Weekly home sales may reach 220,000 in the next 3 months
Chicago, IL (PRWEB) April 18, 2014
DQnews.com the real estate news and custom data provider website announced that national home sales rose 10.4% from April 10th to the 17th! This weekly change was significant and definitely marks the beginning of more active housing market in spring. This now marks the 4th consecutive week that home sales have risen. In addition median home prices increased for the 6th week in a row. As shown graphically on the DQnews website it seems like the spring season tends to see the largest jump in home sales. Weekly home sales may reach 220,000 in the next 3 months, and if conditions continue to improve, they may go above 260,000 especially if incomes rise. There is also a large chance that home prices will reach new highs this year given that they have been propped up due to low supply. Even though housing supplies will increase this summer prices may still continue higher due to competitive bidding.
Mortgage rates for a 30 year fixed loan climbed to 4.44% on Friday April 18th from a close of 4.34% last Friday. As home sales are expected to keep rising throughout the spring and summer, mortgage rates are also expected to move accordingly. Peoples Home Equity strongly urges all prospective mortgage applicants to get approved more a home loan as soon as possible before purchasing a home becomes less affordable. Besides home sales, rates are also subject to Federal Reserve policy which is moving toward intentionally lifting interest rates in the next 12 months. Current mortgage rates are still well below historical norms, readers should know that time is running out for an affordable home given that both rates and prices are rising.
If interested in securing a competitive, lower rate mortgage, consider speaking with a Peoples Home Equity loan officer today details at: 262-563-4026