Home prices are still on the increase and that is not likely to change during the summer months. The Median Sales Price increased 16.1 percent to $342,500 for the month.
Interest Rates
Despite strong buyer demand, sales totals are lower due to a lack of affordable supply
Mortgage Rates Move Lower
March 21, 2019 Mortgage rates have dipped quite dramatically since the start of the year and house prices continue to moderate, which should help on the homebuyer affordability front. The combination of improving affordability and more inventory than the last few spring selling seasons should lead to improved home sales demand.
Information provided by Freddie Mac.
Mortgage Rates Drop, Making Homebuying Less Costly
March 14, 2019 Mortgage rates declined decisively this week amid various market reports, a strong bond auction and further uncertainty around the Brexit deal, which all contributed to driving bond yields lower. At 4.31 percent, the average 30-year fixed mortgage rate is at its lowest since February of last year. While these low rates will certainly get the attention of prospective homebuyers, the supply of homes for sale remains stubbornly low.
Information provided by Freddie Mac.
