Chicago, IL (PRWEB) October 21, 2013
The Federal Savings Bank informs readers that while the sales volume of homes has declined for over the past 6 weeks, mortgage rates have also declined to fresh 4 month lows.
According to a report on October 17th from real estate news and data company, DQNews, US home sale volume has declined for the past 6 weeks. Median home prices have also declined for the past 3 weeks. While this news may sounds negative, home buyers should know that sales volume is still 67% above levels of 3 years ago. In addition, the median price of a home remains 15% above 3 year levels.
According to a Mortgage Daily News report on October 18th mortgage rates reached fresh 4 month lows. While interest rates have moved in a narrow range for the past 3 weeks, The Federal Savings Bank expects a wider percentage move after the release of the October jobs report on Tuesday October 22nd. Remember, the jobs report was not released earlier this month due to the government shutdown. “Momentum may continue to push mortgage rates lower based on this jobs report” says Nick, a banker at The Federal Savings Bank. He continues “While we are not sure about the governments bond buying program we are confident that regardless of the next jobs report, mortgage rates will remain attractive for buys due to a bullish housing market.” Even is mortgage rates increase, The Federal Savings Bank, which is veteran owned, offers VA home loans to veterans which can benefit from a zero down payment option.
Contact a loan officer today at The Federal Savings Bank to apply for a home loan at a competitive rate.