National stats show that about 40% of adults in the U.S. have now been vaccinated (at least partially). That feels about right as I just got my second COVID shot yesterday and family, friends, colleagues and random people I follow on Twitter have gotten at least one dose of the vaccine as well. We are making real progress on getting the virus under control, and you can see the effects on jobs numbers and other macro-economic indicators.
One of those effects, of course, is rising mortgage rates. That's not great news for real estate agents or mortgage lenders, but David Stevens, former CEO of the MBA, offers some long-term perspective in an article he wrote for us today.
"Look at 30-year mortgage rates as they stand today compared with any time going back decades when these rates were even captured on an aggregate basis. Rising mortgage rates will certainly be tolerated by the market," he writes.
"In fact, small hikes in mortgage rates can lead to panic-buying periods which can drive small volume surges. Mortgage rates have never been this low and yet through previous cycles home sales have continued. In fact, the largest home purchase year in this nation's history was 2005 when rates were near 7.5%."
And of course, the wave of millennials just hitting peak home-buying age hasn't changed. Higher rates or no, there will be plenty of purchase business.
Today's HousingWire Daily features a crossover episode of the RealTrending podcast. In this episode, Steve Murray, senior advisor to HW Media, discusses the lawsuit Rex Real Estate filed against the National Association of Realtors and Zillow, and offers insight into this year's RealTrends 500 top brokerages.
With the economy looking toward life past COVID, the focus is beginning to shift to a recovering economy, perhaps hotter than expected, driven by an excess in stimulus provided, and a likely end to the low single-digit mortgage rates seen over the previous year.
The updated URLA brings new complexities for quality control professionals, and now is the time to learn and ensure you stay compliant. Find out from industry experts how these changes impact your QC team and how you can ensure audit readiness. Learn more!
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