Loan Rates Back in 3% Territory

For the first time since January 2018, the 30-year fixed-rate mortgage has dropped below 4%.

“Lower rates should, however, give a boost to the housing market, which has been on the upswing with both existing- and new-home sales picking up recently,” says Sam Khater, with Freddie Mac.

Freddie Mac reports the following for the week ending May 30:

  • 30-year fixed-rate mortgagesaveraged 3.99%, with an average 0.5 point, dropping from last week’s 4.06% average. Last year at this time, 30-year rates averaged 4.56%.
  • 15-year fixed-rate mortgages: averaged 3.46%, with an average 0.5 point, dropping from last week’s 3.51% average. A year ago, they averaged 4.06%.
Source: Freddie Mac

America’s 10 Hottest Markets for Real Estate

Much like that last glorious weekend at the beach before the humdrum schedule of school and work kicks in, August typically sees one last burst of home-buying activity before the busy summer real estate season comes to a close.

So it’s no surprise that with September around the corner, a preliminary analysis of our data here at realtor.com® shows that we’re having the hottest August in a decade—in real estate terms, that is. (It was pretty darn hot weather, too.) Homes for sale are moving off the market 2% more quickly than this time last year, and prices are hitting new record highs.

Details at: http://www.realtor.com/news/trends/americas-20-hottest-markets-real-estate-august-2016/

Mortgages Rates Tick Up Slightly This Week

Borrowing costs inched up moderately on fixed-rate mortgages, but still remain lower than last year’s averages, Freddie Mac reports in its weekly mortgage market survey.

Freddie Mac reported the following national averages for the week ending Aug. 7:

  • 30-year fixed-rate mortgages: averaged 4.14 percent, with an average 0.7 point, rising from last week’s 4.12 percent average. Last year at this time, 30-year rates averaged 4.40 percent.
  • 15-year fixed-rate mortgages: averaged 3.27 percent, with an average 0.6 point, rising from last week’s 3.23 percent average. A year ago, 15-year rates averaged 3.43 percent.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.98 percent, with an average 0.5 point, dropping from last week’s 3.01 percent average. Last year at this time, 5-year ARMs averaged 3.19 percent.

Source: Freddie Mac

Sacramento-area ‘Home Sales’ reach 7-year high!

As prices continued to soar, more homes were sold across the four-county Sacramento region in July than at any time in the past seven years, DataQuick reported Thursday.

Buyers purchased 3,932 homes in Sacramento, El Dorado, Placer and Yolo counties last month. It was the highest sales figure since March 2006, duSacramentoring the waning days of the housing boom, the San Diego-based real estate information service said.

DataQuick analyst Andrew LePage said a long awaited “supply response” is finally happening, with more Sacramento-area homeowners willing or able to list their homes for sale as buyer demand drives up prices.

“A supply response was guaranteed if prices continued to rise,” LePage said. “There are more people whose homes are worth more than they owe and and more people content with what their homes will fetch.”

Article by: Hudson Sangree hsangree@sacbee.com