Inland Empire Mortgage News

The Inland Empire region of California is a thriving area for the real estate market, with a growing population and strong economic growth. In today's blog, we'll be discussing the latest updates in the Inland Empire mortgage news, including market updates and mortgage rates.

Market Update

The Inland Empire real estate market continues to grow and thrive, with high demand and low inventory. According to the California Association of Realtors, the median home price in the Inland Empire was $429,000 in May 2021, up 19.2% from the previous year. Home sales in the region were up 27.1% year-over-year, with a total of 9,631 homes sold.

The strong demand for housing in the Inland Empire has led to a competitive market, with many homes receiving multiple offers and selling for above asking price. This has made it challenging for some buyers to find the right home at an affordable price. However, with mortgage rates remaining low, there are still opportunities for buyers to enter the market and find their dream home.

Mortgage Rates

Mortgage rates have remained low throughout the pandemic, making it an excellent time for buyers to secure a mortgage. According to Freddie Mac, the average 30-year fixed-rate mortgage was 2.88% in June 2021, down from 3.07% in the previous year. The low rates have helped to keep home affordability high, despite rising home prices.

Despite the low rates, some buyers may still face challenges in securing a mortgage due to stricter lending standards. Lenders are requiring higher credit scores and larger down payments, which can make it harder for some buyers to qualify for a mortgage. However, there are still options available for buyers, including FHA loans and other government-backed programs.

Mortgage News Updates

In recent mortgage news, the Consumer Financial Protection Bureau (CFPB) has proposed new rules to help prevent foreclosures as the pandemic-related protections come to an end. The new rules would require mortgage servicers to work with struggling homeowners to find ways to avoid foreclosure, such as loan modifications or payment plans. The rules would also require servicers to provide more information to borrowers about their options and to make it easier for borrowers to apply for assistance.

Additionally, the CFPB has proposed new rules to help streamline the mortgage application process and make it easier for borrowers to understand the terms of their mortgage. The rules would require lenders to provide a "closing disclosure" document to borrowers three days before closing, which would include information about the loan terms and closing costs. The goal of the new rules is to make the mortgage process more transparent and less confusing for borrowers.

In conclusion, the Inland Empire real estate market remains strong, with high demand and low inventory. Despite rising home prices, low mortgage rates have helped to keep home affordability high. Buyers may still face challenges in securing a mortgage, but there are options available to help them achieve their homeownership goals. Be sure to stay up-to-date on the latest mortgage news and market updates to make the most informed decisions about your real estate investments in the Inland Empire.

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Making your transaction CRYSTAL clear. 🏡 

Crystal Trammell, MSW | REALTOR® | Mortgage Broker
DRE# 02147605 | NMLS# 2295766
Powered by Full Realty Services
📱: (760) 529-2439
🌍: www.trammellrealtyco.com