The drop in the stock market has triggered another drop affecting the bond market. 
This is the very first time that the bond yield fell below 1%, hitting a record low for both the 30-year fixed and the 10-year U.S. Treasury bond.
According to Mortgage News Daily, mortgage rates hit another low of 3.11% on Monday, March 9th.
Business for some lenders has become so brisk that some big banks have suspended email marketing campaigns for refinancing due to the thousands of customers who are already coming in to take advantage of the record-low rates.
Lenders and banks continue to hire underwriters, processors and closers in order to support the high demand for product. There are even companies that are moving some not-fulfillment employees into parts of the fulfillment operation.
Some see the low rates as a stimulus to the home builders who are frantically trying to keep up with buyer demand.
New Jersey Realtors reports that inventory of single family homes has fallen by over 34% dating back to 2018, and there is just 3.6 months supply in New Jersey. The inventory crisis is not just a New Jersey issue, but rather is being felt nationwide.
Builders are clearly seeing this as a legitimate opportunity, as the average selling price of a single family home in New Jersey has climbed from $386,700 to $415,235 from 2018 to 2020.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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