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Sunday
Feb252018

Mortgage Rates stabilize

Mortgage Rates stabilize this week - The February 22, 2018 Freddie Mac Primary Mortgage Survey reported that the 30 year fixed mortgage rate average was 4.40%, up slightly from last week’s 4.38%. The 15 year fixed was 3.85%, up slightly from 3.84% last week. The 5-year ARM was 3.65%, slightly up from 3.63% last week.

Existing home sales nationwide decline 3.2% in January - The National Association of Realtors reported that total existing home sales dropped 3.2% in January from December's home sales rate. The median price paid for a home in January  was 5.8% higher than January 2017, the 71st straight month of year over year increases. The number of homes for sale represented a 3.4 month supply,down from 3.6 months last January. Existing home inventory in January was  down 9.5% from January 2017.  Extremely tight inventory has caused prices to increase and has begun to cause fewer sales. 

 

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