Housing activity showing signs of stabilizing
According to a new report by housing data provider Buildfax, consumer confidence in the housing market seems to be declining.
“Housing activity is showing signs of stabilizing in recent months as growth slows in key indicators,” said Jonathan Kanarek, managing director of Buildfax. “Slight declines in remodel volumes may indicate that consumer confidence is declining. [coronavirus] Delta type concerns and high inflation.
“These factors have historically led to high construction material costs and labor shortages that can exclude consumers from home renovations,” he said. “However, it is too early to tell whether consumers will fully reduce spending in the existing housing stock in the coming months.”
As the housing market slows, existing homeowners have options to use and save money. For example, refinancing a mortgage can help homeowners save significantly on their monthly payments amid today’s low interest rates. Visit Credible to find out your personal interest rate and review the loan terms to see how much you can save.
Soaring Construction Marks Good News
One reason for the low consumer confidence is the low level of housing supply, Buildfax explained. The report shows that confidence levels have fallen to their lowest level since February.
Buildfax said in its report, “While the pace of development has slowed in recent months, August still saw decent growth in new construction activity – a positive to help ease housing supply shortages.” Signal.”
Single-family housing authorities grew by 9.05% annually in August and 0.29% from July, meaning builders are gradually increasing the number of homes they will build.
Remodeling activity declined slightly for the first time since June 2020, but even amid rising prices, lower interest rates could help homeowners pay for their home improvement projects. Consider taking out a cash-out refinance, using your current mortgage home equity for your home improvements and repairs. Visit Credible to get pre-qualified in minutes without impacting your credit score.
Is now a good time to refinance? here’s what you should know
Despite waning confidence in the housing market, it’s still a great time to refinance a mortgage loan, and some experts say it’s still a good time to buy a house. This is because interest rates remain at record lows. The current average 30-year fixed-rate mortgage is below the 3% mark, according to Freddie Mac. data from.
Similarly, the average 15-year mortgage remains near a record low at 2.12%, and the five-year adjustable-rate mortgage averages 2.51%, Freddie Mac data shows. If you’re interested in taking out a mortgage with a lower rate to lower your monthly mortgage payment, visit Credible to compare multiple lenders at once and choose the loan option with the best rates for your new loan.
When annual percentage rates drop, borrowers will pay lower monthly payments, even if the home value is higher. A borrower can put more money toward the home price and any other improvements as the interest rate goes down. If you are interested in a mortgage refinance on your loan amount, contact Credible to speak to a home loan specialist and get all your questions answered.
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