Did You Know?
Demand for single-family rental homes is showing no sign of easing up, and that is pushing rents through the roof, especially for the highest-priced properties. Investors are now flooding into the market again, after falling back a bit during the first year of the Covid pandemic. Nationally, rents rose 9.3% in August, year over year, up from a 2.2% year-over-year increase in August 2020. There are several reasons for the investor demand:
While refinance originations could drop 62% in 2022 to $860 billion, mortgage originations for the purpose of buying a home are forecast to rise 9% to a new record of $1.73 trillion in 2022. (CNBC)
The average 30-year fixed mortgage rate rose to 3.05% last week, according to Freddie Mac, the highest level since April though still low by historical standards. The shift means home buyers are better positioned to negotiate a lower interest rate since higher rates reduce the number of re-fi's allowing homebuyers to be more attractive to bankers.... (WSJ)