Mortgage experts forecast that low rates will last through 2020, a popular snack company is set to expand in Garland, and Realtor.com releases its top American housing markets, all in this week’s roundup of real estate news.
Low Mortgage Rates Are Here To Stay, Experts Say
There’s good news for those who have plan to buy a new home or refinance their current abode in 2020, according to Bankrate writer Natalie Campisi.
“The average 30-year fixed mortgage rate started 2019 at 4.68 percent and steadily declined before closing out the year at 3.93 percent. In 2020, rates are expected to remain mostly stable, not straying too much higher or lower from the 4 percent mark,” Campisi writes.
Bankrate chief financial analyst Greg McBride said he expects rates to hover around that 4 percent mark throughout 2020.
“The benchmark 30-year fixed rate mortgage will hopscotch back and forth over the 4 percent mark for much of 2020, remaining low enough to facilitate homebuying and providing ample refinancing opportunities on those trips below 4 percent,” McBride said in a Bankrate news story.
More Lunchables, Kraft Heinz Snacks Coming To Garland
A $25 million expansion is planned at the Kraft Heinz
plant on Forest Lane in Garland.
The already 266,000-square-foot plant employs about 850; the expansion will create 250 new jobs, thanks to assistance from the Texas Enterprise Zone program.
The 50-acre site is Kraft Heinz’s largest manufacturing plant.
Lunchables, Oscar Mayer Naturals, Kraft barbecue sauce, and Velveeta Skillets, are made on site at the plant, according to a report from Texas A&M University Real Estate Center.
Boise Tops List Of Favorite Housing Markets
You read that right. Boise, Idaho, is now the “hottest housing market” in the country, according to a Realtor.com report.
The study, summarized by Ryan Passy, “identified the housing markets that are expected to see the most notable home sales and price growth in 2020.”
Boise was listed at No. 8 last year. Its median sales price for 2020 comes in at $295,000. Out-of-state buyers are drawn to Idaho’s mild climate and booming technology companies, the report states. The No. 2 market was McAllen-Edinburg-Mission, Texas, with a median sales price of $152,000.
“McAllen’s affordable home prices, combined with Texas’ favorable tax environment, have made the border city an attractive destination for home buyers looking to move,” Passy writes.
No other Texas cities made the top 25. Other high ranking cities and their median sales prices were:
- Tucson, Ariz., $230,000
- Chattanooga, Tenn., $189,000
- Columbia, S.C., $178,000
- Rochester, N.Y., $149,000
- Colorado Springs, Colo., $312,000
- Winston-Salem, N.C., $169,000
- Charleston-North Charleston, S.C., $270,000
- Memphis, Tenn., $188,000