Health & Fitness
Mortgage Minute: Positive News From the Housing Sector
Dow makes another run at the all time high. Rates move higher on the day.
The Dow closed over 14,000 today once again trying to make a run at the all time high of 14,165. This jump was spurred on mostly by positive news from the housing sector. The National Association of Realtors reported this morning that the median home price for the 4th quarter was up 10% year over year nationally. That is the highest increase in a quarter since 4th quarter 2005. Gary Thomas, the president of the National Association of Realtors went on to state that "the national unsold inventory was at the lowest level since 2001". This means that there is a shortage of housing in the country and that combined with low interest rates are the main catalysts to bidding wars on homes in most metropolitan cities. This of course cased the mortgage bond market to once again pull back and finish in negative territory for the day. Watch the video to see where rates are for today.
*This statement of current rates is not an offer to enter into an agreement for a loan at a specified interest rate, number of points or both. Current interest rates and discount points are subject to change at any time without notice to you. Stated rate examples were calculated using a $300,000 loan amount, 80% LTV and 720 Min Fico at the stated term lengths. Licensed by the Dept. of Corporations under the CA Res. Mtg. Lending Act – 431-0421; Rates and charges in the advertisement do not apply to all loans made by the financial institution.
Rob McNelis
Loan Officer - NMLS# 830519
Direct: 619.279.6162
robm@summitmortgage.com
www.robmcnelis.com
