“Disappointing April employment data once again kept a lid on Treasury yields, which have struggled to stay above 1.8% since late March. As a result, the 30-year mortgage rate fell 4 basis points to 3.57%, a new low for 2016 and the lowest mark in 3 years,” said Sean Becketti, chief economist with Freddie Mac.
Want to know more about the new closing rules? Click here and share. For those involved in the real estate business, there has been a seismic shift in the way things are going to be done. Here are some government pdfs and help documents for you to read.
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Previously, the fed had predicted that it would be raising rates possibly even as soon as July, however that may not be an option anymore. In fact, before the Brexit decision, Janet Yellen, chair of the Board of Governors, indicated that a rate hike was not out of the question, and may still be on the horizon.
Prices of existing single family homes, as measured by the S&P/Case-Shiller National Home Price index, are rising is single digit terms. However, the price changes that matter – the real or inflation adjusted changes – may be higher than many suspect.
RealtyTrac's U.S. Home Sales Report shows single family home and condo sales through August were on pace for an eight-year high nationwide and in 110 out of 204 (54%) metropolitan statistical areas with sufficient sales data.
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