“A surprising bounce back in new-home construction is welcome,” said Lawrence Yun, chief economist of the National Association of Realtors.
If builders were able to double this year’s increased pace of new home production, it still would take five to six years to close the gap, according to a report from Realtor.com.
U.S. home prices gained at a record pace in April as a shortage of available properties boosted competition among buyers.
The average U.S. rate for a 30-year fixed mortgage rose to 3.02% from 2.93% from last week, Freddie Mac said on Thursday.
The FHA announced updates to calculations for monthly student loan payments that will make it easier for some applicants to qualify for a home loan.
Pandemic-level mortgage rates are expected to be around at least through the end of 2022, according to a forecast from Fannie Mae, the world’s largest mortgage buyer.
The average U.S. FICO score rose to a record high in 2020 amid the worst pandemic in more than a century, according to Experian data.
