April 4th, 2016 6:12 AM by Jackie A. Graves, President
Mortgage rates remain near
nine-month lows — still well below 4% — and early signs point to a
hot spring buying season, with homes selling 12 days faster and for 8%
more money than one year ago.
Mac’s just-released weekly survey of lenders shows the following average rates
for the most popular home loan terms:
comments by Federal Reserve Chair Janet Yellen on Tuesday triggered a rally in
Treasury markets and drove the 10-year yield down 13 basis points from last
week’s high. Yellen’s comments came too late to affect this week’s mortgage
rate survey, and the 30-year mortgage rate remained unchanged at 3.71%,” Sean
Becketti, chief economist for Freddie Mac, said in a release. “However, if the
Fed’s cautious tone persists, mortgage rates may register the impact in
mortgage application volume fell slightly from one week earlier, sagging 1%,
according to the Mortgage Bankers Association report for the week ending March
applications were up 2%, as refi applications fell 3%. Overall, home
purchase loan applications remain 21% higher than the same week one year ago.
home prices aren’t slowing sales so far this early spring buying season. In
fact, Realtor.com reports homes listed on the site sold 13% faster in March
than the same period last year — in spite of prices being 8% higher than
one year ago.
inventory is still a problem. Though increasing, the number of homes for sale
is still lower than last year.
median home listed for $238,000.
early readings on March inventory and activity on Realtor.com indicate that
early-bird buyers are emerging in markets that typically have buyers sidelined
with winter weather,” Jonathan Smoke, chief economist of Realtor.com, said in a
statement. “While listings continue to see monthly growth, inventory is picking
up momentum with the median age of inventory moving 12 days faster than March
2015 and 19 days faster than February 2016.”
were listed on the site for an average of 77 days before selling, down 13% year
By HAL M.
BUNDRICK, CFP - To view the original article click here