In Today's News
Mortgage Rates Break Below 3% for 30-Year Note
The average rate for a 30-year fixed mortgage fell to 2.98% last week, Freddie Mac said today, the lowest since it began tracking in 1971. The average 15-year rate fell to 2.48%.
Why it matters: Without taxes and other expenses, borrowing $100,000 for 30 years at 4% is $477.42 a month. At 2.98% it's $420.53. Do your own figuring, but it figures that such low rates can open the door for investors to seek out bargains even more aggressively in today's turbulent market.
New Home Construction Continues to Rebound; Remodeling, Too
The National Association of Home Builders says builder confidence in new residential construction sales has bounced back to pre-pandemic levels. The NAHB also reports a sharp jump in remodeling industry optimism.
Why it matters: This pair of NAHB reports out today are more indication that housing -- and investing in it -- could lead a post-pandemic economic rally, if we can get to the post-pandemic part.
New Markets Tax Credits Awarded in 30 States and D.C.
More than $3.5 billion in new markets tax credit allocations were awarded to 76 community development entities around the country this week by the Community Development Financial Institutions Fund.
Why it matters: This Treasury Department program provides the missing piece of funding that can stand between a private investor and the ability to make a development project work in underserved areas. The link above lists the organizations that now have those allocations.Today on Millionacres
These 3 REITs are Down 10% in 2020: Time to Buy?
Millionacres' Matt DiLallo takes a look at three real estate investment trusts (REITs) that fell about 10% or so during the coronavirus surge and whether they're a good buy now.
Why it matters: Timing the market is never a sure thing, but it does seem like a sudden pandemic beatdown could present opportunities for quick recovery for the right stock.
Should You Add Office Space in Your Next Flip?
Millionacres' Liz Brumer shares some insight gleaned from real estate and home improvement sites on whether it's worth it to create the perfect office space when preparing an investment property for a quick sale.
Why it matters: The answer would seem to be an obvious "yes," given the boom in working from home, but each market is different, and so is each property. This piece offers some food for thought before biting into extra expenditures that could pay off nicely, or not at all.