or your neighbor’s.

But that alone isn’t enough to make them reverse course, especially when there is a continued, historic lack of supply.

Additionally, mortgage lenders have yet to return to the loose underwriting that dominated the space in the early 2000s, and ultimately created the mortgage crisis.

For me, that means another year of strong housing appreciation, and another year without a housing market crash.

At the same time, it does mean we will be one year closer to a crash, which as history tells us, is inevitable.

(photo: Quinn Dombrowski)

Source: thetruthaboutmortgage.com

Apache is functioning normally

Miami-based fintech Milo has closed $10 million in cryptocurrency mortgages since unveiling the product earlier this year, the company announced early Tuesday.

The lender’s 30-year crypto mortgage is designed to make it easy for investors to use their digital holdings to acquire homes in the U.S. 

Through the crypto-lending program, Milo allows borrowers to pledge cryptocurrency through regulated custodians — crypto platforms such as Coinbase or Gemini — and thereby finance as much as 100 percent of the property purchase price, with a cap of $5 million.

“We have incredible momentum and see a fundamental need to help individuals diversify their wealth to generate real world yield through real estate,” said Josip Rupena, founder and CEO of Milo. 

Milo’s 30-year crypto-mortgage requires no down-payment, other than pledging the cryptocurrency as collateral, and is available at an interest rate as low as 6.95%. That rate, however, can change, according to Milo. The interest rate is reviewed annually to assess the ratio of crypto assets pledged as security to the total loan amount.

“The higher the ratio is, the lower your rate will be,” according to Milo’s website. The lower the ratio, of course, the higher the rate adjustment will be for the crypto-mortgage.

Milo’s crypto-loan program, however, allows homebuyers to keep their cryptocurrency — Bitcoin, Ethereum and USD Coin all qualify for use as collateral — while acquiring property and potentially benefiting from price appreciation in both assets. 

“Given the current state of the market, we’re extremely proud that we have not had any margin calls or negative counterparty exposure, all while continuing to originate mortgages,” Rupena said. “As a licensed and regulated entity, we take our responsibility seriously to ensure our clients’ crypto is safe and returned when requested.”

Milo also offers a tech-enabled non-crypto mortgage product that serves U.S. and foreign nationals who want to purchase a home in the U.S., or pursue refinancing. Milo, a licensed and insured direct lender, reports some $100 million in loans have been originated through its more traditional mortgage line — with applicants hailing from more than 90 countries, according to a news release announcing Milo’s crypto-mortgage milestone.

The company started rolling out its crypto-mortgage product in April of 2022 and has since added 20 employees, company representatives said, for a total of about 40 employees. Milo also has plans to soon introduce a crypto-mortgage refinancing product.

“The success of our crypto mortgage over the past few months serves as a testament to our ability to pioneer and create a unique solution for the crypto community,” Rupena said. 

Source: housingwire.com

Apache is functioning normally

While it’s still possible to request mortgage forbearance via the CARES Act if you’re having trouble making monthly payments, this option will eventually come to an end.

In fact, you might only have about two months left to contact your loan servicer for relief. So if you think you’ll need help, act sooner rather than later to avoid missing out.

This cutoff date depends on the type of mortgage you have, e.g. an FHA loan or a conventional loan.

What’s the Last Day to Apply for Mortgage Forbearance?

  • Fannie and Freddie loans – when the “national emergency” ends
  • FHA loans – June 30th, 2021
  • USDA loans – June 30th, 2021
  • VA loans – June 30th, 2021

Oddly, it’s not even known when that date is, at least when it comes to mortgages backed by Fannie Mae and Freddie Mac.

That’s because the GSEs currently have the end date for relief set to the end of the national emergency. So it might be a moving target given COVID-19 seems to just be getting started.

Seeing that the other agencies have extended into the first six months of 2021, the hope is Fannie/Freddie will also do at least that.

The FHA had set a deadline of October 30th, 2020 (which was extended to December 31st , 2020, then Feb. 28th, 2021, then to March 31st, 2021, and now to June 30th).

Similarly, the USDA had announced a deadline of December 31st, 2020 for approving forbearance requests, then aligned it with the FHA’s February 28th, 2021 cutoff date, and has since extended it until June 30th, 2021.

With regard to VA loans, it’s the same story as the FHA as government-backed home loans appear to have the same cutoff dates (other than USDA).

Whether these end dates all get extended in light of the continued uncertainty and ongoing economic disruption remains to be seen.

They’ve already been extended several times, so it won’t be a surprise if they move them into the future again, especially with COVID continuing to keep the economy shuttered.

Loan Servicers Will Have Their Busiest Season Ever

I spoke to Sapan Bafna, senior leader, Advanced Delivery Engines for CoreLogic, who is responsible for developing IntelliMods, a web-based loan modification decisioning tool, to get his take on how things might go once the CARES Act forbearance option runs out.

In short, he believes loan servicers will experience “their busiest season ever” as they process post-forbearance requests for millions of homeowners.

He developed IntelliMods as a result of the 2008 economic crisis and believes the industry will be held accountable for underusing technology and available data.

In other words, they could make a complete mess out of things once borrowers exit their CARES Act forbearance plans.

And that won’t be good for the industry, which only recently got past the many loan modification and foreclosure snafus from the Great Recession.

Still, things don’t seem nearly as bad this time around, at least for most homeowners.

[How Is Mortgage Forbearance Paid Back?]

What Will Be the Most Common Outcome Post-Forbearance?

  • Fannie and Freddie loans will likely go the payment deferral route
  • FHA loans will use the COVID-19 Stand Alone Partial claim option
  • USDA and VA loans will have full suite of existing home retention options on the table

When asked what would be the most common outcome after forbearance ends, Bafna broke it down by loan type.

He believes borrowers with Fannie- and Freddie-backed mortgages will take advantage of the payment deferral option, followed by a loan modification if they’re unable to resume making their regular mortgage payments.

For FHA loans, he expects most to go with the COVID-19 Stand Alone Partial claim option, followed by four new modification options that have been specifically created for the COVID-19 pandemic.

For USDA loans and VA loans, he believes “homeowners will be offered the full suite of existing home retention options.”

If all else fails, it is possible that some homeowners will have to go the deed-in-lieu of foreclosure route, or simply be foreclosed on.

The good news for the overall market is because of severe inventory shortages, additional foreclosed properties likely won’t put much if any downward pressure on home prices.

Of course, he did say “Some local markets have been hit particularly hard by the pandemic recession and will experience elevated unemployment and home-price weakness in 2021.”

At the same time, more resilient metros will rebound and actually see additional home price appreciation next year.

With regard to short sales, which were big after the most recent housing crisis, Bafna believes they’ll be “a small component since we currently see only around 3% of mortgages with negative equity.”

The House Rich, Cash Poor Conundrum

While it sounds like most homeowners will see relatively positive outcomes post-forbearance, he highlighted another issue regarding the many borrowers nationwide who are now house rich and cash poor.

Because property values have increased significantly over the past several years, but incomes have lagged, some homeowners may have difficulty refinancing their mortgages or otherwise accessing their home equity.

As such, a borrower experiencing financial distress because of the pandemic-related recession will be at the greatest risk of losing their home.

And while they might be able to sell via traditional channels due to their amassed equity, they’ll still incur moving costs, lose any homeowner-related tax benefits, and “forego the opportunity to build equity in their homes as prices rise in the future.”

This exemplifies the problem with real estate, which is an illiquid asset. Often there’s a lot of money trapped inside that can’t be easily accessed.

There are some options out there, like reverse mortgages and innovate products like Noah’s home equity sharing program, but no one solution is totally ideal.

The good news, even if hard to access, is homeowners have lots of equity this time around, which is a big improvement from a decade ago when their mortgage balances grossly outweighed their property values.

That should allow the real estate market to absorb the negative impact of the COVID-19 pandemic, even if it goes on for another year or longer.

Read more: There Will Be a 3-Month Waiting Period to Get a Mortgage After Forbearance

Source: thetruthaboutmortgage.com

Apache is functioning normally

The housing market is cooling. There’s really no debate. Things are slowing down. You can mostly thank a doubling in mortgage rates and high home prices for that.

However, talks of a more severe housing bubble might be overstated.

Sure, it’s easy to compare today to 2007 or 2008, if you don’t take time to dig down into the details.

After all, home prices are lofty, the stock market is shaky, and the economy is looking as uncertain as ever.

But let’s talk about why things aren’t the same as they were 15 years ago.

Yes, Home Prices Are Too High

First things first, home prices are too high. Similar to pretty much every other asset, whether it’s a tech stock or bitcoin, home prices overshot the mark.

This was arguably driven by the easy money days of the past decade, exacerbated by a pandemic and a frenzy to own real estate, especially in the suburbs and exurbs.

For example, everyone wanted lots of space all of a sudden, far from urban centers.

This ran counter to the trend of moving into cities and ditching cars for pedestrian-friendly, urban hubs.

The reason was COVID-19, which has now mostly abated, making those who purchased in far out places question the decision.

Certain cities saw massive inflows, like Boise, Idaho, which are now expected to see the biggest declines.

We’ve also had a massive supply/demand imbalance, with far too few homes available to satisfy the appetite of prospective home buyers.

Together, this led to record home price appreciation, with property values rising 125 straight months on a year-over-year basis.

In fact, home prices were up 18.3% in June 2022 from a year earlier, per CoreLogic. However, home price gains slowed from the prior month for the second consecutive month.

Home Price Gains Are Slowing, Cooling the Housing Market

There’s been a lot of confusion regarding home prices lately. Some folks seem to be jumbling slowing appreciation with falling prices, as if they’re the same thing.

But as noted, home price GAINS are dropping. In other words, if your home was appreciating 10% year-over-year, it might only rise 5% next year.

The takeaway is that it’s still rising in price, which might be the best way to look at today’s housing market.

CoreLogic still expects home prices to rise 4.3% from June 2022 to June 2023 on a year-over-year basis.

This differs from the stock market, which has actually fallen quite a bit to the point of being in a bear market.

Because we experienced the worst housing crisis in our lifetimes just over a decade ago, it’s natural to start having those same concerns.

There are probably also sharks waiting and hoping for home prices to plummet so they can scoop up homes on the cheap.

But as of now, it doesn’t appear that an outright housing bubble is in the cards, as expensive as real estate is these days.

A Housing Bubble Should Burst, Right?

The term “housing bubble” is a somewhat loose phrase that may be defined in numerous different ways.

But the general thinking is that a bubble should pop if it’s a truly a bubble.

That means it’s unsustainable, and a soft landing isn’t possible. The air isn’t slowly let out of the balloon. It pops, violently.

With regard to a housing market bubble, this would mean plummeting home prices and a deluge of distressed inventory, including short sales and foreclosures.

I think if you asked the average American if they foresaw a housing market like that, they’d probably say no.

Instead, they might say “home prices are too high, they need to come down.” They might also express that it’s a bad time to buy a home.

This could mean slowing appreciation, or zero appreciation in the hardest hit markets.

It could also mean lower listing prices, price reductions, more days on the market, and fewer bidding wars.

Does that equate to a “pop,” or is it more of a fizzle?

Economist Mark Zandi already called a housing market correction back in June, but merely referred to it as the end of the housing boom.

The end of a boom isn’t synonymous with a bubble burst. It might simply mean that the housing market has peaked and is now expected to cool.

Why No Housing Bubble Burst This Time Around?

A housing market bubble is typically accompanied by rampant speculation, a huge run up in prices, and lots of questionable home loan financing.

It’s generally also driven by a supply glut, that is, too many homes for sale and not enough demand.

If you consider all of the above, the only thing that seems to stand out is a “huge run up in prices.”

There hasn’t been crazy speculation, there isn’t shoddy financing, and there certainly hasn’t been an oversupply of homes.

On the contrary, there’s been too few homes for sale and a mortgage market dominated by 30-year fixed mortgages priced at all-time lows.

To that end, how many existing homeowners with 2-3% 30-year fixed mortgages and tons of home equity are going to lose their homes if the housing market cools?

In 2007/2008, the typical homeowner had no equity, an option ARM for a mortgage, and wasn’t qualified to be in the property to begin with.

There was also a huge oversupply of homes on the market and more actively being built, which led to the worst housing bubble burst in recent memory.

This doesn’t mean home builders today won’t have to lower prices, or that prospective buyers will walk away from purchases.

That likely will happen as home price appreciation comes to a halt. And you’ll see all the negative headlines regarding the housing market along the way.

But unless something significant takes place, a housing bubble burst doesn’t appear likely at this juncture.

Source: thetruthaboutmortgage.com

Apache is functioning normally

It’s good to be a homeowner these days. After all, home prices are rising at an incredible pace, and have been for nearly a decade now since bottoming out.

On top of that, many of today’s homeowners hold fixed-rate mortgages with ultra-low mortgage rates, making it very affordable to own rather than rent.

Unfortunately, the same can’t be said of those looking over the fence, or sitting on the fence, wondering if they too should make the move to homeowner.

One of the biggest hurdles to homeownership that continues to worsen is the pesky down payment.

And as property values increase, so too does the minimum amount required to get a mortgage, assuming a down payment is needed, which it often is unless you’re taking out a USDA loan or VA loan.

This has made it more and more difficult for renters to become homeowners, despite mortgage rates being at/near all-time lows.

It also highlights the fact that low mortgage rates, while certainly great, aren’t a be-all, end-all solution to affordable housing.

Home Price Gains Outpace Mortgage Rate Discounts

  • Median monthly mortgage payment on an existing single-family home increased to $1,059 in Q3
  • That number was up from $1,019 in the second quarter and $1,032 in Q3 2019
  • Mortgage payments accounted for 15.6% of income in Q3 based on median income of $81,477
  • That was up from 14.8% in the second quarter unchanged from a year ago

In the National Association of Realtors (NAR) latest statistical release, they noted that the median existing single-family home price surged 12.0% on a year-over-year basis to $313,500.

These home price gains were seen all throughout the country, with double-digit year-over-year increases in the West (13.7%), Northeast (13.3%), South (11.4%), and the Midwest (11.1%).

Meanwhile, home prices are growing four times as fast as median family incomes, which have only ticked up about 2.9%.

Still, with mortgage rates so low at the moment, the monthly mortgage payment on an existing single-family home has only increased to $1,059 from $1,019 a quarter earlier and $1,032 a year ago.

For most prospective home buyers and existing homeowners, this is probably incidental, and not a deal-breaker in terms of qualifying for a mortgage.

But NAR chief Lawrence Yun still remarked that “housing prices are increasing much too fast.”

Interestingly, the low mortgage rates are a double-edged sword because they’re continuing to lure buyers to market, thereby increasing demand and raising home prices in the process.

So while you might get a lower mortgage rate, you’ll pay more for the house, assuming you don’t already own it.

In fact, 65% of metro areas , or 117 areas out of 181, experienced double-digit price gains from one year ago.

Biggest Year-Over-Year Home Price Gainers

1. Bridgeport, Conn. (27.3%)
2. Crestview, Fla. (27.1%)
3. Pittsfield, Mass. (26.9%)
4. Kingston, N.Y. (21.5%)
5. Atlantic City, N.J. (21.5%)
6. Boise, Idaho (20.6%)
7. Wilmington, N.C. (20.6%)
8. Barnstable, Mass. (19.4%)
9. Memphis, Tenn. (19.1%)
10. Youngstown, Ohio (19.1%)

These are the hottest metros nationwide when measuring home price growth from the third quarter of 2019 to the third quarter of this year.

Shockingly, home values were up nearly 30% in Bridgeport, Connecticut, which certainly doesn’t sound like healthy home price appreciation.

Yun noted that home prices have “jumped” in cities that contain larger properties with more open space, a symptom of the ongoing COVID-19 pandemic.

More frightening is the continued lack of housing inventory – at the end of the third quarter there were just 1.47 million existing homes available for sale, which was down a whopping 19.2% from a year earlier.

That represented just 2.7 months at the current sales pace, as of September 2020, which tells you why it’s overwhelmingly a seller’s market still.

Sure, you can probably get your hands on a super low mortgage rate, but good luck finding a house if you don’t already own one!

Read more: Would You Rather Have a Low Mortgage Rate or Pay a Lower Price for a Home?

Source: thetruthaboutmortgage.com