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Prices will rise 4.3% in 2017

Mortgage rates unchanged this week - The Freddie Mac Primary Mortgage Survey released on September 29, 2016 showed that average mortgage rates from lenders surveyed for the most popular mortgage products were as follows: The 30-year fixed rate average was 3.43%.  The 15-year fixed average rate was 2.72%.  The 5/1 ARM average rate was 2.81%. 

California Association of Realtors releases 2017 housing forecast - The California Association of Realtors released their 2017 housing forecast.  Key points in there report were: Prices would continue to increase, but at a more tempered rate. They feel , compared to a 6.2% increase in 2016. The median price will rise to $525,600 in 2017, up from $503,900 in 2016.   Thenumber of sales would be flat, up just 1.4% in 2017. That would equate to 413,000 units, up from 407,300 units forecasted in 2016. The 30 year fixed would rise slightly to 4% in 2017, up from an average of 3.6% in 2016. 


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