October 12, 2020
2 MINUTE READ
Hello friends! Goodness is there a lot going on this week. With the debates, low mortgage rates, and a second round of stimulus legislation up in the air, it might be a good time to check in on your news junkie friends, just to get them out in the sun for a minute. On with the roundup!
What’s this all about?
Presidential candidate Joe Biden proposed a $15,000 tax credit for first-time homebuyers back in February (a lifetime ago now, it seems). Since affordability is the biggest reason millennials (who are saddled with student loan and credit card debt) aren’t becoming homeowners, the tax credit could be a game-changer in some markets.
What it means
Biden’s proposed tax credit means that at the time of purchase, you immediately have $15,000 in your pocket to use toward the down payment or the closing costs (yay!), rather than making the purchaser wait until their next tax filing. For struggling Californians, this could make all the difference. And, if you work with Reali to buy your home, you get another bonus: the Reali Rebate.
What’s this all about?
Mortgage rates dropped to 3.01% this week, after setting a number of record lows throughout the year. Overall, mortgage applications fell 2% as home inventory dries up in places around the country. As a result, refinance applications are up 8%, 50% higher than they were at this time last year.
Tell me more
Supply, affordability and the pandemic are the three obstacles clogging up the housing market right now. While the election may be causing some to delay their plans to buy or sell a home, a survey showed economic uncertainty from the pandemic is driving people to wait on buying or selling their homes. Of course, supply, affordability and the pandemic are policy-related, and thus election-related, issues too, so stay tuned. In the meantime, you can get a rate quote from Reali Loans in just a few minutes!
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Alright, friends. That’s it. See you next week!