National Mortgage Rates Up But Purchases Still Climbing!
Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.
Mortgage Rates Rise
For South Bay homeowners and soon-to-be homeowners, it looks like the end for deeply depressed “mortgage rates”. Nationally, rising rates have temporarily created a downdraft in home loan applications.
According to the Mortgage Bankers Association, mortgage applications fell 4% in the first week of July after plummeting 11.7% the week before. ‘The Market Composite Index’ is the measure of mortgage loan application volume — and it decreased 4.0% from a week earlier (on a seasonally adjusted basis). Altogether, national mortgage applications so far this July are about a third below their level of a year ago.
Mortgage Rates
The drop in applications comes as no surprise to those of us who keep a steady watch on mortgage rate trends. But there is one accompanying fact that wouldn’t have been as predictable. As USA Today notes, “Despite the rise in rates…the four-year average for home purchases continues to climb since it turned upward in November 2011.”
So what do these apparently contradictory stats mean for South Bay residents preparing to sell or buy a house?
Whichever part of the equation you fall into, it’s certainly time to get moving! If you’re considering selling, you will want to put your home on the market to take advantage of the still historically low mortgage rates in the South Bay.
It’s often the case that rising mortgage rates spur a last-minute home-buying rush. If you’re planning on buying in the South Bay, rising mortgage rates are a pretty good indication that it’s time to put the pedal to the metal.
South Bay Mortgage Rates
Either way, if you’re thinking of buying or selling in the South Bay this fall, I’m standing by to lend a hand. Give me a call to discuss the full picture — including the latest price movement in area neighborhoods.
Charles Fitzgerald Butler is a Real Estate Professional in Carson, Ca, specializing in First Time Home Buyer Programs, Distressed Sales, REO Residential and Commercial properties. Charles helps homeowners develop a second income stream so they can save their homes from foreclosure. Prudential California Realty – Greater South Bay, South Bay Real Estate, and South bay Realtors.
Charles Fitzgerald Butler can be reached at 310-684-2505 or www.CFButler.com. Prudential California Realty – The Mulhearn Group is an independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.
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