The Mortgage Banker Association posted on Housing Wire this week some very positive news – “applications are showing slight increases, the purchase index rose, adjustable-rate mortgage activity shrank and interest rates on a 30-year, fixed rate decreased. Suggesting it is an opportune time to purchase a home now and a good time to list your home for sale.
Average 30-year, fixed rate mortgage with a jumbo loan balance dropped to 3.75% from 3.77% last. The average 30-year fixed rate mortgage with a conforming loan balance decreased to 3.65% from 3.67%. For up to the minute information on mortgage rates contact BKline@fbchomeloans.com.
According to Zillow.com March marked the 16th consecutive month that U.S. home values rose. Additionally, home values appreciation was 0.5% in the first quarter, compared to 2.1% in the fourth quarter of 2012. The Zillow Home Value Forecast “anticipates national home values will rise 3.2% through March 2014, indicating an appreciation more in line with historic norms.”
The housing market has rebounded strongly. Palm Beach County has seen a double-digit increase in median sales price in March from the same time in 2012. The number of homes sold is up 12% from the previous year according to the Realtors Association of the Palm Beaches.
Please feel free to contact the knowledgeable real estate professionals at Waterfront Properties and Club Communities to discuss the local markets from the Stuart, Jupiter, or North Palm Beach areas at 561-746-7272.