More Americans looking to relocate to a new town

More Americans looking to relocate to a new town

More Americans looking to relocate to a new town
According to a new report from Redfin.com, more users of the online real estate site are searching for homes outside of their current city. Migration to smaller cities has increased during the coronavirus pandemic as American workers are no longer tethered to offices in major metropolises.

Nationwide, 31.2 percent of Redfin.com users looked at homes in a different housing market than their current hometown in January and February 2020. This is up from 26.1 percent a year ago and the highest share since such data started being tracked in 2017.

Meanwhile, those looking to purchase a new home will find conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.25 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.