Mortgage Rates Inch Up As Housing Thrives

Housing_MarketThis month, mortgage interest rates jumped over the 4.00% (APR 4.238%, based on a 30 year, fixed-rate mortgage) mark hitting their highest levels since November 2014. If you are thinking of buying your first home or are considering a move up to the house of your family’s dreams, now may be the best time to do it!

Home Sales Flourish

Existing-home sales increased in May to their highest pace in nearly six years, according to the National Association of Realtors. Sales, which were largely driven by a rush of first-time buyers, have now increased year-over-year for eight consecutive months and are now at their highest pace since November 2009.

“Buyers appear anxious to purchase homes before the expected increase in interest rates later this year. Given the tight inventory of homes for sale, a 5.1-month supply at the current sales pace, home prices are being bid up,” said Sean Becketti, chief economist, Freddie Mac.

The new construction market continues to bounce back and gain ground this year, as new home sales are up, surging to their highest rate since February 2008.

The Time to Act is Now

The combination of higher rates and increased home prices can make what’s affordable today out of reach tomorrow. The Federal Reserve has told the market to be prepared for a rate hike this year. Contact me today to take advantage of interest rates before they continue to rise.

 

Chris JohnsWritten by Chris Johns

Mortgage Consultant

NMLS #: 85440 / WA # MLO-85440

2627 Parkmont Ln SW, Unit 101 Olympia, WA 98502

Cell: (360) 870-4253   Office: (360) 347-8000   Direct Fax: (360) 338-0580

chris.johns@onqfinancial.com     /    www.thejohnsteam.com

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Each member of the Rob Rice Homes family is a separate limited liability company or corporation. Each of the Rob Rice Homes communities is developed, constructed, sold and warranted by a separate limited liability company or corporation. Builder reserves the right to make changes to plans & specifications without notice. Features vary by plan. Buyer to verify square footage. Some photos used are artist rendering or virtually staged.