Although mortgage rates are rising, home buyers have remained active in many of the most popular U.S. housing markets. data from ShowingTimea technology provider and projection management system.
A total of 109 markets had double-digit average impressions in February, up 45% from 75 markets in February 2021, according to ShowingTime.
This housing market activity comes despite the steady rise in interest rates. By the end of February, the average 30-year mortgage had risen to 3.89%, almost a full percentage point of 2.97% at the end of February 2021, according to data by Freddie Mac.
If you are interested in buying a home, comparing mortgage rates and lenders can help you save money on your monthly payment and the duration of the loan. You can visit Credible to find the personalized interest rate without affecting your credit score.
MORTGAGE INTEREST RATES INCREASE BY FOUR QUALITY ONLY – HERE WHY YOU MUST LOCK YOUR INTEREST RATE NOW
Top Housing Markets in the USA
Many U.S. markets met last year ‘s strong demand from home buyers, or even surpassed it, according to DataTime. Nashville recorded the top annual profit, as its appearances increased by 43% from last year. They followed:
- Orlando, Florida – 36%
- Bridgeport, Conn. – 30%
- Dallas, Texas – 29%
- Hartford, Conn. – 28%
- Sarasota, Fla. – 28%
- Charlotte, NC – 24%
“It’s remarkable to see 109 markets with such impressive buyer traffic,” said Michael Lane, Vice President and CEO of ShowingTime. “A year ago, we were surprised to see 75 markets double-digit impressions per listing. Increased activity is widespread, with 17 states having at least one double-digit market.”
Even the traditionally less crowded subway areas face inventory challenges as they rise to the rankings of today’s top real estate markets. The data showed a shift in the hottest housing markets, in part because home buyers had more flexibility in location after the COVID-19 pandemic that led more companies to work remotely. As more remote work opportunities become available, home buyers have begun to consider other factors such as good weather, beautiful beaches or less crowded suburbs.
If you are interested in seeing how much your home equity loan will pay off in the future, you could Visit Credible to see interest rates from multiple lenders at once and choose the best for you.
THE AVERAGE HOUSEHOLD OWN EARNED OVER 55 THOUSAND IN SHARE IN 2021: CORELOGIC REPORT
How Homeowners Can Cash On Order
Rising demand for housing has boosted housing values, with the average homeowner earning more than $ 55,000 in equity in 2021. according to CoreLogic.
One way homeowners can take advantage of this demand is to sell their homes and cash in on the profit they made last year. However, these residents will most likely then become home buyers and will be subject to increased competition, house price appreciation and rising mortgage rates as they buy their next home.
Homeowners can also consider redemption refinancing and raising their own funds for home improvement projects or high interest rate debt repayments. Refinancing could also help homeowners lower their interest rates and reduce their monthly payments. However, if they already have a low interest rate, a share capital credit line (HELOC) could be a better option, as they take out a second home equity loan instead of refinancing the entire mortgage at a new interest rate.
If you are interested in refinancing your mortgage or want to see your options, you can Contact Credible to speak with a mortgage specialist and get answers to all your questions.
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