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Mortgage Rates Continue to Rise

Mortgage rates  continue to rise - The Freddie Mac Primary Mortgage Survey released on December 22, 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 4.30% The 15-year fixed average rate was 3.52%.  The 5/1 ARM average rate was 3.32%. Rates are now about 3/4% higher than before the election 6 weeks ago.

California home sales and prices higher than last November - The California Association of Realtors announced that November home sales totaled 442,320 homes on a seasonally adjusted annualized rate.  That was up just 0.1% from October, yet up 17.7% from last November when new closing disclosure delayed closings. The unsold inventory index dropped again to a 3.1 month supply of homes on the market. That's an all time low and down from a 4.2 month supply last November.  November's statewide median price was $501,710, up 4.9% from November 2015 when the median price was $478,140. 

Nationwide home sales highest since February 2007 - November existing home sales rose 0.7% from October's level and were 15.4% higher than last November, according to The National Association of Realtors. The median price for an existing home in The U.S. Was 6.8% higher than November 2015. That marked the 57th consecutive month with a year over year price gain. 

I wish you all a Happy Holiday.

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