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MORTGAGE APPLICATIONS ARE UP!We read with interest this bit of good news in the Wall Street Journal today: Both mortgage and refinance applications were up last week from the previous week according the Mortgage Bankers Association report. Just as this news came in, it was also reported by the Federal Housing Finance Agency that U.S. home prices rose slightly also. The thirty year fixed-rate mortgage average 4.73% last week; and the fifteen-year fixed-rate average 4.46% in that week.(excerpts from article in the Wall Street Journal, April. 22.09 by Amy Hoak and Jessica Holzer) As real estate agents of many years, these are indicators worth paying attention to. Generally, in our experience, when sales go up (even slightly) and fixed mortgage rates are down, it is setting the scene for an improved market. In fact, these are the best fixed-rate mortgage prices we have seen in a many, many years (four decades actually) and we don't think they will stay this low for long. History backs us up on this. We looked at mortgage rates since 1971 and they have never been lower than they are today. Folks, this is a window of opportunity for sure, so we are not surprised that mortgage applications are up. Want to take advantage of these historically low rates? Call us at Benchmark Realty Group at (707) 476-0200 while this window of opportunity is open.
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