Sales Of New Homes Increased Despite Rising Mortgage Rates

new home sales

Americans reacted to higher home loan rates by snapping up new homes in February at the quickest pace since July. New home sales increased 6.1 percent month-over-month to an occasionally balanced yearly rate of 592,000, according to the Commerce Department. That sales pace is almost 13 percent higher than February of a year ago, a favorable indication for the housing market that demand is strong towards the beginning of the spring home buying season. An improved job growth and a recovering economy have pushed up enthusiasm for new homes, while the possibility of rising home loan rates since the November presidential race may…

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Experts Say Rising Inflation Could Impact Housing and Mortgage Markets

inflation

Mortgage giant Freddie Mac released its month to month Outlook for February 2017 which looked at the potential effect that rising inflation could have on housing and home loan markets. The outlook explains that rising inflation would significantly affect housing markets by driving home loan financing costs higher. Also, a huge tax reduction or major infrastructure bill could shock markets and cause a further increment to expansion. But what should real estate agents be on the lookout for during the spring home buying season? With higher inflation and increasing interest rate, there comes a negative effect on the…

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How Mortgage Rate Increases Could Impact NYC Real Estate

mortgage rate increases

When buying a home, affordability comes down to your monthly payments — which means mortgage rate increases can sometimes make or break a deal. After the Federal Reserve raised interest rates last month by 0.25 percent, mortgage interest rates rose to their highest level in 2016. And since the Fed has suggested it will raise rates again in 2017, many prospective buyers are bracing for mortgage rate hikes, too. As of Jan. 11, interest rates were 4.2 percent for a 30-year mortgage and 4.24 percent for a 30-year jumbo mortgage, which applies…

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Mortgage Rates Fell After A Straight 9-Week Increase

mortgage rates fell

Following a nine straight week increase, overlong US mortgage rates fell for this week. Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed rate loans declined to a normal 4.20 percent from 4.32 percent a week ago. That was still sharply higher than a 30-year rate that arrived at the midpoint of 3.65 percent for all of 2016, the most reduced level recorded from records backtracking to 1971. A year prior, the benchmark rate remained at 3.97 percent. The normal for a 15-year mortgage decreased to 3.44 percent from 3.55 percent a week ago. Mortgage rates surged in…

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