With no place to go this summer, Americans take on home improvement projects

With no place to go this summer, Americans take on home improvement projects

With no place to go this summer, Americans take on home improvement projects
Stay-at-home orders have returned in many parts of the U.S. and many non-essential businesses are closed again. As a result, more homeowners are taking on home improvement projects. According to a new survey conducted by home remodeling website Porch.com, more than 75 percent of homeowners say they have taken on at least one home renovation project since the start of the pandemic.

Government stimulus checks sent out in March and April helped fund 13 percent of these projects according to the survey while 38 percent of respondents say they dipped in to savings and 23 percent used credit cards. On average, homeowners are spending $17,140 on updates to their homes.

Sprucing up the yard seems to be the most common project homeowners are tackling. Sixty-one percent say they have done some kind of upgrade to their garden, patio or exterior of their home.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.5 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.