Weekly home sales are just -1.3% below the increasing pace of last year.
Chicago, IL (PRWEB) July 12, 2014
Peoples Home Equity shares the news of an increase in average mortgage rates for 30-year and 15-year loans. Freddie Mac announced that the 30-year loan mortgage rate went up for about 0.03, increasing from 4.12 to 4.15, while according to McLean, a mortgage financed company in Virginia, the 15-year loan mortgages rose from 3.22 to 3.24.
The good news is that the housing recovery is recovering quickly thanks a lot to job creation in June which has reflected improvements across multiple markets. The unemployment rate fell to 6.1% in June which is lowest in nearly six years. With 288,000 new jobs created in June it was not wonder see in DQnews.com’s “National Home Sales Snapshot” report yesterday, July 12th that weekly home sales are just -1.3% below the increasing pace of last year.
Increased hiring in many workplaces has pushed the housing market higher both in terms of prices and sales. The beginning of the year started out rough with the unemployment up at 6.7%, meanwhile weekly home sales were -37% below their 2013 peak. Now, weekly home sales are very close to surpassing 2013’s peak and shocking market critics, including Fed Char Janet Yellen. Peoples Home Equity has expressed confidence in this year’s housing market and expects both sales and prices to continue higher.
Apart from prices and sales Peoples Home Equity is happy that purchase-loan applications announced by The Mortgage Bankers Association's on July 9th increased 3.7 percent since the 4th of July and refinancing activity increased 0.4 percent.
If readers are looking apply for a home loan contract, consier Peoples Home Equity. Their loan officers are friendly and knowledgable of locall real estate markets and rate: 262-563-4026