Mortgage and real estate news this week: Migration patterns shift, Black homeownership rates

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As we approach a year of pandemic life, we can take stock of what’s gone on in the real estate market. We all know that mortgage rates have been low, and working from home has shifted many buyers’ property tastes. Here are some of the ways that has played out on the ground, via stories we published this week.

1. People are seeking out less-expensive cities

Partly because of the pandemic and partly for tax reasons, cities like Orlando and Austin drew loads of new residents last year. These trends were already in place before the pandemic began, spurred on partly by a change in the tax code that favored people living in lower-tax states.

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2. Winning tips for homebuyers

In this competitive real estate market, it’s easy for your offer to be outranked and for you to lose out on your dream home. If you’re preparing to shop, take a look at Bankrate’s tips so you’re fully prepared to make the strongest offer possible.

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3. Black homeownership declines even in hot market

Over the last decade, the rate of homeownership among Black Americans has declined, even as more people than ever bought houses. This trend has deep roots on the individual and policy levels, and here are some ways to even the homebuying playing field.

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4. Is it too late to refinance?

Mortgage rates are going up, but that you can still refinance and save. In fact, it means it’s more important than ever to start working on your refi application in order to maximize your savings. The longer you wait, the more you’ll have to pay over time.

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5. Best mortgage lenders for low-credit borrowers

If you’re looking to get a new mortgage or refinance your existing one, but your credit score is a little rocky, you still have options. Check out Bankrate’s list of top lenders for those with less-than-stellar credit. You don’t want to miss out on today’s low rates, and you can always refinance down the road if your credit improves.

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