Rates are dropping and most competitive market going on right now
Didier Malagies • July 13, 2020
shares of Mortgage Forebearance dips for the second straight week
Jordan Borchard posted in
Housing in Housing News
Bidding Wars Intensify Nationwide As Mortgage Rates Hit New Low
Source: Inman
Written by: Patrick Kearns
More than half of all offers submitted by Redfin agents faced competition in June, according to a new survey released Friday by the national real estate brokerage. It’s the second consecutive month where bidding wars were more common than not.
At the same time, mortgage rates continue to plummet. The average 30-year fixed-rate mortgage fell to 3.03 percent, the lowest rate since Freddie Mac began tracking the statistic in 1971.
“Bidding wars continue to be fueled by historically low mortgage rates and fewer homes up for sale than almost any time in the last two decades,” Redfin economist Taylor Marr. “It’s like a game of musical chairs where only the best bidders get a seat. Both renters and move-up buyers who have held onto their jobs are vying for the small number of single-family homes on the market as they realize they need more space for their families.”
Nationally, the number of homes for sale was down 21.3 percent year over year, marking the lowest inventory market since 2012. The number of new listings to hit the market was down 12 percent year over year.
Bidding wars are the most common for single-family homes, according to the survey. The survey found 56.2 percent of Redfin offers on single-family homes faced competition, while 54.2 percent of townhomes and 40.5 percent of condos faced bidding wars.
Regionally, Boston saw the highest frequency of bidding wars, with 72.4 percent of offers facing competition, according to the survey. It’s the second straight month where Boston was the country’s most competitive market.
“This is the most competitive real estate market I can remember,” James Gulden, who has been a Boston Redfin agent since 2012, said in a statement. “There are multiple bids on nearly every property I see, whether I’m representing the buyer or the seller.”
“I’m seeing the most competition in the suburbs, where homes are selling in a matter of days,” Gulden added. “Sellers don’t want homes to be on the market any longer than necessary because of COVID-19, so they’re setting offer deadlines, which create a frenzied, competitive atmosphere.”
San Diego, where 65.7 percent of offers faced competition and Salt Lake City, where 63.8 percent of offers faced competition, were the second and third most competitive markets, respectively.
Miami was the least competitive market, according to the survey. Only 32.4 percent of offers in the South Florida coastal city faced competition, according to the survey.
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Excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
We're excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. Didier Malagies nmls212566 DDA Mortgage nmls324329
Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh: 1. Interest Rates If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money. Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month. 2. Loan Term Goals Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments are higher). Extending your term may lower your monthly payment but increase total interest paid. 3. Equity in Your Home Lenders usually want you to have at least 20% equity for the best rates and to avoid private mortgage insurance (PMI). If your home’s value has increased, refinancing can help eliminate PMI. 4. Credit Score If your credit score has improved since you got your mortgage, you may now qualify for much better rates. 5. Life Situation Planning to stay in the home at least 3–5 years? That’s often how long it takes to “break even” on refinance closing costs. If you might sell sooner, refinancing may not make sense. 6. Debt or Cash Needs A cash-out refinance can help if you want to consolidate higher-interest debt, fund renovations, or free up cash — but it raises your loan balance. ✅ Rule of Thumb: Refinance if you can lower your rate, shorten your term, or eliminate PMI, and you’ll stay in the home long enough to recover the costs. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
