Low Mortgage Rates Boost Home Selling | Companies

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In Kenosha County, the median price in January was $ 205,000, up 13.9% or $ 25,000 more than the same month last year.

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Nationwide, the median price was $ 210,000, 10.5% or $ 20,000 higher.

“Very low mortgage rates are fueling demand, and with supply so limited, it really drives house prices soar,” said Michael Theo, president and chief executive officer of WRA. “The 30-year fixed-rate mortgage was just 2.74% in January, which is almost a whole percent below the January 2020 rate of 3.62%.

“These are great prices, and as a result, houses are moving fast, often with multiple offers, which can drive prices above asking price,” said Theo.

Lender competition

Christopher Borland, vice president of consumer banking at North Shore Bank, said near-historic rates had increased competition for mortgage loans.

“There are a lot of good banks and credit unions. The competition is always there every day, ”he said.

“When it comes to the products, we’re always looking for ways to make them more attractive,” said Borland.

In addition, according to Borland, North Shore is looking for ways to make it easier for customers to navigate its online credit channels. “We want to be as smooth as possible,” he said.

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