PMR Mortgage Blog
Homeownership hits its highest rate since 2008
Despite the economic uncertainty during the COVID-19 pandemic, Americans fueled a remarkable milestone within the real estate market. Homeownership moved significantly in the second quarter, driving the rate to its highest level since 2008. The U.S. Census Bureau...
Consumer confidence drives real estate market
This spring, a key housing index fell to a record low amid the COVID-19 pandemic. Much to the surprise of many, the market bounced back impressively thanks to consumer confidence and ultra-low interest rates. Fannie Mae’s Purchase Sentiment Index fell 29.5 points in...
After massive drop-off, homebuilders’ confidence is sky high
The COVID-19 pandemic poses serious health and economic challenges. The extent of the harm also touched the confidence of even the biggest economic drivers of the real estate market: homebuilders. It was April when the prospects of shuttered businesses and a prolonged...
New home sales exceed expectations despite COVID-19
With the COVID-19 emergency, home sales were not expected to flourish. That was not the case in April as new home sales rose by 0.6 percent, according to the U.S. Census Bureau and the Department of Housing and Urban Development. March sales revisions were a factor,...
Home mortgage applications for purchases, refinances rise for third consecutive week
The number of applications for purchase mortgages recently rose for the third consecutive week. Real estate activity for purchases continued mostly unchanged since May 1. Refinancing, while trending a little lower overall, remains the largest share of the market....
What to consider before you choose forbearance
As a last resort, loan holders may decide to ask their lenders to grant forbearance when they are unable to make a mortgage payment. A forbearance is a reprieve to borrowers from making any payment until an agreed-upon time. It is not, however, loan forgiveness. Nor...
Homeowners taking cash out of homes as economic uncertainty looms
The financial turmoil sparked by the coronavirus outbreak has one upside for homeowners: Cash-out refinancings are spiking along with overall refinancings, as borrowers rush to take advantage of mortgage rates that are down significantly from a year ago. The practice, known as a cash-out refinance, allows owners to take advantage of their home’s appreciation and borrow against the greater value, pocketing the additional cash. In March, mortgage applications more than doubled what they were last year.
PMR Gives Back launches fundraising campaign to help Idaho Foodbank
Premier Mortgage Resources (PMR) cares deeply about the communities it is in. That is why the charitable arm of our company, PMR Gives Back, has launched an outreach campaign to assist those in need throughout the Treasure Valley region during the COVID-19 crisis. PMR...
What is private mortgage insurance?
You may have heard about it, but as a first-time homebuyer, you may have questions about private mortgage insurance (PMI). Let’s start with who pays for it. The most common arrangement is for the borrower to include PMI payments in their monthly mortgage. You’ll learn...
5 ways to prepare for spring buying season
Prime homebuying season (spring) will soon be in full swing. As home buyers and sellers prepare for a successful experience, there are several actions you can do today to maximize your efforts. If you’ve decided on selling your home this year, here are a few ways to...
Refinancing applications surge as rates continue to fall
Spurred by ongoing reductions to mortgage rates, the refinancing world is spinning a little faster these days. According to the Mortgage Banker Association, the volume of loan applications rose substantially to close out the first month of the year. The association's...
New studies show many Americans believe now is a good time to buy a home
A recently released survey conducted by the National Association of Realtors (NAR) shares a common finding between that of the National Housing Survey (NHS) conducted by Fannie Mae. Specifically, 63 percent of respondents to NAR's fourth quarter Housing Opportunities...