TOL - House bidding wars heat up with Salt Lake City the hottest Redfin says

Nationally, 60.9% of home offers written by Redfin agents are getting a competing bid, up from 59.3% in January, and the 10th straight month in which more than half of their offers encountered competition, according to a recent Redfin report.Low mortgage rates and a pandemic moving spree have, encouraged by increased remote working arrangements, have led lots of Americans to buy houses. Genworth Mortgage Insurance says first-time homebuyer activity increased in Q4 2020 with 657K single-family homes purchased, up 26% Y/Y.Mortgage rates recently trending higher, though, may have increased homebuyers' urgency in bidding on homes, rather than dissuading them."The uptick in mortgage rates is likely fueling more bidding wars in the short term because house hunters are rushing to buy homes before rates rise even further," said Redfin Chief Economist Daryl Fairweather.That's expected to change if mortgage rates rise significantly higher. For the week ended March 25, the 30-year mortgage rate

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House bidding wars heat up, with Salt Lake City the hottest, Redfin says