If you are considering purchasing, selling, or re-financing a home, having some knowledge about mortgage interest rates and home value trends is important. Guest blogger and mortgage expert, Brenda Alfano, shares some interesting facts.
Brenda Alfano here, bringing you Mortgage news and info for November. I thought this month I would share what is going on in the Mortgage and Real Estate world. Here is a brief synopsis:
- New international trade numbers show the negative impact of struggling world economies on U.S. growth. A slower recovery could keep rates low.
- The European Central Bank announces stimulus measures and maintains low policy rates. U.S. interest rates are likely to respond positively.
- Private residential construction spending improved in September after an August drop. Single-family construction led the charge.
- October’s rate drop led to an increase in mortgage purchase applications during the last week.
- 2015 predictions are coming in. NAHB expects near-normal new home sales by 4th quarter 2015. Fannie Mae expects slow but steady growth in overall sales.
Home-price info for October:
- King County: Median Sales price – $447,250. Up $21,250 from a year ago.
- Snohomish County: Median Sales price – $328,000. Up $41,750 from a year ago.
If you are thinking of buying or selling, now might be a good time to get serious!
Happy Thanksgiving everyone