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Financial News

Thursday - May 14  Online real estate data firm and broker Redfin reported today that home sales across its markets rose at a rate of 5.4% from April 2014 to April 2015. In addition, the median home price rose 6.5% to $275,000 over the same period. April was the third month in a row that prices grew above 6%, signaling that demand continues to strengthen home prices. The report also showed that growth in home prices slowed for much in 2014 at a rate of 5.5%. RealtyTrac, the nation's leading source for comprehensive housing data, reported on Thursday that there were 1,551,865 loans originated on single family homes and condos in the first quarter of 2015, down 6% from the fourth quarter of 2014, but up 17% from the first quarter of 2014. RealtyTrac said that due to a decline in interest rates early in 2015, combined with low mortgage insurance premiums for FHA loans "breathed some life back into the refinancing market in the first quarter."

Home loan rates pushed higher for the third week in a row, due to a gain in employment and a rise in Bond yields. Freddie Mac's weekly survey of rates showed the 30-year fixed home loan rate at 3.85% with 0.6 in points and fees. The 3.85% is up from 3.80% in the previous week, but below the 4.20% seen a year ago. Historically, home loan rates continue to hover near record lows, which has been due in part to the various stimulus programs enacted by the U.S Federal Reserve Bank. The programs were meant to promote economic and job growth, along with shoring up the housing market by putting downward pressure on interest rates.

Julie Cosgrove BRE #00828743 Headshot
Phone: 209-298-0252
Dated: May 14th 2015
Views: 230
About Julie: Julie was born and raised in Stockton CA, she married her high school sweetheart George and has 2 bo...

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Julie Cosgrove Real Estate Professionals at Keller Williams Realty
3133 W. March Lane Suite 1060
Stockton, CA
(209) 207-5605