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Mortgage Rates

Sounding like a broken record can be a good thing

It’s a refrain we’ve been repeating a lot lately, yet it’s one we like to hear: Home values are still rising in most places, and mortgage rates are still near historic lows.

So why do we keep talking about it? Low rates can equate to saving money, and rising prices can equal growing wealth. That’s music to the ears of homeowners and home buyers far and wide.

How much have values risen? The map below will show you home price growth in the last quarter of 2015. Annual growth is detailed in the chart. Pretty impressive, isn’t it?

2015 Q4 Update on Housing Market by State Wisconsin California and Tennessee

The appreciation figures shown are derived from the Federal Housing Finance Agency (FHFA) All Transactions Data and compiled by Estate of Mind, Inc. Appreciation will vary from year to year, can decline and, for any individual property, can be more or less than the averages illustrated here. Information is deemed accurate but not warranted.

While the message of rising values and low rates may sound like a broken record, it’s one we’re happy to repeat.

Why? There may still be opportunities for owners to save or even free up some cash for other needs. With rates where they are, affordability is still good for prospective borrowers, too.

Still, we don’t know how long the current trends will last. If it’s time for you or someone you know to take the first step toward buying or refinancing, we’re ready to help.

Just be sure to take action before the music stops. Contact me today.

Markets in a Minute – 9/12/2014

Please enjoy this quick update on what’s happening this week in the housing and financial markets.

The Labor Department’s monthly job openings report showed little change in July. Fed policy is likely to remain on its current course in response.
Consumers charged more to credit cards and financed more autos in July. Generally, increased borrowing shows confidence in the economy.
At the same time, U.S. households have stashed $2.15 trillion in savings, about 50% more than five years ago.

Cash sales as a percentage of home purchases continue to fall. The rate is at the September 2008 level and likely is a result of the dwindling REO supply.
A typical seasonal slowdown is showing in the Fannie Mae household survey and mortgage application index. Yet rates remain very low, and affordability still reigns.
Almost half of millennials say they expect to buy a home in the near future. 97% of teens expect to become homeowners one day.

A businessman on his deathbed called his friend and said, “Bill, I want you to promise me that when I die you will have my remains cremated.”

“And what,” his friend asked, “do you want me to do with your ashes?”

The businessman said, “Just put them in an envelope and mail them to the Internal Revenue Service. Write on the envelope, ‘Now, you have everything.'”

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.