Mortgage rates

With mortgage rates and housing inventory both at all-time lows, the majority of consumers would overshoot their budgets for the right home without accounting for future costs, according to LendingTree.

In the list of numbers summing up the Bakersfield, Calif., single-family home market last month, one figure better than any other explains why buyers are bidding up prices lately.

Like much during the pandemic, the latest news on home prices inspires a definite sense of deja vu.

New-home sales jumped to the highest level in almost 14 years in July as low mortgage rates helped fuel a suburban construction boom.

Record low mortgage rates helped make last month the best July on record for home sellers in the Twin Cities with sales — and prices — up double-digits.

Fresno is one of the more affordable markets compared to the rest of the state, where the median home value is $258,502 with a rent of $1,395, while the average price across California is $578,267 with a median mortgage of $2,775.

As swelling demand constricts inventory to record-low levels, home price growth cuts into the purchasing power afforded by plunging interest rates, according to First American.

Home prices in San Diego County blew past previous records to hit an all-time high of $634,000 in July.

As interest rates tumbled throughout July, prepayments climbed to the highest monthly rate since 2004, but 90-days-or-more delinquencies were on the rise from June, according to Black Knight.

Sales of previously owned homes surged by the most on record in July as lower mortgage rates continued to power a residential real estate market that's proving a key source of strength for the economic recovery.