Rates Smash Records
Just when we think we have seen lending rates hit an all-time low, they show us they drop lower yet. Mortgage rates fell slightly again last week, with a 30-year-fixed rate mortgage averaging 2.81%, marking the tenth time in 2020 that rates have set a new record low. Rates for 15-year fixed-rate mortgages and 5-year ARMs are also favorable to borrowers, averaging 2.35% and 2.9%, respectively.1
Offices Are Trending In the Housing Market
Move over stainless steel appliances and hardwood floors. Today's home buyers are more interested in a dedicated office space and a reliable high-speed internet connection. Builders took note and are constructing more three-bedroom homes or designing more "flex" spaces so owners can easily convert a room into an office. While roughly 40% of Americans are currently working from home, Forbes projects 20% of the workforce will continue to be remote, even after the pandemic is behind us.4
Home for the Next Generations
Even before the pandemic, 67% of 19-37-year olds said they would rather stay in on the weekends than go out. Their preference influences their desires for home design. They want a mental health retreat that is comfortable, calming, safe, and quiet. They also are attracted by DIY projects that allow them to make a building into their home. While COVID has many young adults delaying their property search in the housing market, an increasing number plan to search in suburban and rural areas in the future.5
Sources: 1Realtor Magazine, 4USA Today, 5Forbes
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