At the current sales pace, the nation’s complete supply of new homes would be sold in just 5 month’s time. That’s more than double the pace of a year ago.
Mortgage rates are low and they likely won’t stay that way. If you’ve been thinking about a refinance, talk to your loan officer as soon as possible.
Home values rose in March, according to the Federal Home Finance Agencyâs most recent Home Price Index. Values were reported higher by 0.3 percent, on average, from February.
According to the National Association of Realtors®, although the number of homes sold ticked higher in April, so did the supply of existing homes for sale, too. Sellers are now listing homes faster than buyers can buy them.
Mortgage markets improved again last week on worsening news out of Greece and the Eurozone. Then, as contagion mentality set in, U.S. mortgage bonds gained and mortgage rates fell. It’s the 4th straight week in which conforming mortgage rates improved.
With home prices still relatively low and mortgage rates trolling near their all-time best levels, home affordability is extraordinarily high in most U.S. markets.
After starting the day in the red, mortgage rates rebounded Wednesday afternoon after the Federal Reserve released its April 27-28, 2010 meeting minutes.
Home prices are based on housing’s supply and demand. For the next few months, supply should elevate, helping prices remain suppressed, after which, supply should dwindle. The best time to buy a home, therefore, may be right this very minute.
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