Lockdowns and quarantines in the U.S. over the last two years has led to a historical surge of Americans looking to spruce up their homes. According to a new survey from tool manufacturer Dewalt, more than 70 percent of homeowners say they are thinking about a home renovation project before the end of the year.
The areas of the home getting the most attention from Americans include the kitchen, bathrooms, patios and other outdoor spaces. Holding homeowners back through is a shortage of materials and contractors who are booked up for months. Fifty-six percent of survey respondents say they’ve been told by contractors that they’ll have to wait at least three months to start.
Today, 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 (877) 700-0942 and your questions may be featured in an upcoming article.
