With officially 1 week left until summer mortgage rates have reached near 50 year all-time lows! This coupled with recent news that home sales are increasing is great news for the housing market. The Maryland and DC metro area real estate markets have been historically slightly more stable than national averages due to the high amount of government jobs. For example, in the video below Lawrence Yun explains that regionally in the Northeast sales increased 21.1%. However, if there is any good news about the housing market, I’ll take it!
National Association of Realtors presents data that completed transactions that include single-family, townhomes, condominiums and co-ops, increased 7.6 percent to a seasonally adjusted annual rate of 5.77 million units in April from an upwardly revised 5.36 million in March, and are 22.8 percent higher than the 4.70 million-unit pace in April 2009. Monthly sales rose 7.0 percent in March.
Let’s hope that another set of low interest rates will support the increase in home sales to a sustainable level. The difficult question is how long the low interest rates will last, and whether it is worth gambling on whether they will continue to go down, or whether they will go back up. Interest rates often go up much faster than they come down.
If you would like a free consultation to determine if you are able to refinance to near 50-year lows into a 30 year fixed rate mortgage, you can reach me anytime 301.585.7283. Also, if you are considering buying a home in Maryland, the District of Columbia, or Virginia I would be more than happy to qualify you over the phone.
::keeping fingers crossed!!::
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