Daily Market Updates
Access National’s website gives you a daily market update, with comments from the prodessionals.
Hot Sizzling Home Markets Start To Fizzle
The once booming real estate market is now slowing down once again. The biggest impact is hot real estate areas such as Arizona, Florida and California but has spread overall to 28 states.
Can it be that most now have homes? Doubtful, it’s more likely that many can’t afford the homes that are there. When the house market is hot prices sky-rocket. Potential home owners should keep an eye out because when everything slows down they can start to get better prices than they would have a year ago.
Mortgage rates at lowest since April
“Mortgage rates around the country dipped for a third week in a row, pushing 30-year mortgages to their lowest level since April,” according to an AP article in the Ledger-Enquirer.
This week, 30-year, fixed-rate mortgages fell to 6.55% (down from 6.63 percent last week). The last time rates were this low was the week of April 20th, when they averaged 6.53%.
The decline is likely due to “continued evidence that the economy is slowing, which should ease pressure on interest rates, and the decision by the Federal Reserve this week to call a temporary halt to its two-year campaign to push short-term rates higher.”