Philadelphia Named the Top U.S. City to Visit and One of the 25 Must-Visit Destinations in the World in 2020 by National Geographic
|
Philadelphia, you’re blushing.
The City of Brotherly Love is one of the 25 must-visit destinations in the world in 2020, according to a phenomenal new write-up in National Geographic Traveler that hits newsstands on Friday, November 29.
Even more impressive: The city is one of only two U.S. destinations (alongside Grand Canyon National Park) to make the list, which is part of the publication’s annual Best Trips feature.
Read more at uwishunu.com.
|
Read the Latest Housing Market Data for the Philadelphia Region From the Long and Foster Market Conditions Report
|
Homebuying Power Should Be Near Historic Highs in 2020
|
Homebuying power has been boosted in recent months as low mortgage rates and rising incomes combine.
But October brought an end to almost a year of declining mortgage rates with a 0.08 percentage point increase erasing the impact of the 0.2% month-over-month rise in household income.
Read more from Mortgage Professional America.
|
Existing Home Sales Resume Gains, Realtors Say More to Come
|
Existing-home sales got back on track in October, partially recovering from a 2.2 percent slip in September that ended a two-month winning streak. The National Association of Realtors® (NAR) said previously owned single-family houses, townhouses, condos, and cooperative apartments sold at a seasonally adjusted annual rate of 5.46 million during the month, a 1.9 percent increase from September. This put sales 3.6 percent higher than the 5.22 million rate of sales in October 2018
.
Read more at Mortgage News Daily.
|
October Refi Share Highest in Four Years
|
The boom continued in October as more than half of the loans closed during the month were for refinancing. According to Ellie Mae's
Origination Insight Report,
those loans accounted for 51 percent of the total originated on its system, the highest percentage since March 2015. The share was 2 percentage points higher than in September.
The average note rate for 30-year fixed rate mortgages closed during the month was 3.94 percent, one basis point higher than the average the previous month. FHA mortgage rates averaged 3.96 and conventional loans averaged 3.98 percent, a 2- basis point decline for the former and 2-basis point increase for the latter.
Read more at Mortgage News Daily.
|
Low Prices Are Reeling Buyers Back to the New Home Market, Says Redfin
|
As builders start to fill in the inventory gap with new homes, more Americans are seizing the opportunity to buy these low-priced new homes.
|
Move Over Millennials, Gen Z is Ready for Homeownership
|
Apparently it is time to shift our total attention from the Millennial generation. A new survey from Freddie Mac introduces the housing hopes and dreams of its successor - Generation Z. This group, defined as those Americans who are now aged 14 to 33, is smaller than the massive cohort that preceded them, partially because the generation is defined narrowly as those born over a ten-year span as opposed to the usual 15-year definition, 1981 to 1996, of Millennials.
Read more from Mortgage News Daily.
|
Mortgage Market Update
Mortgage Rates Recede
|
The housing market continues to steadily gain momentum with rising homebuyer demand and increased construction due to the strong job market, ebullient market sentiment and low mortgage rates. Residential real estate accounts for one-sixth of the economy, and the improving real estate market will support economic growth heading into next year.
|
We hope you enjoyed this week's Market News. For more information about how PMA can help you, please contact us.
|
Plymouth Meeting Office: 610.834.8700
Doylestown Office: 215.345.7600
Ocean City, NJ Office: 609.398.8600
Information and analysis is obtained through third parties and is deemed accurate but not guaranteed. Philadelphia Mortgage Advisors is a licensed mortgage lender by the PA Dept. of Banking and Securities, NJ Dept. of Banking & Insurance, the state of DE, the Florida Office of Financial Regulation, MD Mortgage Lender #23004 and VA State Corporation Commission #MC - 6797. NMLS #128570.
|
|
Follow us on social media!
|
Fun Things To Do In Philly This Weekend
|
PMA Named Best of the Main Line for the Fourth Consecutive Year!
|
PMA &
PHFA
/
NJHMFA
can make it easier for first-time buyers to purchase a home!
|
are Easier with PMA's
In-House Approvals!
|
|
