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Who's Today's Home Buyer? |
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Each summer, NAR surveys thousands of recent home buyers. Highlights of the recently released survey results are: - The typical buyer was 45 years old.
- 64% of recent home buyers were married couples -- the highest share since 2001.
- 39% of recent home buyers were first time buyers.
- 89% purchased their home through a real estate agent. 41% found their agent through a referral from a friend or family member. 9% used an agent they have used before to buy or sell a home.
- 35% began the home buying process online. 88% used the Internet at some point in the process.
- The search process remains at 12 weeks, with the typical buyer seeing 12 homes before finding the right home.
- Buyers expect to live in their newly purchased home for 15 years -- substantially longer than seen in previous surveys. First-time buyers and younger buyers expect their tenure to be shorter, while older buyers expect their tenure to be longer.
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Flood Insurance Program Extended For 60 Days |
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The National Flood Insurance Program (NFIP) was set to expire on May 31st. On May 30th, Congress passed a 60-day extension. Passage required a compromise. Congress agreed to a provision that creates a 4-year phase-out of rate subsidies on non-primary residences. The phase-out provision means that insurance rates on some non-primary residences could increase by 25% per year until premiums reach the full (actuarial) cost. While the first step increase is currently scheduled to take effect on July 1, 2012, the rest of the increases would be not fully phased-in for a minimum of 4 years. |
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Mortgage Rates Hit All-Time Low |
Fixed mortgage rates hit new all-time lows this week, according to Freddie Mac. The 30-year fixed mortgage rate averaged 3.84% for the week ending May 3, 2012 -- the lowest rate ever recorded. Last year at this time, the 30-year fixed mortgage rate averaged 4.71%.
The rate's previous all-time record was 3.87%, registered on February 9, 2012.
The 15-year fixed mortgage rate, a popular refinancing choice, also hit an all-time low at 3.07%. A year ago, the average rate for a 15-year fixed mortgage rate was 3.89%.
Freddie Mac Chief Economist Frank Nothaft reported "signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time records lows this week." |
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